Brighter Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. Theare available for the year 2017.E (Click the icon to view the information.)Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the nonmanufacturing cit Schedule 8) and (3) the operating income budget for the year ending December 31, 2017.(1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2017.Schedule 7: Cost of Goods Sold Budgetfor the Year Ending December 31, 2017Data TableRevenues%241,039,400Beginning inventory of finished goods (1-1-2017)88,440Ending inventory of finished goods, 12-31-201766,780Direct materials used417,000Direct manufacturing labor120,900Manufacturing overhead137,450Variable marketing costs (5% of revenues)Fixed marketing costs45,000Variable distribution costs ($0.50 per cu. ft. for 28,000 cu. ft.)Fixed distribution costs47,000Fixed administration costs78,000PrintDone

Income statement: It is a financial statement that calculates the net income generated by the…

Answered: Brighter Corporation manufactures and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bailee Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2017, the following data are available. 1. Sales: 33,000 units quarter 1; 35,000 units quarter 2. 2. Variable costs per dollar of sales: Sales commissions $33,000 quarter 1; $35,000 quarter 2, delivery expense $13,200 quarter 1 and $14,000 quarter 2, and advertising $19,800 quarter 1 and $21,000. 3. Fixed costs per quarter: Sales salaries $15,000, office salaries $6,000, depreciation $4,200, insurance $1,500, utilities $800, and repairs expense $600. 4. Unit selling price: $20. Instructions: Prepare a selling and administrative expense budget by quarters for the first 6 months of 201
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Click Draperies makes and sells curtains. Information related to its performance in 2020 is given below: (Click the icon to view the data.) Calculate Click Draperies' flexible budget for (a) revenues, (b) variable costs, (c) fixed costs, and (d) operating income. Calculate Click's flexible budget for (a) revenues. Begin by determining the formula and then solve for the amount. Actual units sold 1,560 X Budgeted selling price per unit = Flexible budget for revenues × $ 361,920 232 Calculate Click's flexible budget for (b) variable costs. Begin by determining the formula and then solve for the amount. Actual units sold 1,560 X Budgeted variable cost per unit × $ 108 = Calculate Click's flexible budget for (c) fixed costs. Click's flexible budget for fixed costs is $ 73,000. = = Flexible budget for variable costs 168,480 Calculate Click's flexible budget for (d) operating income. Begin by determining the formula and then solve for the amount. (Abbreviations used: rev = revenue, vc =…
EFE company manufactures and sells boats. The company’s management accountant gathered the following data to prepare budgets for 2012; Direct Materials Requirements Material A 12 metres per boat Material B 14 square meter per boat Inventory data of Direct Materials are; Beginning Inventory Material A 5.000 meters Material B 2.400 square meters Inventory data of Finished Goods are; Beginning Inventory Target Ending Inventory Boats 1.000 units 3.000 units Moreover, unit purchase price of material A was $60 and unit purchase price of material B was $10. For the coming year 2021 it is expected that unit purchase price of material A will be $64 and unit purchase price of material B will not change. The company uses FIFO inventory method. Labor hours required to produce 1 boat is 3 hours and the company plans to…
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Magnify Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the operating (nonmanufacturing) costs budget (label it Schedule 8) and (3) the operating income budget for the year ending December 31, 2020. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2020. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2020 Beginning finished goods inventory, January 1, 2020 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, December 31, 2020 Cost of goods sold Business Function 356,000 72,200 146,400 Marketing Distribution Administration costs (2). Calculate the operating (nonmanufacturing) costs budget…
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M4 Engineering has just hired a new controller, Joan Miller. During her first week on the job, Joan was asked to establish a budget for operating expenses in 2020. Since Joan was not yet familiar with the operations of M4 Engineering, she decided to budget these expenses using the same procedures as the prior controller. Therefore, in order to establish a budget for operating expenses, Joan started with actual operating expenses incurred in 2019 and added 4.3 percent. Joan based this percentage on inflation as measured by the consumer price index. Comment on the effectiveness of Joan's budgeting strategy
Based on the preceding projections and budget requirements for Thingone and Thingtwo, prepare the following budgets for 2017: *Direct material purchases budget (in dollars)
please answer this with must explanation , computation , for each steps and each parts answer in text form
Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 540 sun shades in May and 310 in June. Each shade sells for $156. Shadee's beginning and ending finished goods inventories for May are 65 and 55 shades, respectively. Ending finished goods inventory for June will be 50 shades. Required: 1. Prepare Shadee's sales budget for May and June. 2. Prepare Shadee's production budget for May and June. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1equired 2 Prepare Shadee's sales budget for May and June. May June Budgeted Total Sales $ 54,210 x $ 48,360 Required 1 Required 2 >

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