Budgeted purchase ( in units ) for December are
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- Prepare the following budgets for the month of January 2021 B.Materials required for production in quantitiesStarts Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal year: a. Estimated sales at $42 per unit: January 350,000 units February 375,000 units March 400,000 units April 400,000 units b. Estimated finished goods inventories: January 31 17,000 units Feb. 28 8% of next month’s sales March 31 8% of next month’s sales April 30 8% of next month’s sales c. Work in process inventories are estimated to be insignificant (zero). d. Estimated direct materials inventories: Jan. 31 22,000 pounds Feb. 28 28,000 pounds March 31 32,000 pounds April 30 35,000 pounds e. Manufacturing costs: Per Unit Direct materials (1.25 lbs. per unit × $4 per lb.) $ 5.00 Direct labor (0.75 hr. per unit × $18 per hr.) 13.50 Variable factory overhead ($7 per direct labor hour) 5.25 Fixed factory overhead ($1,500,000 per month allocated using 500,000 units) 3.00 Total…Forecast Sales Volume and Sales Budget For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year: Unit Sales 8" × 10" Frame 12" × 16"Frame East 29,664 14,144 Central 7,272 3,822 West 6,402 2,958 Raphael Frame CompanySales BudgetFor the Year Ending December 31, 20Y6 Product and Area Unit SalesVolume Unit SellingPrice Total Sales 8" × 10" Frame: East 28,800 $20 $576,000 Central 7,200 20 144,000 West 6,600 20 132,000 Total 42,600 $852,000 12" × 16" Frame: East 13,600 $35 $476,000 Central 3,900 35 136,500 West 2,900 35 101,500 Total 20,400 $714,000 Total revenue from sales $1,566,000 For the year ending December 31, 20Y7, unit sales are expected to follow the patterns established during the year ending December 31, 20Y6. The unit selling price for…
- Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments January February Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.—Dec. 31 Accounts Payable, paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Feb. Feb.—Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventoryBudget Preparation Collins Company is preparing its master budget for April. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories A and B estimate sales of 10,000 and 13,000 units, respectively, and the unit selling price is $43? $ b. If the beginning finished goods inventory is an estimated 2,000 units and the desired ending inventory is 3,000 units, how many units should be produced? c. What dollar amount of material should be purchased at $4 per pound if each unit of product requires 3 pounds and beginning and ending materials inventories should be 5,000 and 4,000 pounds, respectively? $ d. How much direct labor cost should be incurred if each unit produced requires 1.5 hours at an hourly rate of $14? e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $52,000 and variable manufacturing…
- For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year: Unit Sales 8" x 10" 12" x 16" Frame Frame East 24,440 14,910 Central 6,222 4,018 West 5,432 3,060 Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y6 Unit Unit Sales Selling Product and Area Volume Price Total Sales 8" x 10" Frame: East 23,500 $24 $564,000 Central 6,100 24 146,400 West 5,600 24 134,400 Total 35,200 $844,800 12" x 16" Frame: East 14,200 $34 $482,800 Central 4,100 34 139,400 West 3,000 34 102,000 Total 21,300 $724,200 Total revenue from sales $1,569,000Aggrava Limited is currently preparing budgets for September to December. Its estimated sales figures in units are as follows: (financial information) = September October November December Sales (units) 5,569 14,234 14,847 15,121 Inventories at 31 August totalled 16,234 units, and inventories are to be kept at a constant level for all months except December, when opening inventories on 1 December are to be increased to 23,118. Inventories will revert to the normal level on 31 December. Inventories will cost £2 per unit throughout the period, and suppliers allow Aggrava Ltd to pay in the month following an order. Other relevant information is that 3,497 units were bought in August. Requirement 1: Prepare Aggrava Ltd's inventories budget (in units) for September to December. Requirement 2: Prepare the information relevant to inventories purchases that would appear in the cash budget for the period. Question content area bottom Part…What are the total units required for production for the month of fe
- Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,450,000; July, $1,300,000; and August, $1,300,000. Hint: Use the relation (Beg. Accounts Payable + Purchases on Credit - Payments on Accounts Payable = End. Accounts Payable) to solve for budgeted purchases. Accounts payable May 31 June 30 $ 130,000 $ 110,000 Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases Computing budgeted merchandise purchases from accounts payable Budgeted amounts: $ June July 31 $ 400,000 0 0 $ July 0 August 31 $ 170,000 0 $ August 0 0Ayayai Company budgeted selling expenses of $37.200 in January, $43,400 in February, and $49,600 in March. Actual selling expenses were $38,600 in January, $42,800 in February, and $57,040 in March. The company considers any difference that is less than 5% of the budgeted amount to be immaterial. Prepare a selling expense report that compares budgeted and actual amounts by month and for the year to date. Month January February March $ $ $ Budget $ $ Actual By Month $ $ $ Difference PRooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $82,000. Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.