The following is a schedule of the projected unit sales of Western Company, which manufactures casual wear. Each unit sells for $25.The company began the period with a beginning accounts receivable balance of $10,000. Choose the correct answer from the optionsprovided.Budgeted unit salesPercentage of sales collected in the quarter of the salePercentage of sales collected in the quarter after the sale.QuarterFirst Second Third Fourth1,500 1,300 1,400 1,300Knowledge Check 01What is the amount of budgeted sales revenue for the fourth quarter?O $32,500$33,750O $35,000$37,500$8,125O $8,750O $9,375O $28,125Year5,50075%25%Knowledge Check 02What is the amount of cash that is expected to be collected during the second quarter as a result of sales made during the firstquarter? Knowledge Check 03What is the total amount of expected cash collections for the third quarter?O $33,125O $33,750O $34,375O $38,125

Sales revenue budgeting is a critical component of a company's budgeting and financial planning…

Answered: Budgeted unit sales er Year First…

Business

Accounting

Budgeted unit sales er Year First Second Third Fourth 1,500 1,300 1,400 1,300 5,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Problem 10-49: Budgeting for a Merchandising Firm Background Budgeted sales: December $250,000 January $225,000 Collections of A/R: Collected in month of sale 50.00% Collected following month 48.00% Est B/D expense 2.00% Discount for early payment 1.00% Gross margin % 30% Target End Inv, as % of following month's sales 80.00% Merchandise payments: % paid in month following month of purchase 100.00% Other operating expenses (cash) = $25,000 Annual depreciation expense = $216,000 Goldberg Company's statement of financial position at the close of business on November 30th follows: GOLDBERG COMPANY Statement of Financial Position November 30, 2016 Assets Cash…
Flexible Budget for Various Levels of Production Budgeted amounts for the year: Materials 2 leather strips @ $7.00 Labor 1.5 hr. @ $18.00 VOH 1.5 hr. @ $1.20 FOH $6,800 Required: 1. Prepare a flexible budget for 3,500, 4,000, and 4,500 units. Flexible Budget Variable Costper Unit 3,500 units 4,000 units 4,500 units Direct materials $ $ $ $ Direct labor Variable overhead Fixed overhead Total $ $ $ 2. CONCEPTUAL CONNECTION Calculate the unit cost at 3,500, 4,000, and 4,500 units. (Note: Round unit costs to the nearest cent.) Unit cost at 3,500 units $ Unit cost at 4,000 units $ Unit cost at 4,500 units $ What happens to unit cost as the number of units produced increases? The cost per unit as the number of units produced increases because fixed cost is spread over a greater number of units. Check My Work
Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July August September $ 63,500 $ 79,500 $ 48,500 16,260 13,540 13,860 4,140 20,300 3,460 16,900 3,540 17,300 Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. A minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 per month). 2. Prepare a cash budget for the months of July, August, and September. (Negative balances and…
Current Attempt in Progress The following data relate to a year's budgeted activity for Blossom Limited, a company that manufactures one product: Beginning inventory Production Available for sale Sales Ending inventory Units 41,360 144,760 (a) 186,120 134,420 Selling price Variable manufacturing costs Variable selling, general, and administrative expenses Fixed manufacturing costs (based on 100,000 units) Fixed selling, general, and administrative expenses (based on 100,000 units) (b) 51,700 Total fixed costs and expenses remain unchanged within the relevant range of 25,000 units to a total capacity of 160,000 units. Calculate the projected net income for the year under variable costing. Per unit $8.00 Projected net income $ 3.00 3.00 0.55 0.85
Do not give image format
Static Actual Budget Budget Variance Machine-hours 39,920 36,600 Direct labour wages $ 86,100 $ 84,180 $1,920 U Supplies Maintenance 24,220 21,960 2,260 U 145,300 142,160 3,140 U Utilities 17.620 16,960 660 U Supervision Depreciation Total 41,200 41,200 83,200 83,200 $397,640 $389,660 $ 7,980 U
Question Content Area Sales and Production Budgets Vibrant Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 244 66 Desired inventory (units), June 30 280 57 Expected sales volume (units): North Region 2,350 2,650 South Region 5,650 4,900 Unit sales price $140 $195 Question Content Area a. Prepare a sales budget. Vibrant Inc.Sales BudgetFor the Month Ending June 30 Product and Area UnitSalesVolume UnitSellingPrice TotalSales Model Rumble: North Region fill in the blank 77b7680b2044038_1 $fill in the blank 77b7680b2044038_2 $fill in the blank 77b7680b2044038_3 South Region fill in the blank 77b7680b2044038_4 fill in the blank 77b7680b2044038_5 fill in the blank 77b7680b2044038_6 Total fill in the blank 77b7680b2044038_7 $fill in the blank…
Please need help with how to determined the budgeted unit
Question 18 Complete the Flexible Budget Performance Report below: Master Budget (100 hours) Flexible Budget (120 hours) Sales Revenue $2,000 ? Total Variable Costs $600 ? Total Fixed Costs $600 ? Total Variable Costs at 120 hours
Flexible Analysis Report Actual Flexible Sales-Volume Static Budget Results Budget Variances Budget Variance 18,500 A) B) C) 20,000 Units Sold D) $185,000 Fav E) F) G) Revenues H $92,500 Un I) $90,000 Fav J) Variable Costs K) $50,000 Fav L) M) $500,000 Fixed Costs N) O) P) Q) R) Operating Income A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) Q)
Production and Purchases Budgets Drainage Solutions Culverts produces small culverts for water drainage under two-lane dirt roads. Budgeted unit sales for the next several months are: Month Sales September 2,100 October 1,600 November 900 December 600 At the beginning of September, 525 units of finished goods were in inventory. During the final third of the year, as road construction declines, plans are to have an inventory of finished goods equal to 25 percent of the following month's sales. Each unit of finished goods requires 600 pounds of raw materials at a cost of $5 per pound. Management wishes to maintain month-end inventories of raw materials equal to 50 percent of the following month's needs. Five hundred thousand pounds of raw materials were on hand at the start of September. Required a. Prepare a production budget for September, October, and November. Do not use a negative sign with your answers. Drainage Solutions Culverts Production Budget For the Months of September,…
Budgeting Inventories For each independent situation below, determine the missing amounts: A B D Beginnning inventory 7,000 3,000 Produced 40,000 23,000 60,000 Available 26,000 68,000 Sold 45,000 32,000 Ending inventory 10,000 10,000 3,000