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Budgeted Unit Sales Variable Cost Sales Commissions ($3.00/unit) Freight-out ($1.00/unit) Total variable cost Fixed Cost Advertising Sales Salaries Office Salaries 1 $ 10,000 $ $ $ $ $ This Way Up Manufacturing Projected SG&A Expense Budget 2022 HARBIMINE Quarter $ Depreciation $ Property Taxes and Insurance $ Total fixed cost $ Total SG&A $ 2 12,000 $ 30,000 $ 10,000 $ 40,000 $ 48,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 36,000 $ 12,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 1,500 $ 1,500 $ 30,284 $ 30,284 $ 70,284 $ 78,284 $ Additional information for the Income Statement: Interest expense of $10,000 is expected to be paid in 2022. 2 Tax rate is 30% 3 16,000 $ 48,000 $ 16,000 $ 64,000 $ 5,000 $ 15,000 $ 7,500 $ 4 8,000 $ Year 46,000 24,000 $138,000 8,000 $ 46,000 32,000 $184,000 5,000 $ 20,000 15,000 $ 60,000 7,500 $ 30,000 1,284 $ 1,284 $ 1,500 $ 1,500 $ 30,284 30,284 $121,136 A 94,284 $ 62,284 $ 305,136 5,136 6,000

Budgeted Unit Sales Variable Cost Sales Commissions ($3.00/unit) Freight-out ($1.00/unit) Total variable cost Fixed Cost Advertising Sales Salaries Office Salaries 1 $ 10,000 $ $ $ $ $ This Way Up Manufacturing Projected SG&A Expense Budget 2022 HARBIMINE Quarter $ Depreciation $ Property Taxes and Insurance $ Total fixed cost $ Total SG&A $ 2 12,000 $ 30,000 $ 10,000 $ 40,000 $ 48,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 36,000 $ 12,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 1,500 $ 1,500 $ 30,284 $ 30,284 $ 70,284 $ 78,284 $ Additional information for the Income Statement: Interest expense of $10,000 is expected to be paid in 2022. 2 Tax rate is 30% 3 16,000 $ 48,000 $ 16,000 $ 64,000 $ 5,000 $ 15,000 $ 7,500 $ 4 8,000 $ Year 46,000 24,000 $138,000 8,000 $ 46,000 32,000 $184,000 5,000 $ 20,000 15,000 $ 60,000 7,500 $ 30,000 1,284 $ 1,284 $ 1,500 $ 1,500 $ 30,284 30,284 $121,136 A 94,284 $ 62,284 $ 305,136 5,136 6,000

FINANCIAL ACCOUNTING
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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Budgeted Unit Sales Variable Cost Sales Commissions ($3.00/unit) Freight-out ($1.00/unit) Total variable cost Fixed Cost Advertising Sales Salaries Office Salaries Depreciation Property Taxes and Insurance Total fixed cost Total SG&A $ $ $ $ SSSSSSS This Way Up Manufacturing Projected SG&A Expense Budget 2022 Quarter 1 10,000 $ 30,000 $ 10,000 $ 40,000 $ 2 12,000 $ 36,000 $ 12,000 $ 48,000 $ 5,000 $ 15,000 $ 7,500 $ 7,500 $ 1,284 S 1,284 $ 1,500 $ 1,500 $ 30,284 $ 30,284 $ 70,284 $ 78,284 $ 5,000 $ 15,000 $ Additional information for the Income Statement: 1 Interest expense of $10,000 is expected to be paid in 2022. 2 Tax rate is 30% 3 16,000 $ 48,000 $ 16,000 $ 64,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 1,500 $ 30,284 94,284 $ 4 8,000 $ Year 46,000 24,000 $ 138,000 8,000 $ 46,000 32,000 $184,000 5,000 $ 20,000 15,000 $ 60,000 7,500 $ 1,284 $ 30,000 5,136 1,500 $ 6,000 30,284 $ 121,136 62,284 $ 305,136
Transcribed Image Text:Budgeted Unit Sales Variable Cost Sales Commissions ($3.00/unit) Freight-out ($1.00/unit) Total variable cost Fixed Cost Advertising Sales Salaries Office Salaries Depreciation Property Taxes and Insurance Total fixed cost Total SG&A $ $ $ $ SSSSSSS This Way Up Manufacturing Projected SG&A Expense Budget 2022 Quarter 1 10,000 $ 30,000 $ 10,000 $ 40,000 $ 2 12,000 $ 36,000 $ 12,000 $ 48,000 $ 5,000 $ 15,000 $ 7,500 $ 7,500 $ 1,284 S 1,284 $ 1,500 $ 1,500 $ 30,284 $ 30,284 $ 70,284 $ 78,284 $ 5,000 $ 15,000 $ Additional information for the Income Statement: 1 Interest expense of $10,000 is expected to be paid in 2022. 2 Tax rate is 30% 3 16,000 $ 48,000 $ 16,000 $ 64,000 $ 5,000 $ 15,000 $ 7,500 $ 1,284 $ 1,500 $ 30,284 94,284 $ 4 8,000 $ Year 46,000 24,000 $ 138,000 8,000 $ 46,000 32,000 $184,000 5,000 $ 20,000 15,000 $ 60,000 7,500 $ 1,284 $ 30,000 5,136 1,500 $ 6,000 30,284 $ 121,136 62,284 $ 305,136
Expected Unit Sales Unit Selling Price Total Sales This Way Up Manufacturing Projected Sales Budget 2022 Quarter 1 10,000 3 16,000 82.00 $ 8,000 $ 82.00 $ 82.00 $ 820,000 $984,000 $1,312,000 $ 656,000 $3,772,000 2 12,000 82.00 $ 2 Fixed Cost Additional information for the Production Budget: 1 Beginning Finished Goods Inventory in units for Q1 2022 is 3,000 units. 2 Each quarter's Finished Goods Inventory should contain 30% of the following quarter's Expected Units Sales. 3 Estimated Q1 2022 Expected Unit Sales are projected to be 35,000. Additional information for the Direct Labor Budget: 1 There are 2 hours of direct labor needed to produce one unit of finished goods. 2 Direct labor is $11.00 per hour. Additional information for the Direct Materials Budget: 1 There are 8 pounds of direct materials per unit of finished goods. 2 25% of the next quarter's production materials are required to be in ending direct materials inventory. 3 102,000 pounds of material are estimated to be needed for Q1 2022 production. 4 Beginning inventory for Q1 2022 was 19,050 pounds of direct materials. 5 Total cost per pound of direct material is $4.50. Additional information for the Manufacturing Overhead Budget: 1 Variable Cost a. Indirect Materials ($0.80/hour) b. Indirect Labor ($1.00/hour) c. Utilities ($0.20/hour) d. Maintenance ($.60/hour) a. Supervisory Salaries $50,000 per quarter b. Depreciation $15,000 per quarter 4 Year 46,000 + c. Property taxes and Insurance $7,000 per quarter d. Maintenance/Utilities $10,215 per quarter Manufacturing Overhead is applied to production on the basis of direct labor hours.
Transcribed Image Text:Expected Unit Sales Unit Selling Price Total Sales This Way Up Manufacturing Projected Sales Budget 2022 Quarter 1 10,000 3 16,000 82.00 $ 8,000 $ 82.00 $ 82.00 $ 820,000 $984,000 $1,312,000 $ 656,000 $3,772,000 2 12,000 82.00 $ 2 Fixed Cost Additional information for the Production Budget: 1 Beginning Finished Goods Inventory in units for Q1 2022 is 3,000 units. 2 Each quarter's Finished Goods Inventory should contain 30% of the following quarter's Expected Units Sales. 3 Estimated Q1 2022 Expected Unit Sales are projected to be 35,000. Additional information for the Direct Labor Budget: 1 There are 2 hours of direct labor needed to produce one unit of finished goods. 2 Direct labor is $11.00 per hour. Additional information for the Direct Materials Budget: 1 There are 8 pounds of direct materials per unit of finished goods. 2 25% of the next quarter's production materials are required to be in ending direct materials inventory. 3 102,000 pounds of material are estimated to be needed for Q1 2022 production. 4 Beginning inventory for Q1 2022 was 19,050 pounds of direct materials. 5 Total cost per pound of direct material is $4.50. Additional information for the Manufacturing Overhead Budget: 1 Variable Cost a. Indirect Materials ($0.80/hour) b. Indirect Labor ($1.00/hour) c. Utilities ($0.20/hour) d. Maintenance ($.60/hour) a. Supervisory Salaries $50,000 per quarter b. Depreciation $15,000 per quarter 4 Year 46,000 + c. Property taxes and Insurance $7,000 per quarter d. Maintenance/Utilities $10,215 per quarter Manufacturing Overhead is applied to production on the basis of direct labor hours.
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