Cost of Goods Sold Budget
Q: Direct Materials Purchases Budget: Direct Labor Budget Crescent Company produces stuffed toy…
A: Budgets are the estimates or forecasts made for future period. Production budget, material cost…
Q: Rulz Company provides the following unit sales forecast for the next three months: February 4,400…
A: Given, January February March Sales Unit 3,200 4,400 5,200
Q: Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles…
A:
Q: Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 65,000 passenger…
A: Direct material Purchase Budget: Direct material purchases budget shows budgeted beginning and…
Q: Product T Product X Estimated inventory, March 1 28,000 units 20,000 units Desired…
A: Frixion Co.…
Q: Shadee Corporation expects to sell 570 sun shades in May and 450 in June. Each shade sells for $146.…
A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…
Q: Cost of goods sold budget Quetzaltenango Candle Inc. budgeted production of 685,000 candles for…
A: Direct material cost is the cost of raw material produced or purchased for producing the final…
Q: Weightless Inc. produces a Bath and Gym version of its popular electronic scale. The anticipated…
A: A production budget calculates the number of units to be produced during a period.
Q: Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31,…
A:
Q: Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar…
A: The Direct Materials Budget is a financial plan that outlines the quantity and cost of direct…
Q: Safety Works manufacturers safety whistle keychains. They have the following information available…
A: Total cost of direct materials for October = 90% of October months production + 10% of November…
Q: Production Budget FitHealth Inc. produces a small and large version of its popular electronic…
A: Solution Production budget is a budget that determine the quantity of the firm's product that needs…
Q: Shadee Corporation expects to sell 520 sun shades in May and 420 in June. Each shade sells for $142.…
A: A budgeted Income statement is prepared by using budgeted figures to find out the net profit or loss…
Q: Prepare the direct materials purchases budget for the first three months of the coming year.…
A: Direct material purchase budget is prepared by a business entity to estimate the raw material…
Q: Marcel company has the following budgeted sales for its coffee mugs: Month # of units…
A: Budgeted Production=Budgeted Sales+Desired Ending inventory-Beginning Inventory
Q: Direct Materials Purchases Budget Langer Company produces plastic items, including plastic housings…
A: The production budget is prepared by the management to find out the units to be produced. It can be…
Q: One Device makes universal remote controls and expects to sell 550 units in January, 750 in…
A: The production budget, also called the manufacturing budget, is a budget that determines the…
Q: Anticipated sales for Safety Grip Company were 73,000 passenger car tires and 22,000 truck tires.…
A: Direct Materials Purchases Budget : Direct Materials Purchases Budget is prepared on the base of the…
Q: One Device makes universal remote controls and expects to sell 550 units in January, 750 in…
A: Note 1: Closing Stock is 30% of Next month sale therefore 1. Jan Month closing stock = Feb month…
Q: Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar…
A: The objective of the question is to prepare the direct materials budget for July for Miami Solar, a…
Q: Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles…
A: Genie in a Bottle CompanyManufacturing Costs-Budget Performance Report:::: Mfg. . Actual…
Q: Lily Company’s sales budget projects unit sales of part 198Z of 8,400 units in January, 10,000 units…
A: Production budget shows the number of units to be produced in a given period. Direct material…
Q: Cost of goods sold budget Pasadena Candle Inc. budgeted production of 785,000 candles for January.…
A: The cost of goods sold (COGS) budget plan is basically essential for your working financial plan.…
Q: Zan Corporation's production budget for next year contains the following estimates: 1st Quarter 2nd…
A: The budget refers to the statements or reports prepared by the management for the internal purpose…
Q: Direct materials purchases budget Anticipated sales for Safety Grip Company were 69,000 passenger…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 20Y4. Wax…
A: The cost of goods sold budget is prepared to analyze the cost of goods or services produced in a…
Q: Required information Use the following information for the Quick Study below. (Algo) Miami Solar…
A: The budget is prepared to estimate the requirements for the period. The direct materials purchase…
Q: Ruiz Co. provides the following unit sales forecast for the next three months: January February…
A: Desired ending inventory for January = Budgeted sales for February x 15% = 4200*10% = 420 units
Q: Shadee Corporation expects to sell 550 sun shades in May and 430 in June. Each shade sells for $146.…
A: Required 1: Budgeted Manufacturing Cost per Shade1. Direct Materials Cost per Shade: Cost per…
Q: Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31,…
A: Direct Materials Budget: The direct materials usage budget is prepared to estimate the number of…
Q: Zia & Company sells a single product. Each unit takes 2 pounds of material and costs $3 per pound.…
A: Direct material budget is the budget which helps in calculation of the materials needed to fulfill…
Q: Requirement Prepare the Direct Materials Budget for Wisniewski Inc. Company. Company policy calls…
A: Budgeted ending inventory ( units ) = Next quarters expected material needed for production x 50%…
Q: Branson Belts makes handcrafted belts. The company budgets production of 364,950 belts during the…
A: A direct Labor Budget is prepared to calculate the total estimated direct labor cost for the…
Q: Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 48,000 passenger…
A: Safety grip company Direct material purchase budget For the Year ending December…
Q: Direct Material Purchases Budget: Langer Company produces plastic items, including palstic housings…
A: Direct material to be purchased = Production needs + Desired Ending inventory - Beginning inventory
Q: Matthew Company has a sales budget for last month of $400,000. Cost of goods sold is expected to be…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: 2. What if sales increased to 363,000 discs? How would that affect the ending finished goods…
A: Finished goods inventory refers to all those inventories of a company which are available for sale…
Q: Preparing a Selling and Administrative Expenses Budget Fazel Company makes and sells paper products.…
A: A budget is an estimation to determine the income that will be earned and expenses that will be…
Q: Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 35,000 passenger…
A: To calculate purchase budget , we need to calculate total material required for production , opening…
Q: purchášéš fór raw mátérial R for Jur
A: The right answer is $7,080.
Q: ect Materials Purchases Budget icipated sales for Safety Grip Company were 42,000 passenger car…
A: The production budget is prepared to estimate the number of units to be produced during the period.…
Q: Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 74,000 passenger…
A: Direct material purchase price is calculated by multiplying the number of units required to be…
Q: Preparing a Selling and Administrative Expenses Budget Fazel Company makes and sells paper…
A: A budget can be defined as a financial plan for the upcoming accounting period that is used by…
Q: Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed…
A: Budgeted cost refers to the estimated expenses a company anticipates in a specific period, typically…
3.2
Cost of Goods Sold Budget
Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following
| Direct materials | $1.65 |
| Direct labor | 0.45 |
| Variable |
0.70 |
| Fixed overhead | 1.80 |
| Total unit cost | $4.60 |
For the coming year, Play-Disc expects to make 400,000 plastic discs, and to sell 390,000 of them. Budgeted beginning inventory in units is 20,000 with unit cost of $4.60. (There are no beginning or ending inventories of work in process.)
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- Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 58,000 passenger car tires and 17,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car Truck Rubber 29 Ibs. per unit 68 Ibs. per unit Steel belts 7 Ibs. per unit 18 Ibs. per unit The purchase prices of rubber and steel are $3.10 and $4.10 per pound, respectively. The desired ending inventories of rubber and steel belts are 55,000 and 11,000 pounds, respectively. The estimated beginning inventories for rubber and steel belts are 64,000 and 9,000 pounds, respectively. Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 20Y9. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber Steel Belts Total Pounds required for production: Passenger tires 1,682,000 V Ibs. 3,944,000 X Ibs. Truck tires 119,000 X 306,000 Desired inventory, December 31, 20Y9 V 55,000 V…Fisher-Price manufactures two products, Bassinet and Swing, which use raw materials, pins and clips. One bassinet uses 4 units of pins and 3 units of clips. One swing uses 2 units of pins and 6 units of clips. One pin is expected to cost $7 and one clip is expected to cost $5. Sales and finished goods inventory budget for the year 2020 are as follows: Bassinets Swings Budgeted sales 5,000 units Budgeted sales 7.000 units Opening inventory 1,000 units Opening inventory 2,000 units Closing inventory 600 units Closing inventory 800 units Selling price $400 Selling price $300 Raw material inventory budget for the year 2020 are as follows: Pins Clips Opening inventory 2,400 units Opening inventory 3,300 units Closing inventory 500 units Closing inventory 600 units The warehouse and stores managers have suggested that a provision should be made for damages and deterioration of items held in store, as…Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. $15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 10% Desired ending wood inventory stated as a percentage of next month’s production requirements 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month’s sales $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 55% of direct materials purchases are paid in the month after purchase
- Ramos Company provides the following budgeted production for the next four months. Units to produce April 620 May June July 750 720 720 Each finished unit requires 5 pounds of direct materials. The company wants to end each month with direct materials inventory equal to 30% of next month's production needs. Beginning direct materials inventory for April was 930 pounds. Direct materials cost $2 per pound. Prepare a direct materials budget for April, May, and June. Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases RAMOS COMPANY Direct Materials Budget April May June 620 750 720 units 0Preparing an Ending Finished Goods Inventory Budget Andrews Company manufactures a line of office chairs. Each chair takes $18 of direct materials and uses 1.9 direct labor hours at $16 per direct labor hour. The variable overhead rate is $1.10 per direct labor hour, and the fixed overhead rate is $1.50 per direct labor hour. Andrews expects to have 770 chairs in ending inventory. There is no beginning inventory of office chairs. Required: 1. Calculate the unit product cost. Round your answer to the nearest cent.$fill in the blank 1 2. Calculate the cost of budgeted ending inventory. Round your answer to the nearest dollar.$fill in the blank 2Infinity Inc. has provided the following projected sales units for the next quarter: Projected Sales Units First month Second month Third month Projected sales units 10,000 12,000 15,000 Desired ending inventory is determined to be 10% of the next month’s projected sales. The expected purchase cost per unit is $50. Compute the budgeted Costs of goods sold for the next quarter. Group of answer choices $1,850,000 $600,000 $500,000 $750,000
- One Device makes universal remote controls and expects to sell 450 units in January, 750 in February, 450 in March, 600 in April, and 650 in May. The required ending inventory is 20% of the next month’s sales. Prepare a production budget for the first four months of the year. One Device Production Budget For the Four Months Ending April 30, 20XX January February March April Expected Sales fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Total Required Units fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Required Production fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 Total fill in the blank 23Production Budget and Purchase of Raw Materials. Brown Corporation's sales budget for the following year is as follows: Quarter 1 = 20,000 units %3D Quarter 2 = 25,000 units Quarter 3 = 22,000 units %3D Quarter 4 = 30,000 units Each unit of product requires 2 pounds of direct materials. The company's policy is that at the beginning of each quarter, product inventory is 15 percent of sales for the quarter and direct material inventory is equal to 25 percent of diréct material needs for production in that quarter. Required: Determine the production and purchase budget of raw materials for the second quarter!Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor $1.14 Direct materials 6.38 Factory overhead 0.38 Total $7.9 At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $6,033 Direct materials 33,625 Factory overhead 2,073 Total $41,731 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…
- Shadee Corporation expects to sell 510 sun shades in May and 320 in June. Each shade sells for $148. Shadee's beginning and ending finished goods inventories for May are 90 and 55 shades, respectively. Ending finished goods inventory for June will be 70 shades. E8-8 (Algo) Preparing Cost of Goods Sold Budget [LO 8-3f] Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $14 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $13 per unit produced. Use the information and solutions presented to complete the requirements. Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed overhead per…possible Orange Corporation has budgeted sales of 26,000 units, targeted ending finished goods inventory of 8,000 units, and beginning finished goods inventory of 7,000 units. How many units should be produced next year? O A. 34,000 units B. 27,000 units O C. 26,000 units O D. 41,000 units Next Galculator
