Crane manufactures competition stunt kites. In November, Mark Harris prepared the following production budget for the first quarter of the coming year. Desired ending inventory is based on the following month's budgeted sales. January February March Quarter Budgeted sales 40,000 33,000 36,000 109,000 Desired ending inventory 7,000 6,000 2,400 2,400 Kites needed 47,000 39,000 38,400 111,400 Less beginning inventory 4,000 7,000 6,000 4,000 Budgeted production 43,000 32,000 32,400 107,400 Following lower-than-expected sales in December, Jerry conducted an inventory count on January 2 and discovered that the company had 5,000 completed kites on hand. He decided that given the slow sales in December, the company should decrease its desired ending inventory level from 20 to 15% of the next month's sales volume. (a) Prepare a new production budget for the first quarter. January February March > > > > >

Crane manufactures competition stunt kites. In November, Mark Harris prepared the following production budget for the first quarter of the coming year. Desired ending inventory is based on the following month's budgeted sales. January February March Quarter Budgeted sales 40,000 33,000 36,000 109,000 Desired ending inventory 7,000 6,000 2,400 2,400 Kites needed 47,000 39,000 38,400 111,400 Less beginning inventory 4,000 7,000 6,000 4,000 Budgeted production 43,000 32,000 32,400 107,400 Following lower-than-expected sales in December, Jerry conducted an inventory count on January 2 and discovered that the company had 5,000 completed kites on hand. He decided that given the slow sales in December, the company should decrease its desired ending inventory level from 20 to 15% of the next month's sales volume. (a) Prepare a new production budget for the first quarter. January February March > > > > >

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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arrow_forward Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! Unfortunately we cannot answer this particular question due to its complexity. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 5 of 10 questions left until 5/23/21 Question The management accountant at Miller Merchandising & More, Odail Russell is in the process ofpreparing the cash budget for the business for the fourth quarter of 2021. It is customary for thebusiness to borrow money during this quarter. Extracts from the sales and purchases budgets areas follows:Month cash sales sales on account purchasesAugust $85,000 $640,000 $420,000September $70,000 $550,000…
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