Current Attempt in Progress Crane Company's master budget reflects budgeted sales information for the month of June, 2022 as follows: Budgeted Unit Sales Price Budgeted Quantity Product A 42,600 $7 Product B 49,300 $9 During June, the company actually sold 40,300 units of Product A at an average unit selling price of $7.10 and 52,200 units of Product B at an average unit price of $8.90. Prepare a Sales Budget Report for the month of June for Crane Company which shows whether the company achieved its planned objectives. Product Line Product $ A Product Budget CRANE COMPANY Sales Budget Report For the Month Ended June 30, 2022 Actual Difference Favorable (F) Unfavorable (U) Not Applicable (NA) $ $ B Total $ $ $ Sales U F NA

Current Attempt in Progress Crane Company's master budget reflects budgeted sales information for the month of June, 2022 as follows: Budgeted Unit Sales Price Budgeted Quantity Product A 42,600 $7 Product B 49,300 $9 During June, the company actually sold 40,300 units of Product A at an average unit selling price of $7.10 and 52,200 units of Product B at an average unit price of $8.90. Prepare a Sales Budget Report for the month of June for Crane Company which shows whether the company achieved its planned objectives. Product Line Product $ A Product Budget CRANE COMPANY Sales Budget Report For the Month Ended June 30, 2022 Actual Difference Favorable (F) Unfavorable (U) Not Applicable (NA) $ $ B Total $ $ $ Sales U F NA

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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Use the information below for Flushing Company to answer the question that follow. Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 30,500 units 20,000 units Desired ending inventory 36,500 units 14,900 units Region I, anticipated sales 329,000 units 265,000 units Region II, anticipated sales 190,000 units 148,000 units The unit selling price for product XXX is $5 and for product ZZZ is $13.Budgeted sales for the month are a.$8,812,000 b.$12,116,000 c.$4,660,000 d.$7,964,000
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Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $12 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 28 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales v Cost of goods sold v Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net income v 24
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Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $59,800 in April. Forecast sales for May, June, and July are $70,400, $79,700, and $99,800, respectively. The firm has a cash balance of $4,800 on May 1 and wishes to maintain a minimum cash balance of $4,800. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 23% of sales for cash, 64% are collected in the next month, and the remaining 13% are collected in the second month following sale. (2) The firm receives other income of $2,100 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400, $69,900, and $79,800 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 8% of the previous month's sales. (6) Cash dividends of $3,400 will be paid in June. (7) Payment of principal and interest of $3,600 is due in June. (8) A cash purchase of equipment costing $6,400 is…
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