E8-15 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Ceder Company has compiled the following data for the upcoming year: • Sales are expected to be 16,500 units at $50 each. • Each unit requires 4 pounds of direct materials at $3.00 per pound. Each unit requires 1.8 hours of direct labor at $13 per hour. • Manufacturing overhead is $4.00 per unit. Beginning direct materials inventory is $4,500. • Ending direct materials inventory is $5,600. Selling and administrative costs totaled $137,370. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.

E8-15 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Ceder Company has compiled the following data for the upcoming year: • Sales are expected to be 16,500 units at $50 each. • Each unit requires 4 pounds of direct materials at $3.00 per pound. Each unit requires 1.8 hours of direct labor at $13 per hour. • Manufacturing overhead is $4.00 per unit. Beginning direct materials inventory is $4,500. • Ending direct materials inventory is $5,600. Selling and administrative costs totaled $137,370. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.

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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Compute the dollar amount of Direct Material "A" to be used in production during the year, given the following info: Budgeted Sales for the year = 640,000 units Estimated Beg. Inventory = 108,000 units Desired End. Inventory = 90,000 units The Quantities of Direct Materials expected to be used for each Unit of finished product are as follows: Material A = 0.5 lb. per unit @ $0.60 per lb. Material B 1.0 lb. per unit @ $1.70 per lb. Material C= 1.2 lb. per unit @ $1.00 per lb. O $186,600.00 $210,600.00 O$181,200.00 $240,000.00
For Coronado Company, units to be produced are 4,600 in quarter 1 and 6,440 in quarter 2. It takes 1.6 hours to make a finished unit, and the expected hourly wage rate is $15 per hour. Prepare a direct labor budget by quarters for the 6 months ending June 30, 2022. CORONADO COMPANY Direct Labor Budget Quarter 2 Six Month レ $ %24 %24 %24 %24 %24 > > > >
A. Parkson Limited has produced an overhead budget for next year based on two levels of activity, 5000 units and 8,000 units. It needs to calculate budgeted figures based on an activity level of 6,800 units. The budgeted figures for activity levels of 5000 and 8,000 are shown below: Parkson Limited. Budgeted Overheads for the year ending 31 December 2015 Production (Units) 5000 8000 Type of Cost $ $ Building rent Fixed 20,000 20,000 Building Depreciation Fixed 31,500 31,500 Indirect labour Variable 25,000 40,000 Indirect materials Variable 15,000 24,000 Electricity Semi-variable 30,000 36,000 Stock insurance Semi-variable 30,000 38,400 Total 151,500 189,900 Required:Calculate the budgeted cost for each of the six types of overheads at an activitylevel of 6,800 units giving consideration to the fact that some overheads are fixedcosts, some are variable and some are semi-variable.
Ramos Company...
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AMZ Corporation produces a single product that requires three yards of direct materials to produce each unit. AMZ has the following budgeted information related to this product for the next five months: August September October November December units to be produced 29,900 cost of direct materials to be purchased $359,985 $493,515 $319, 200 37,800 14,200 26,300 AMZ wants to maintain monthly ending inventories of direct materials equal to 70% of the next month's production needs. The cost of direct materials is $5 per yard. Calculate the number of units budgeted to be produced in September.
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JEROME POGI has the following budget estimates for its 4th year of operations: Inventories are estimated as follows: Raw materials P220,000 270,000 Goods in process P250,000 300,000 Finished goods P350,000 420,000 Beginning Ending Projected sales – P3,500,000 Projected net income before tax – 12% of sales Estimated selling and administrative expenses - 25% of sales Direct labor and factory overhead are budgeted at 70% of the total manufacturing cost. The estimated purchases of raw materials would be