Fournier Fixtures produces a variety of manufactured items for the home and building industry. The company pro receives orders and, therefore, has no inventories. The following information is available for the current month: Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Master Budget (based on Actual (based on budgeted orders actual orders for for 385,000 431,200 units) units) $ 8,192,800 $ 7,700,000 2,681,200 244,000 1,247,200 888,000 $ 5,060,400 $ 3,132,400 1,686,000 617,800 426,000 $ 2,729,800 $ 402,600 2,380,000 224,000 1,106,000 798,000 $ 4,508,000 $ 3,192,000 1,720,000 600,000 465,000 $ 2,785,000 $ 407,000

Fournier Fixtures produces a variety of manufactured items for the home and building industry. The company pro receives orders and, therefore, has no inventories. The following information is available for the current month: Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Master Budget (based on Actual (based on budgeted orders actual orders for for 385,000 431,200 units) units) $ 8,192,800 $ 7,700,000 2,681,200 244,000 1,247,200 888,000 $ 5,060,400 $ 3,132,400 1,686,000 617,800 426,000 $ 2,729,800 $ 402,600 2,380,000 224,000 1,106,000 798,000 $ 4,508,000 $ 3,192,000 1,720,000 600,000 465,000 $ 2,785,000 $ 407,000

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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The Panda Group Ltd has recently acquired Zorba Inc. which manufactures concrete imitations of ancient Greek artefacts which are sold to garden and home decorator retail outlets. You have been asked to prepare a 5 year budget forecast for Zorba Inc. For cost accounting reporting and budgeting, the Zorba Inc. factory employs a traditional manufacturing cost flow inventory and accounting system, however the company does not operate a Work-in-Process Inventory account. Financial and production data from the Zorba Inc plant's 2023 calendar year trading results are as follows: 2023 Year data Sales (Units) Price (average 2023 price received) Prime Costs (per unit) Raw Materials Direct Labour Closing Inventory: Raw Materials (15,000 units) Finished Goods (14,600 units) 172,680 $65.00 $16.65 $11.95 $1,760,000 $1,626,000 Variable Manufacturing Costs (per unit) $6.10 Factory Management Salaries (per annum) $313,000 Factory Plant & Equipment Depreciation (per annum) $75,000 Sales and Marketing…
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