Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner’s master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee-related benefits, and the employer’s share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the company’s union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,400 glare filters in inventory on December 31 of the current year, and has a policy of carrying 25 percent of the following month’s projected sales in inventory. Information on the first four months of the coming year is as follows: JanuaryFebruaryMarchAprilEstimated unit sales37,40035,20040,20038,200Sales price per unit$82$82$77$77Direct labor hours per unit2.702.702.302.30Direct labor hourly rate$19$19$20$20Direct materials cost per unit$9$9$9$9Required:Unless otherwise indicated, round all calculated amounts to the nearest dollar or unit.1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year.Question Content Areaa. Production budget in units:Greiner CompanyProduction Budget (units)For the First Quarter of the Coming Year JanuaryFebruaryMarchTotalUnit salesfill in the blank fill in the blank fill in the blank fill in the blank Desired ending inventoryfill in the blank fill in the blank fill in the blank fill in the blank Total units requiredfill in the blank f2aff202bfbafb4_9fill in the blank f2aff202bfbafb4_10fill in the blank f2aff202bfbafb4_11fill in the blank f2aff202bfbafb4_12Less: Beginning inventoryfill in the blank f2aff202bfbafb4_13fill in the blank f2aff202bfbafb4_14fill in the blank f2aff202bfbafb4_15fill in the blank f2aff202bfbafb4_16Units producedfill in the blank f2aff202bfbafb4_17fill in the blank f2aff202bfbafb4_18fill in the blank f2aff202bfbafb4_19fill in the blank f2aff202bfbafb4_20 Question Content Areab. Direct labor budget in hours: Round your answers to two decimal places, if required.Greiner CompanyDirect Labor Budget (hours)For the First Quarter of the Coming Year JanuaryFebruaryMarchTotalUnits producedfill in the blank 968767f2403ffc5_1fill in the blank 968767f2403ffc5_2fill in the blank 968767f2403ffc5_3fill in the blank 968767f2403ffc5_4Direct labor hours per unitfill in the blank 968767f2403ffc5_5fill in the blank 968767f2403ffc5_6fill in the blank 968767f2403ffc5_7 Total labor budget (hours)fill in the blank 968767f2403ffc5_8fill in the blank 968767f2403ffc5_9fill in the blank 968767f2403ffc5_10fill in the blank 968767f2403ffc5_11 Question Content Areac. Direct materials cost budget:Greiner CompanyDirect Materials Cost BudgetFor the First Quarter of the Coming Year JanuaryFebruaryMarchTotalUnits producedfill in the blank 779812fa6030fc1_1fill in the blank 779812fa6030fc1_2fill in the blank 779812fa6030fc1_3fill in the blank 779812fa6030fc1_4Cost per unit$fill in the blank 779812fa6030fc1_5$fill in the blank 779812fa6030fc1_6$fill in the blank 779812fa6030fc1_7$fill in the blank 779812fa6030fc1_8Total direct materials$fill in the blank 779812fa6030fc1_9$fill in the blank 779812fa6030fc1_10$fill in the blank 779812fa6030fc1_11$fill in the blank 779812fa6030fc1_12 Question Content Aread. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements.Greiner CompanySales Budget (dollars)For the First Quarter of the Coming Year JanuaryFebruaryMarchTotalUnit salesfill in the blank 03a8ac004fd8fd1_1fill in the blank 03a8ac004fd8fd1_2fill in the blank 03a8ac004fd8fd1_3fill in the blank 03a8ac004fd8fd1_4Unit selling price$fill in the blank 03a8ac004fd8fd1_5$fill in the blank 03a8ac004fd8fd1_6$fill in the blank 03a8ac004fd8fd1_7$fill in the blank 03a8ac004fd8fd1_8Total sales revenue$fill in the blank 03a8ac004fd8fd1_9$fill in the blank 03a8ac004fd8fd1_10$fill in the blank 03a8ac004fd8fd1_11$fill in the blank 03a8ac004fd8fd1_12 Question Content Area2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA adapted)Greiner CompanyBudgeted Contribution MarginFor the First Quarter of the Coming Year JanuaryFebruaryMarchTotalSales revenue$fill in the blank 4d411cfa2020fb0_1$fill in the blank 4d411cfa2020fb0_2$fill in the blank 4d411cfa2020fb0_3$fill in the blank 4d411cfa2020fb0_4Direct labor costfill in the blank 4d411cfa2020fb0_5fill in the blank 4d411cfa2020fb0_6fill in the blank 4d411cfa2020fb0_7fill in the blank 4d411cfa2020fb0_8Materials costfill in the blank 4d411cfa2020fb0_9fill in the blank 4d411cfa2020fb0_10fill in the blank 4d411cfa2020fb0_11fill in the blank 4d411cfa2020fb0_12Contribution margin$fill in the blank 4d411cfa2020fb0_13$fill in the blank 4d411cfa2020fb0_14$fill in the blank 4d411cfa2020fb0_15$fill in the blank 4d411cfa2020fb0_16

The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner’s master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee-related benefits, and the employer’s share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the company’s union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,400 glare filters in inventory on December 31 of the current year, and has a policy of carrying 25 percent of the following month’s projected sales in inventory. Information on the first four months of the coming year is as follows: January February March April Estimated unit sales 37,400 35,200 40,200 38,200 Sales price per unit $82 $82 $77 $77 Direct labor hours per unit 2.70 2.70 2.30 2.30 Direct labor hourly rate $19 $19 $20 $20 Direct materials cost per unit $9 $9 $9 $9 Required: Unless otherwise indicated, round all calculated amounts to the nearest dollar or unit. 1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year. Question Content Area a. Production budget in units: Greiner CompanyProduction Budget (units)For the First Quarter of the Coming Year January February March Total Unit sales fill in the blank fill in the blank fill in the blank fill in the blank Desired ending inventory fill in the blank fill in the blank fill in the blank fill in the blank Total units required fill in the blank f2aff202bfbafb4_9 fill in the blank f2aff202bfbafb4_10 fill in the blank f2aff202bfbafb4_11 fill in the blank f2aff202bfbafb4_12 Less: Beginning inventory fill in the blank f2aff202bfbafb4_13 fill in the blank f2aff202bfbafb4_14 fill in the blank f2aff202bfbafb4_15 fill in the blank f2aff202bfbafb4_16 Units produced fill in the blank f2aff202bfbafb4_17 fill in the blank f2aff202bfbafb4_18 fill in the blank f2aff202bfbafb4_19 fill in the blank f2aff202bfbafb4_20 Question Content Area

Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner’s master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee-related benefits, and the employer’s share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the company’s union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,400 glare filters in inventory on December 31 of the current year, and has a policy of carrying 25 percent of the following month’s projected sales in inventory. Information on the first four months of the coming year is as follows: January February March April Estimated unit sales 37,400 35,200 40,200 38,200 Sales price per unit $82 $82 $77 $77 Direct labor hours per unit 2.70 2.70 2.30 2.30 Direct labor hourly rate $19 $19 $20 $20 Direct materials cost per unit $9 $9 $9 $9 Required: Unless otherwise indicated, round all calculated amounts to the nearest dollar or unit. 1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year. Question Content Area a. Production budget in units: Greiner CompanyProduction Budget (units)For the First Quarter of the Coming Year January February March Total Unit sales fill in the blank fill in the blank fill in the blank fill in the blank Desired ending inventory fill in the blank fill in the blank fill in the blank fill in the blank Total units required fill in the blank f2aff202bfbafb4_9 fill in the blank f2aff202bfbafb4_10 fill in the blank f2aff202bfbafb4_11 fill in the blank f2aff202bfbafb4_12 Less: Beginning inventory fill in the blank f2aff202bfbafb4_13 fill in the blank f2aff202bfbafb4_14 fill in the blank f2aff202bfbafb4_15 fill in the blank f2aff202bfbafb4_16 Units produced fill in the blank f2aff202bfbafb4_17 fill in the blank f2aff202bfbafb4_18 fill in the blank f2aff202bfbafb4_19 fill in the blank f2aff202bfbafb4_20 Question Content Area

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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a. Production budget in units:

Greiner CompanyProduction Budget (units)For the First Quarter of the Coming Year

	January	February	March	Total
Unit sales	fill in the blank	fill in the blank	fill in the blank	fill in the blank
Desired ending inventory	fill in the blank	fill in the blank	fill in the blank	fill in the blank
Total units required	fill in the blank f2aff202bfbafb4_9	fill in the blank f2aff202bfbafb4_10	fill in the blank f2aff202bfbafb4_11	fill in the blank f2aff202bfbafb4_12
Less: Beginning inventory	fill in the blank f2aff202bfbafb4_13	fill in the blank f2aff202bfbafb4_14	fill in the blank f2aff202bfbafb4_15	fill in the blank f2aff202bfbafb4_16
Units produced	fill in the blank f2aff202bfbafb4_17	fill in the blank f2aff202bfbafb4_18	fill in the blank f2aff202bfbafb4_19	fill in the blank f2aff202bfbafb4_20

Question Content Area

b. Direct labor budget in hours: Round your answers to two decimal places, if required.

Greiner CompanyDirect Labor Budget (hours)For the First Quarter of the Coming Year

	January	February	March	Total
Units produced	fill in the blank 968767f2403ffc5_1	fill in the blank 968767f2403ffc5_2	fill in the blank 968767f2403ffc5_3	fill in the blank 968767f2403ffc5_4
Direct labor hours per unit	fill in the blank 968767f2403ffc5_5	fill in the blank 968767f2403ffc5_6	fill in the blank 968767f2403ffc5_7
Total labor budget (hours)	fill in the blank 968767f2403ffc5_8	fill in the blank 968767f2403ffc5_9	fill in the blank 968767f2403ffc5_10	fill in the blank 968767f2403ffc5_11

Question Content Area

c. Direct materials cost budget:

Greiner CompanyDirect Materials Cost BudgetFor the First Quarter of the Coming Year

	January	February	March	Total
Units produced	fill in the blank 779812fa6030fc1_1	fill in the blank 779812fa6030fc1_2	fill in the blank 779812fa6030fc1_3	fill in the blank 779812fa6030fc1_4
Cost per unit	$fill in the blank 779812fa6030fc1_5	$fill in the blank 779812fa6030fc1_6	$fill in the blank 779812fa6030fc1_7	$fill in the blank 779812fa6030fc1_8
Total direct materials	$fill in the blank 779812fa6030fc1_9	$fill in the blank 779812fa6030fc1_10	$fill in the blank 779812fa6030fc1_11	$fill in the blank 779812fa6030fc1_12

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d. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements.

Greiner CompanySales Budget (dollars)For the First Quarter of the Coming Year

	January	February	March	Total
Unit sales	fill in the blank 03a8ac004fd8fd1_1	fill in the blank 03a8ac004fd8fd1_2	fill in the blank 03a8ac004fd8fd1_3	fill in the blank 03a8ac004fd8fd1_4
Unit selling price	$fill in the blank 03a8ac004fd8fd1_5	$fill in the blank 03a8ac004fd8fd1_6	$fill in the blank 03a8ac004fd8fd1_7	$fill in the blank 03a8ac004fd8fd1_8
Total sales revenue	$fill in the blank 03a8ac004fd8fd1_9	$fill in the blank 03a8ac004fd8fd1_10	$fill in the blank 03a8ac004fd8fd1_11	$fill in the blank 03a8ac004fd8fd1_12

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2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA adapted)

Greiner CompanyBudgeted Contribution MarginFor the First Quarter of the Coming Year

	January	February	March	Total
Sales revenue	$fill in the blank 4d411cfa2020fb0_1	$fill in the blank 4d411cfa2020fb0_2	$fill in the blank 4d411cfa2020fb0_3	$fill in the blank 4d411cfa2020fb0_4
Direct labor cost	fill in the blank 4d411cfa2020fb0_5	fill in the blank 4d411cfa2020fb0_6	fill in the blank 4d411cfa2020fb0_7	fill in the blank 4d411cfa2020fb0_8
Materials cost	fill in the blank 4d411cfa2020fb0_9	fill in the blank 4d411cfa2020fb0_10	fill in the blank 4d411cfa2020fb0_11	fill in the blank 4d411cfa2020fb0_12
Contribution margin	$fill in the blank 4d411cfa2020fb0_13	$fill in the blank 4d411cfa2020fb0_14	$fill in the blank 4d411cfa2020fb0_15	$fill in the blank 4d411cfa2020fb0_16

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	January	February	March	April
Estimated unit sales	37,400	35,200	40,200	38,200
Sales price per unit	$82	$82	$77	$77
Direct labor hours per unit	2.70	2.70	2.30	2.30
Direct labor hourly rate	$19	$19	$20	$20
Direct materials cost per unit	$9	$9	$9	$9