Homework Help is Here – Start Your Trial Now!
Business
Accounting
information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic King 610 units at $780 per unit Prince 750 units at $550 per unit. Southern Domestic King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric Wood Filler Springs Finished products King Prince Filler Springs Finished products: King Prince c. Desired inventories at February 28: Direct materials: Fabric Wood Fabric Wood Filler Springs Fabric Wood Filler Springs In manufacture of Prince: Fabric Wood 420 sq yds. 580 linear f King: 250 cu. ft 660 units d. Direct materials used in production: In manufacture of King: 90 25 units units Prince: Framing Department Cutting Department Upholstery Department 390 sq yds 650 linear fr 300 cu. ft Framing Department Cutting Department Upholstery Department 540 units 4.0 sq yds per unit of product 26 linear ft per unit of product. 3.4 cu. ft. per unit of product 12 units per unit of product e. Anticipated purchase price for direct materials: 80 units 6.0 sq yds per unit of product 38 linear ft. per unit of product. 35 units 4.2 cu. ft. per unit of product 16 units per unit of product Filler Springs f. Direct labor requirements: $12.00 per sq yd 7.00 per linear ft. $3.00 per cu. ft. 4.50 per unit 1.2 hrs. at $12 per hr. 0.5 hr at $14 per hr. 0.8 hr at $15 per hr. 1.0 hr at $12 per hr. 0.4 hr at $14 per hr. 0.6 hr at $15 per hr.

information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic King 610 units at $780 per unit Prince 750 units at $550 per unit. Southern Domestic King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric Wood Filler Springs Finished products King Prince Filler Springs Finished products: King Prince c. Desired inventories at February 28: Direct materials: Fabric Wood Fabric Wood Filler Springs Fabric Wood Filler Springs In manufacture of Prince: Fabric Wood 420 sq yds. 580 linear f King: 250 cu. ft 660 units d. Direct materials used in production: In manufacture of King: 90 25 units units Prince: Framing Department Cutting Department Upholstery Department 390 sq yds 650 linear fr 300 cu. ft Framing Department Cutting Department Upholstery Department 540 units 4.0 sq yds per unit of product 26 linear ft per unit of product. 3.4 cu. ft. per unit of product 12 units per unit of product e. Anticipated purchase price for direct materials: 80 units 6.0 sq yds per unit of product 38 linear ft. per unit of product. 35 units 4.2 cu. ft. per unit of product 16 units per unit of product Filler Springs f. Direct labor requirements: $12.00 per sq yd 7.00 per linear ft. $3.00 per cu. ft. 4.50 per unit 1.2 hrs. at $12 per hr. 0.5 hr at $14 per hr. 0.8 hr at $15 per hr. 1.0 hr at $12 per hr. 0.4 hr at $14 per hr. 0.6 hr at $15 per hr.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please answer 3 and 4
Problem Set: Module 5 1. PR.08.028 2. TMM.09.02 3. BE.09.02.EXCEL ALGO 4. BE.09.01.EXCEL. ALGO 5. TMM.08.01 Progress: 1/5 items engagenow.com information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic King 610 units at $780 per unit Prince 750 units at $550 per unit. Southern Domestic King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric Wood Filler Springs Finished products King Prince Direct materials: Fabric Wood Filler Springs Finished products King Prince c. Desired inventories at February 28: Fabric Wood Filler Springs Fabric Wood Filler Springs King: 420 sq yds. 580 linear ft 250 cu. ft. 660 units d. Direct materials used in production: In manufacture of King Fabric Wood Filler Springs In manufacture of Prince: 90 units Framing Department Cutting Department Upholstery Department Prince: 25 units 4.0 sq yds, per unit of product 26 linear ft. per unit of product 3.4 cu. ft. per unit of product 12 units per unit of product. e. Anticipated purchase price for direct materials: Framing Department Cutting Department Upholstery Department Check My Work 390 sq yds. 650 linear ft 300 cu.ft. $12.00 per sq.yd. 7.00 per linear ft. $3.00 per cu. ft. 4.50 per unit f. Direct labor requirements: + : 540 units 80 units 35 units 6.0 sq yds. per unit of product 38 linear ft. per unit of product 4.2 cu. ft. per unit of product 16 units per unit of product 41 1.2 hrs. at $12 per hr. 0.5 hr. at $14 per hr. 0.8 hr. at $15 per hr. 1.0 hr. at $12 per hr. 0.4 hr at $14 per hr. 0.6 hr at $15 per hr. Next > Ⓡ
Transcribed Image Text:Problem Set: Module 5 1. PR.08.028 2. TMM.09.02 3. BE.09.02.EXCEL ALGO 4. BE.09.01.EXCEL. ALGO 5. TMM.08.01 Progress: 1/5 items engagenow.com information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic King 610 units at $780 per unit Prince 750 units at $550 per unit. Southern Domestic King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric Wood Filler Springs Finished products King Prince Direct materials: Fabric Wood Filler Springs Finished products King Prince c. Desired inventories at February 28: Fabric Wood Filler Springs Fabric Wood Filler Springs King: 420 sq yds. 580 linear ft 250 cu. ft. 660 units d. Direct materials used in production: In manufacture of King Fabric Wood Filler Springs In manufacture of Prince: 90 units Framing Department Cutting Department Upholstery Department Prince: 25 units 4.0 sq yds, per unit of product 26 linear ft. per unit of product 3.4 cu. ft. per unit of product 12 units per unit of product. e. Anticipated purchase price for direct materials: Framing Department Cutting Department Upholstery Department Check My Work 390 sq yds. 650 linear ft 300 cu.ft. $12.00 per sq.yd. 7.00 per linear ft. $3.00 per cu. ft. 4.50 per unit f. Direct labor requirements: + : 540 units 80 units 35 units 6.0 sq yds. per unit of product 38 linear ft. per unit of product 4.2 cu. ft. per unit of product 16 units per unit of product 41 1.2 hrs. at $12 per hr. 0.5 hr. at $14 per hr. 0.8 hr. at $15 per hr. 1.0 hr. at $12 per hr. 0.4 hr at $14 per hr. 0.6 hr at $15 per hr. Next > Ⓡ
3. Prepare a direct materials purchases budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Required units for production: King Prince Desired inventory, February 28 Total Estimated inventory, February 1 Total units to be purchased Unit price Total direct materials to be purchased Hours required for production: King Prince Total Royal Furniture Company Direct Materials Purchases Budget For the Month Ending February 28 Hourly rate Total direct labor cost Fabric (sq. yds.) 4. Prepare a direct labor cost budget for February. Wood (linear ft.) Royal Furniture Company Direct Labor Cost Budget For the Month Ending February 28 Direct Materials Framing Department Filler (cu. ft.) Cutting Department Springs (units) Upholstery Department Total Total
Transcribed Image Text:3. Prepare a direct materials purchases budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Required units for production: King Prince Desired inventory, February 28 Total Estimated inventory, February 1 Total units to be purchased Unit price Total direct materials to be purchased Hours required for production: King Prince Total Royal Furniture Company Direct Materials Purchases Budget For the Month Ending February 28 Hourly rate Total direct labor cost Fabric (sq. yds.) 4. Prepare a direct labor cost budget for February. Wood (linear ft.) Royal Furniture Company Direct Labor Cost Budget For the Month Ending February 28 Direct Materials Framing Department Filler (cu. ft.) Cutting Department Springs (units) Upholstery Department Total Total
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Inventory Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS