Current Attempt in ProgressMonty Company combines its operating expenses for budget purposes in a selling and administrative expense budget For the first quarter of 2022, the following data are developedL Sales: 21,500 units unit selling price2Variable costs per sales dollarSales commissionsDelivery expense3AdvertisingFixed costs per quarterSales salariesOffice salariesDepreciationInsuranceUtilities$30Save for Later6%4%$24,40019,5005,0002,1001,000Prepare a selling and administrative expense budget for the first quarter of 2022 (List variable costs before fixed costs)MONTYCOMPANYSelling and Administrative Expense Budget

It is the budget prepared for all non-manufacturing expenses such as research and development,…

Monty Company combines its operating expenses for budget purposes in a selling and administrative expense budget For the first quarter of 2022, the following data are developed 1 Sales: 21,500 units unit selling price 2 Variable costs per sales dollar Sales commissions Delivery expense Advertising Fixed costs per quarter Sales salaries Office salaries Depreciation) Insurance Utilities 3 $30 Save for Later 6% 4% $24,400 19.500 5,000 2.100 1.000 Prepare a selling and administrative expense budget for the first quarter of 2022 (List variable costs before hxed costs) MONTYCOMPANY Selling and Administrative Expense Budget

Monty Company combines its operating expenses for budget purposes in a selling and administrative expense budget For the first quarter of 2022, the following data are developed 1 Sales: 21,500 units unit selling price 2 Variable costs per sales dollar Sales commissions Delivery expense Advertising Fixed costs per quarter Sales salaries Office salaries Depreciation) Insurance Utilities 3 $30 Save for Later 6% 4% $24,400 19.500 5,000 2.100 1.000 Prepare a selling and administrative expense budget for the first quarter of 2022 (List variable costs before hxed costs) MONTYCOMPANY Selling and Administrative Expense Budget

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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How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
Function: SUM; Formula: Subtract, Multiply; Cell Referencing Using Excel to Prepare a Production Budget PROBLEM Paige Company estimates that following unit sales and desired inventory level for the four quarters of the year ending December 31, 2022. Quarter 1 sales Quarter 2 sales Quarter 3 sales Quarter 4 sales Desired ending finished goods inventory based on next quarter's expected unit sales Unit selling price 10,000 14,000 15,000 18,000 25% $ 70.00 Prepare a production budget by quarters for the first 6 months of 2022. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or this work area as indicated. Use the SUM function with cell referencing for totals. Paige Company Production Budget For the Six Months Ending June 30, 2022 Quarter 1 10,000 Expected unit sales Add: Desired ending finished goods units Total required units Less: Beginning finished goods units Required production…
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $171,170 budgeted expenses include $114,000 in variable expenses for desks and $19,170 in variable expenses for chairs, as well as $38,000 of fixed expenses. Actual fixed expenses total $39,600. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income Fixed Budget 152 71 For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Actual Results 158 79 Variances. $ 199,120 41,890 $ 205,400 47,795 179,780 $ 6,280 F 5,905 F 8,610 U 171,170 $ 69,840 $ 73,415 $ 3,575 F Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results ENG
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
Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $157,830 budgeted expenses include $109,350 in variable expenses for desks and $18,480 in variable expenses for chairs, as well as $30,000 of fixed expenses. Actual fixed expenses total $31,800. Desk sales (in units) Chair sales (in units); Desk sales Chair sales Total expenses Income For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget Fixed expenses Income Actual Results Variances 135 141 56 64 Dok 28,560 33,600 157,830 167,530 $ 176,850 $ 183,300 $ 6,450 P 5,040 P 9,700 U Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. $ 47,580 $ 49,370 $ 1,790 F BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance Favorable…
Print Item The Operating Budgets: Marketing and Administrative Expense Budgets The marketing expense budget can be prepared in much the same way as the overhead budget. That is, variable expenses and fixed expenses are budgeted and then totaled. Suppose that a company has variable marketing expense consisting of a sales commission equal to 5% of sales revenue. Sales revenue for the first three months of the quarter equals $560,000, $580,000, and $600,000. Fixed marketing expense consists of the following monthly costs: depreciation $3,500, salaries $12,000, and advertising $5,000. Prepare a marketing expense budget for the first quarter, by month and in total. Budgeted sales revenue x Sales commission rate Budgeted variable marketing expense $ Fixed marketing expense: Depreciation Salaries January 560,000 5 X 28,000 3,500 12,000 5,000 February 580,000 20,500 48,500 ✔ 5.2 X 29,000 3,500 12,000 5,000 20,500 49,500 $ $ March 600,000 5.3 X 30,000 3,500 12,000 5,000 20,500 50,500 Total…
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 8,860 33,880 Direct material per unit 2 2 2 2 2 Total pounds needed for production 15,360 16,960 17,720 17,720 67,760 Add: Desired ending inventory 4,240 4,430 4,430 3,600 3,600 Total material required 19,600 21,390 22,150 21,320 71,360 Less: Beginning inventory 4,240 4,430 4,430 Pounds of direct material purchase requirements 19,600 17,150 17,720 16,890 71,360 Cost per pound $1.50 $1.50 $1.50 $1.50 $1.50 Total cost of direct material purchase $29,400 $25,725 $26,580 $25,335 $107,040 Total $107,040 Direct Labor Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,680 8,480 8,860 Direct labor hours per unit 0.75 0.75 0.75 0.75 0.75 Total required direct labor hours 5,760 6,360 6,645 6,645 Labor cost per hour $25 $25 $25 $25 $25 Total direct labor cost $144,000 $159,000 $166,125 $ $635,250
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Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture operations follows. The $179,710 budgeted expenses include $122.010 in variable expenses for desks and $20,700 in variable expenses for chairs, as well as $37,000 of fixed expenses. Actual fixed expenses total $38,300. Desk sales (in units) Chair sales (in units) Desk sales Chair sales Total expenses Income For Quarter Ended June 30 Desk sales Chair sales Variable expenses Contribution margin Fixed Budget 147 69 Fixed expenses Income Actual Results 153 77 Variances $ 188,160 37,950 179,718 $ 46,400 $ 48,975 $ 2,575 F $ 194,310 43,505 188,840 Required: Prepare a flexible budget performance report that shows variances between budgeted results and actual results. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) $ 6,150 F 5,555 F 9,130 U BUSINESS SOLUTIONS Flexible Budget Performance Report Flexible Budget Actual Results Variance…
For the quarter ended March 31, 2022, Pina Colada Company accumulates the following sales data for its newest guitar, The Edge: $321,300 budget; $311,100 actual. In the second quarter, budgeted sales were $387,600, and actual sales were $391,680. Prepare a static budget report for the second quarter and for the year to date. Y 22 ÷ tA $ Budget Year to Date Actual Difference $ $
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