NOTENBA MINTNA BACK Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,310 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and 2. manufacturing overhead $7 per direct labor hour. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. 3. 4. 5. Income taxes: 30% of income before income taxes. Prepare a schedule sho neld fer 2020

NOTENBA MINTNA BACK Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,310 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and 2. manufacturing overhead $7 per direct labor hour. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. 3. 4. 5. Income taxes: 30% of income before income taxes. Prepare a schedule sho neld fer 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In Ayayai Company, direct labor is $20 per hour. The company expects to operate at 12,400 direct labor hours each month. In January 2027, direct labor totaling $255,440 is incurred in working 12,896 hours. (a) Your answer is correct. Prepare a static budget report. Product Line Direct Labor CA $ Budget 248,000 +A $ AYAYAI COMPANY Static Direct Labor Budget Report For the Month Ended January 31, 2027 Actual 255,440 +A Difference 7,440 i Unfavorable
How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
Required information Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,213,000 Costs Direct materials 1,009,800 Direct labor 244,800 Sales staff commissions 61,200 Depreciation—Machinery 300,000 Supervisory salaries 197,000 Shipping 229,500 Sales staff salaries (fixed annual amount) 245,000 Administrative salaries 534,920 Depreciation—Office equipment 198,000 Income $ 192,780 Problem 21-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required:1&2. Prepare flexible budgets at sales volumes of 14,300 and 16,300 units.3. The company’s business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted…
Sheridan Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022. Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour January 10,560 (a) $60 2.0 $6.0 Your Answer Correct Answer February March April 12,320 9,680 $57.5 $57.5 2.0 $6.0 11,440 $57.5 1.5 1.5 May 9,680 $57.5 1.5 Sheridan has a labor contract that calls for a wage increase to $7.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. $6.0 $7.0 $7.0 Sheridan expects to begin the year with 15,488 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales.
i need the answer quickly
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,400 units. Sales Costa PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,234,000 1,001,000 246,400 46,200 295,000 198,000 231,000 251,000 610,700 193,000 $ 161,700
es Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,000, 21,000, 23,000, and 24,000 units, respectively. All sales are on credit. b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.70 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. f. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two…
Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units $75,000 87,000 Direct materials Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor Fixed overhead Total costs F3 + F4 Ⓡ 3 # 4 $ F5 36,000 5 % F6 Budget F7 C Manufacturing Performance Budget Report For the Year Ended December 31, 2019 6 A POINT, INC. Search F8 $75,000 7 & 78,000 34,500 0: Actual F9 60 8 * Differences F/U LG F10 9 ( F11 - 0) F12 + Prt Sc ScrLk Ins = +
Lily’s Manufacturing Company has budgeted the following unit sales: 2021 Units January 10,000 February 8,000 March 9,000 April 11,000 May 15,000 The finished goods units on hand on December 31, 2020, was 1,000 units. Each unit requires 2 pounds of raw materials that are estimated to cost an average of $3 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 10% of next month's anticipated sales. They also have a policy of maintaining a raw materials inventory at the end of each month equal to 20% of the pounds needed for the following month's production.…
Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials Inventory. Management desires an ending inventory of 25% of next month's materials requirements Prepare a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references. Enter all values as positive--without a minus sign--in row 31.) 2018 Jan Feb Q1 Total April Budget #3: Direct Materials Budget Budgeted units to be produced Mar 30,800 25,200 19,200 2.00 Direct materials (pounds) per unit 2.00 Direct materials needed for production 50,400 38,400 12,600 2.00 61,600 8,600 Plus: Desired direct materials in ending inventory (pounds) 15,400 Total direct materials needed 51,000 65,800 70,200 Less: Direct materials in beginning inventory (pounds) 9,500 12,600 15,400 Budgeted purchase of direct materials 41,500 53,200 54,800 Direct material…
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
Sunland Inc. is preparing its annual budgets for the year ending December 31, 2025. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 480,000 240,000 Unit selling price $30 $35 Production budget: Desired ending finished goods units 36,000 18,000 Beginning finished goods units 30,000 12,000 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 36,000 12,000 Beginning direct materials pounds 48,000 18,000 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $672,000 for product JB 50 and $432,000 for product JB 60, and administrative expenses of $648,000 for product JB 50 and $408,000 for product…