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ny makes and sells high-quality glare filters for micr er budget and has assembled the following data for 5, and the employer's share of FICA. Labor saving m on contract calls for an increase in direct labor wages

ny makes and sells high-quality glare filters for micr er budget and has assembled the following data for 5, and the employer's share of FICA. Labor saving m on contract calls for an increase in direct labor wages

FINANCIAL ACCOUNTING
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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Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin 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 6,100 glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 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 37,200 34,400 39,800 40,400 Sales price per unit $83 $83 $77 $77 Direct labor hours per unit 2.70 2.70 2.40 2.40 Direct labor hourly rate $18 $18 $20 $20 Direct materials cost per unit $10 $10 $10 $10
Transcribed Image Text:Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin 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 6,100 glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 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 37,200 34,400 39,800 40,400 Sales price per unit $83 $83 $77 $77 Direct labor hours per unit 2.70 2.70 2.40 2.40 Direct labor hourly rate $18 $18 $20 $20 Direct materials cost per unit $10 $10 $10 $10
O CP8: CP8: Problems f X : CengageNOWv. X G Olympus, Inc., n x b Similar Questior x f (1) Facebook (1030) Ench x (8) Messages / x A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false e I Google Meet 0 All app | Microsoft. O Outlook E McGraw : CENGAGE di MS TEAMS CUDDLE NATION 1;. O Rockefeller Econ- FA # 1 COSACC - 1 >> CP8: Problems for Budgeting Part 2 Direct labor hours per unit 1. CEX.08.03.ALGO Total labor budget (hours) 2. CEX.08.04.ALGO c. Direct materials cost budget: 3. CEX.08.05.ALGO Greiner Company Direct Materials Cost Budget 4. СЕХ.08.06. ALGO For the First Quarter of the Coming Year January February March Total 5. CEX.08.08.ALGO Units produced 6. CEX.08.09.ALGO Cost per unit Total direct materials 7. EX.08.17.ALGO 8. EX.08.30.ALGO d. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements. Greiner Company 9. PR.08.38 ALGO Sales Budget (dollars) For the First Quarter of the Coming Year January February March Total Unit sales Unit selling price Total sales revenue $ 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 Company Budgeted Contribution Margin For the First Quarter of the Coming Year January February March Total Sales revenue Home PgUp Direct labor cost End PgDn Insert Pause Check My Work 10 more Check My Work uses remaining. Previous PrtScn ScrLk tems Options Help Save and Exit Submit Test for Grading 12:08 PM 收 口中 5/6/2022
Transcribed Image Text:O CP8: CP8: Problems f X : CengageNOWv. X G Olympus, Inc., n x b Similar Questior x f (1) Facebook (1030) Ench x (8) Messages / x A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false e I Google Meet 0 All app | Microsoft. O Outlook E McGraw : CENGAGE di MS TEAMS CUDDLE NATION 1;. O Rockefeller Econ- FA # 1 COSACC - 1 >> CP8: Problems for Budgeting Part 2 Direct labor hours per unit 1. CEX.08.03.ALGO Total labor budget (hours) 2. CEX.08.04.ALGO c. Direct materials cost budget: 3. CEX.08.05.ALGO Greiner Company Direct Materials Cost Budget 4. СЕХ.08.06. ALGO For the First Quarter of the Coming Year January February March Total 5. CEX.08.08.ALGO Units produced 6. CEX.08.09.ALGO Cost per unit Total direct materials 7. EX.08.17.ALGO 8. EX.08.30.ALGO d. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements. Greiner Company 9. PR.08.38 ALGO Sales Budget (dollars) For the First Quarter of the Coming Year January February March Total Unit sales Unit selling price Total sales revenue $ 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 Company Budgeted Contribution Margin For the First Quarter of the Coming Year January February March Total Sales revenue Home PgUp Direct labor cost End PgDn Insert Pause Check My Work 10 more Check My Work uses remaining. Previous PrtScn ScrLk tems Options Help Save and Exit Submit Test for Grading 12:08 PM 收 口中 5/6/2022
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