InstructionsLabels and Amount DescriptionsThe Cottonwood Company for sales volumes of $300,000, $350,000, and $400,000,based on the following data:LabelsDecember 31, 2016Sales commissions6% of salesFor the Month Ending December 31, 2016Sales manager's salary$120,000 per monthAmount DescriptionsAdvertising expense$90,000 per monthAdvertising expenseShipping expenseMiscellaneous selling expense1% of salesSales commissionsMiscellaneous selling expense$6,000 per month plus 1.5% of salesSales salaries expenseSales volumeRequired:Prepare a monthly flexible selling expense budget for Cottonwood Company forShipping expenseDecember, 2016. Refer to the lists of Labels and Amount Descriptions for theTotal fixed expenseexact wording of the answer choices for text entries. Be sure to complete theTotal selling expensestatement heading.Total variable expensePrevious Prepare a monthly flexible selling expense budget for Cottonwood Company for December, 2016. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answerchoices for text entries. Be sure to complete the statement heading.Cottonwood CompanyMonthly Selling Expense Budget(Label)1 Sales volume$300,000.00$350,000.00$400,000.002 Variable expense:7 Fixed expense:6.1011123.4,5.9,

A budget is an assessment of Income and expenses over a defined future period of time and is revaluated time to time. Budgets can be prepared for individual, group of peoples, organizations etc.Preparation of selling expenses budget: The above table is shown as below:

Business

Accounting

Prepare a monthly flexible seling expense budget for Cottonwood Company for December, 2016. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Cottonwood Company Monthly Selling Expense Budget (Label) 1 Sales volume $300,000.00 $350,000.00 $400,000.00 2 Variable expense: 4 6 7 Fixed expense: 10 11 12

Prepare a monthly flexible seling expense budget for Cottonwood Company for December, 2016. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Cottonwood Company Monthly Selling Expense Budget (Label) 1 Sales volume $300,000.00 $350,000.00 $400,000.00 2 Variable expense: 4 6 7 Fixed expense: 10 11 12

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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You have been presented with the following information by the Budget Committee of the organization in which you work: Sales forecast January – April 2020 Details Study lamps Accent lights Expected selling price per unit $300 $500 Sales Volume forecast: January 2 000 units 1 000 units February 2 500 units 1 500units March 3 000 units 1 000 units April 2 000 units 1 200 units Additional information: (i) Beginning inventories: study lamps 300 units; accent lights 200 units. (ii) The ending inventory for each product at the end of each month is to be maintained at 20% of the budgeted sales for the next month. (iii) To make one study lamp, four (4) units of raw material lumber are used, while five (5) units of raw material aluminum are used to make one accent lights. Required: The Sales Budget for both products for January to March 2020. The Direct Material usage budget.
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