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- 7.3 Shown below are the totals from 2018 period budgets. Revenue budget Materials usage from production budget Labor cost budget Manufacturing overhead budget General and administrative budget Capital expenditure budget P100,000 15,000 20,000 20,000 30,000 20,000 32 How Work-in-Progress Inventories: Beginning of 2018 End of 2018 ndilet b rsM x) 1E valM 10,000 lsa 5,000 PLS Finished Goods Iventory: Beginning of 2018 End of 2018 Pla 15,000 10,000 Tax Rate 40% hen dees20 oldibsllonU Instructions: nongt od Prepare a forecasted Income Statement for the year. bas sldigilgonSandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $35,280 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 11,760 15,680 $62,720 Material Charges $22,540 2,940 49,000 8,330 $82,810 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that i this job will take 12 labor hours and $490.00 in paint.The following is the budgeted information of 3Z Company for the year 2021: Service Departments Producing Departments S1 S2 P1 P2 Budgeted overhead before distribution of service costs Direct labor hours Machine hours Number of employees Area occupied (sq ft) P300,000.00 P 150,000.00 P1,500,000.00 P750,000.00 6,000 45,400 25 30,000 33,250 5,000 150 50,000 13 8 4,200 1,500 Actual prime cost for the last quarter Of 2021 in the production of 15,000 units of Product MM is summarized below: P1 P2 11,250 hrs Direct labor hours 1,200 DLh @ P35 6,550 DLH @ P35 Machine hours 1,250 hrs Materials P75 per unit P5 per unit Additional information: • The company computes predetermined overhead rates based on machine hours in P1 and direct labor hours in P2, after distributing service costs using direct method. Sl costs are distributed based on area occupied and S2 costs are based on number of employees. Required: Compute for the total production costs of Product MM.
- A https://camdenccinstructure.com/courses/3788/assignmen * QuestionTO ces View Policies ions Current Attempt in Progress 5 Support The master budget of Waterway Industries shows that the planned activity level for next year is expected to be 50000 machine hours. At this level of activity, the following manufacturing overhead costs are expected: al Indirect labor $820000 Machine supplies 280000 Indirect materials 310000 Depreciation on factory building 250000 Total manufacturing overhead $1660000 A flexible budget for a level of activity of 60000 machine hours would show total manufacturing overhead costs of $1942000. O $1992000. O $1742000. $1660000.BUS 203: INTRODUCTION TO COST AND MANAGEMENT ACCOUNTING PROJECT: CASH BUDGETING ASSOCIATE DEGREE YEAR 2: SEMESTER 1 (2020/21)Ronstadt Limited’s budget for the four months from January to April includes the following data:1. MonthSalesMaterialsWagesOverheads $000$000$000$000January615115.030360February636120.033390March690135.036420April684130.040425 2. One-third of sales revenue is received one month after sale and the remainder is received two months after sale. The sales in the previous two months were: November $600 000; December $540 000.3. One-quarter of purchases of materials are paid for in the month of purchase. The remainder are paid for two months later. Purchases in the previous two months were: November $108 000; December $106 000.4. Two-thirds of the wages are paid in the month in which they are earned, and the balance is paid in the following month. The wages for the previous December amounted to $30 000.5. One-half of the overhead expenditure is paid in the month in…Part 1 Waterways uses time and material pricing when it bids on drainage projects. Budgeted data for 2022 for installation division 1 are as follows. Waterways Corporation Installation Division 1 Budgeted Costs for Drainage Projects for 2022 Labour wages (5.760 hours) Supervisor's salary Clerical and accountant wages Drainage supplies manager Overhead Total Time Charges Material Loading Charges $241,920 63,360 51,840 $357,120 $ 60,000 4,000 40,000 21,000 $125,000 Waterways desires a $23 profit margin per hour of labour and 25% profit on materials. Materials are transferred in from the manufacturing division. The total estimated invoice cost of materials in 2022 will be $500,000. Instructions a. Suppose Ryan accepts the order. Determine what the impact would be on: 1. the plant, 2. the installation division, and 3. the company as a whole. b. What do you think would be the best course of action in this situation? Explain. a. Calculate the rate per hour of labour. b. Calculate the…
- Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint BUDGETED COSTS FOR 2022 Time Charges $35,280 Overhead (supplies, utilities, etc.) Total budgeted costs (a1) 11,760 15,680 $62,720 Labor rate Material Charges $22,540 2.940 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. 49,000 8,330 $82,810 On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that this job will take 12 labor hours and $490.00 in paint. Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.)2. AP Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. d Sutton's Electronic Repair Shop Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Aatici, Shop employees' wages and benefits $108,000 Parts manager's salary and benefits $25,400 - Office employee's salary and benefits 13,600 23,500 Overhead (supplies, depreciation, advertising, utilities) 26,000 16,000 Total budgeted costs Sutton's budgets 5,000 hours of repair time in 2020 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,00o. $157,500 $55,000 ect 15 On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat- screen TV. Sutton's estimates that this job will consume 4 hours of labor and $200 in parts. Instructions a. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020. b. Compute the material loading charge…Ay 1 mcqs Bushman Ltd is preparing its manufacturing overhead budget for 2022. Relevant data are as follows: 1. Units to be produced (by quarters): 10,000, 12,000, 15,000, 18,000 2. Direct labour: 1.5 hours per unit 3. Variable overhead costs per direct labour hour Indirect materials $0.70 Indirect labour $1.20 Maintenance $0.50 4. Fixed overhead costs per quarter Supervisory salaries $35,000 Depreciation $16,000 Maintenance $15,000 1.) The total manufacturing overhead costs for the year is a. $130,800 b. $462,000 c. $500,000 d. $264,000 2.) The total fixed costs for quarter 3 is a. $55,000 b. $57,750 c. $64,000 d. $66,000 3.)How much is the total direct labour hours for quarter 4? a. 27,000 b. 22,500 c. 18,000 d. 15,000 4.)How much is the total direct labour hours for the year? a. 55,000 b. 82,500 c. 198,000 d. 140,000 5.)The total manufacturing overhead costs for quarter 1 is a. $109,200 b. $102,000 c. $120,000 d. $130,800 6.)How much is the total direct labour hours for…
- Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 25,000 Knox lamps and 15,000 Ayer lamps in 2020. The following data are available for the year 2020. (Click the icon to view the information.) (Click the icon to view the December 31, 2020 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2020. (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2020. Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2020 Physical Units Budget Direct materials required for Knox lamps Direct materials required for Ayer lamps…Required information [The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3,000,000 Cost of goods sold Direct materials $975,000 225,000 60,000 300,000 195,000 200,000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 1,955,000 1,045,000 75,000 105,000 250,000 430,000 125,000 241,000 90,000 Salaries Entertainment expense 456,000 Income from operations $ 159,000 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that…Q3: Fantastic Cement Manufacturing Company expects from you to calculate and present the master budget for the year 2020 from the following information? 1. Sales budget: Type 1 cement Br400, 000 Type 2 Cement Br600, 000 2. Production costs budget: Direct material cost 70% of sales Direct wages Br 50,000 3. Manufacturing overhead budget : Fixed manufacturing overhead Br 24,000 Variable manufacturing overhead Br 36,000 4. Total Operating expenses budget Br 30,000 Required: prepare a Master Budget for Fantastic Company for Year 2020 and show the expected net profit by considering the above data only