Question 26ACME Corporation produces scarves for all occasions in a variety of designercolours. 2022 Master budget data is as follows:Quarter234(Jan - Mar) (Apr - Jun)(Jul - Sep) (Oct - Dec)TotalSales (units)15,00018,00021,00024,00078,000Unit Price$100$100$100$100Production (units)18,00021,60025,20028,80093,600Raw material required per unit (yards)1.51.51.51.5Raw material price per yard$20$20$20$20Direct labour hours per unit22Direct labour rate$20$20$20$20Manufacturing overhead allocations per unit$10$10$10$10Selling, general and administrative expenses$195,000$195,000$195,000$195,000$780,000Required: For the First (1st) quarter of 2022a) Calculate ACME Corporation's cost of goods sold - please show your calculations.b) Prepare ACME Corporation's budgeted multi-step income statement; ignoreinterest and taxes.

Cost of goods sold - Cost of Goods Sold is the cost incurred to sell the goods to the customer. The…

Question 26 ACME Corporation produces scarves for all occasions in a variety of designer colours. 2022 Master budget data is as follows: Quarter 4 (Jan - Mar) (Apr Jun) (Jul - Sep) (Oct- Dec) Total Sales (units) 15,000 18,000 21,000 24,000 78,000 Unit Price $100 $100 $100 $100 Production (units) 18,000 21,600 25,200 28,800 93,600 Raw material required per unit (yards) 1.5 1.5 1.5 1.5 Raw material price per yard $20 $20 $20 $20 Direct labour hours per unit 21 Direct labour rate $20 $20 $20 $20 Manufacturing overhead allocations per unit $10 $10 $10 $10 Selling, general and administrative expenses $195,000 $195,000 $195,000 $195,000 $780,000 Required: For the First (1st) quarter of 2022 a) Calculate ACME Corporation's cost of goods sold please show your calculations. b) Prepare ACME Corporation's budgeted multi-step income statement; ignore interest and taxes.

Question 26 ACME Corporation produces scarves for all occasions in a variety of designer colours. 2022 Master budget data is as follows: Quarter 4 (Jan - Mar) (Apr Jun) (Jul - Sep) (Oct- Dec) Total Sales (units) 15,000 18,000 21,000 24,000 78,000 Unit Price $100 $100 $100 $100 Production (units) 18,000 21,600 25,200 28,800 93,600 Raw material required per unit (yards) 1.5 1.5 1.5 1.5 Raw material price per yard $20 $20 $20 $20 Direct labour hours per unit 21 Direct labour rate $20 $20 $20 $20 Manufacturing overhead allocations per unit $10 $10 $10 $10 Selling, general and administrative expenses $195,000 $195,000 $195,000 $195,000 $780,000 Required: For the First (1st) quarter of 2022 a) Calculate ACME Corporation's cost of goods sold please show your calculations. b) Prepare ACME Corporation's budgeted multi-step income statement; ignore interest and taxes.

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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