Randy Inc. produces and sells tablets. The company incurred the following costs for the May: Advertising cost for monthly television ads $ 5,800 Attachable keyboard 19,800 Insurance for delivery truck 580 Factory supervisor's salary 3,550 Marketing manager's salary 3,250 Assembly worker wages 24,000 Miscellaneous soldering material used to seal case 1,050 Hourly wages for factory security guard 2,200 CEO's salary 7,400 Speakers 5,200 Required: Determine each of the following: 1. Direct material 2. Direct labor 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 7. Total fixed cost
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Randy Inc. produces and sells tablets. The company incurred the following costs for the May:
| Advertising cost for monthly television ads | $ | 5,800 |
| Attachable keyboard | 19,800 | |
| Insurance for delivery truck | 580 | |
| Factory supervisor's salary | 3,550 | |
| Marketing manager's salary | 3,250 | |
| Assembly worker wages | 24,000 | |
| Miscellaneous soldering material used to seal case | 1,050 | |
| Hourly wages for factory security guard | 2,200 | |
| CEO's salary | 7,400 | |
| Speakers | 5,200 | |
Required:
Determine each of the following:
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