Required:Prepare the following for the first quarter:1. Cost of goods sold budget.2. Selling and administrative expense budget.3. Budgeted income statement for the handisaw product.Preparing Operating Budgets for a Merchandising FirmРАЗЗ-6Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the LO33-5coming year, along with the following information:Quarter 1Quarter 2Quarter 3Quarter 4Budgeted unit sales40,00060,00030,00060,000• Each T-shirt is expected to sell for $15.• The purchasing manager buys the T-shirts for $6 each.• The company needs to have enough T-shirts on hand at the end of each quarter to fill 25 percent of the next quarter's sales demand.Selling and administrative expenses are budgeted at $80,000 per quarter plus 10 percent of total sales revenue.Required:Prepare the following operating budgets for quarters 1, 2, and 3. (You do not have enough information to complete quarter 4.)1. Sales budget.2. Merchandise purchases budget.3. Cost of goods sold budget.4. Selling and administrative expense budget.5. Budgeted income statement.1285 / 1337->MARLEGO23LiveMacBook A

The budget is prepared by the company to estimate the mount of future expenses and future incomers.…

Answered: Required: Prepare the following for the…

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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As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2020 Total expenses Budget 7,500 $1,950 975 3,600 1,200 7,725 1,500 1,300 900 600 4,300 $12,025 Actual 11,000 1,210 3,850 1,540 $2,970 $1,020 Unfavorable 9,570 1,500 1,300 900 600 4,300 Difference Favorable Unfavorable Neither Favorable nor Unfavorable 3,500 Favorable 235 Unfavorable 250 Unfavorable 340 Unfavorable -0- 1,845 Unfavorable -0- Neither Favorable nor Unfavorable Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $13,870…
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answer in text form please (without image),,,,,,,,,,,,,Answer all the rrquirements
(b) Spana Company has the following data: [Syarikat Spana mempunyai data berikut:) Table 4: Total Monthly Purchasing Budget [Jadual 4: Jumlah Belanjawan Pembelian Bulanan] Month January February March Budgeted Purchases 220,000 185,000 240,000 155,000 180,000 April May Purchases are paid as follows: [Pembelian dibayar seperti berikut:] • 10% in the month of purchase [10% dalam bulan di beli] • 60% one month after purchase [60% sebulan selepas beli] 30% two months after purchase [30% dua bulan selepas beli] Required: (Dikehendaki) (i) Develop a schedule of cash disbursements for purchases for March, April and May. [Bangunkan jadual pembayaran tunai untuk pembelian bagi Mac, April dan Mei.]
A manager of one Indian restaurant with a take-away service wants to prepare a detailed budget for the next year. The following information is available from the monthly accounts. Calculate the fixed and variable cost elements using the high-low method. Month July August September October November December No. of deliveries 403 291 348 521 387 Total delivery cost (OMR) 662.70 561.90 613.20 627.60 768.90 648.30
Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 750 300 Desired inventory (units), June 30 500 250 Expected sales volume (units): Midwest Region 12,000 3,500 South Region 14,000 4,000 Unit sales price $60 $90 a. Prepare a sales budget. Sonic Inc.Sales BudgetFor the Month Ending June 30 Product and Area Unit Sales Volume Unit Selling Price Total Sales Model: Rumble Midwest Region fill in the blank 66157b067fe0fb1_1 $fill in the blank 66157b067fe0fb1_2 $fill in the blank South Region fill in the blank 66157b067fe0fb1_4 fill in the blank 66157b067fe0fb1_5 fill in the blank Total fill in the blank 66157b067fe0fb1_7 $fill in the blank Model: Thunder Midwest Region fill in the blank 66157b067fe0fb1_9 $fill in the blank…
1. PROBLEMS - BUDGETING FOR A MERCHANDISING CONCERN (CHAPTER 6) 1.1 BUDGETED INCOME STATEMENT AND BUDGETED STATEMENT OF FINANCIAL POSITION Benito Toma Corporation, maker of lambanog, is making its master budget for 2021. They buying lambanog from a supplier in Quezon Province and sell at a profit. Use the following information to answer the questions below The Operating Budget for 2021 1. The sales department budgeted 2. Merchandise inventory: 200,000 units @ P40.00 per unit The cost accounting department reported - merchandise inventory January 1, 2021- 2.500 units with a cost of P20.00 per unit. Desired ending inventory is 20,000 units. (Use First In-First Out Method (FIFO)) 3. The Purchasing department projected the cost in 2021 to increase to P24.00 per unit. 4. Last year, the fixed operating expenses was P800,000 (including depreciation expense of P60,000). For 2021, they expect it to remain the same. 5. Variable operating expenses per unit - P10.00 6. Interest expense is budgeted…
Assume the following informaiton for Greg's Games for the month of June: Budgeted Cost of Goods Sold =$38,000; Desired Ending Merchandise Inventory =$48,000; Beginning Merchandise Inventory = $33,000. Calculate the budgeted purchases for the company in June. A. $43,000 B. $33,000 C. $53,000 D. $38,000
Example 1: Purchases Budget Problem for Retailing Concern. Note that the format shown here is the same as would be used for the production and materials purchases budgets for a manufacturing concern. Lair Company is a retailer of leather handbags. The handbags are imported and are sometimes difficult to obtain on short notice. Therefore, the managers want to have 40% of the next month's estimated sales on hand at the end of the month. The Company's sales budget for the first quarter follows: Dollars Units January $200,000 2,000 February 240,000 2,400 March 300,000 3,000 The handbags cost $80 each and sell for $100. Prepare a purchases budget for February.
Subject- accounting
The production budget should be integrated with the sales budget to ensure that production and sales are kept in balance during the year. The production budget estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels. You note that LearnCo has omitted six numbers from the following production budget and fill in the missing amounts. You may need to use numbers from the sales budget you prepared. LearnCo Production Budget For the Year Ending December 31, 20Y2 Units Basic Units Deluxe Expected units to be sold (from Sales Budget) 36000 36000 Desired ending inventory, December 31, 20Y2 1,000 3,000 Total units available 37000 39000 Estimated beginning inventory, January 1, 20Y2 (1,050) (2,100) Total units to be produced 35950 36900 Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available…
Use the following information for questions 5 & 6: Dilly Farm Supply is in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January. • Collections are expected to be 65% in the month of sale and 35% in the month following the sale. • The cost of goods sold is 80% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $21,100. ● Monthly depreciation is $21,000. • Ignore taxes. Assets Cash A/R Inventory PP&E, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity A/P Common Stock Retained Earnings Total liabilities and stockholders' equity 5. 6. Balance Sheet October 31 a. b. Expected cash collections in December are: C. d. a. b.…

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