Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Sales Budget 2. Production Budget in units 3. Raw Materials Purchases Budget

Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Sales Budget 2. Production Budget in units 3. Raw Materials Purchases Budget

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Kindly answer the question

Raw materials Inventory: Noeled Products Company produces a special line of products. As of December 21, 2020, the Post- closing Trial Balance is seen below: Material S 5 units 4,000 Material R Materials required per unit of finished product Beginning Inventory Ending Inventory Unit Costs 3 units 2,200 1,300 4,600 P30 Cash P150.000 Accounts Receivable 220,000 P10 P146/unit produced Inventories 592000 Direct labor Other Current Assets 23,000 Property, Plant and Equipment Accumulated Depreciation Accounts Payable Taxes Payable Current Portion of Long-term Debt Long-term Debt Ordinary Shares Retained Earnings 2,475,000 Overhead is estimated as follows: P850,000 140,000 156,000 83,000 Variable: Indirect Materials and supplies Materials Handling P5.85/unit produced P9.07 per unit 5.07 per unit 576,000 Other Indirect Labor 350,000 Fixed: Supervisor labor Maintenance & Repair Plant Administration Utilities 1,305,000 P175.000 85,000 173.000 87,000 280,000 43,000 117,000 The following information is also available for the preparation of the Master Budget for 2021: Depreciation Insurance Property Taxes Other Estimated Sales: Units 6,400 P800 41,000 Price per unit Finished Goods Inventory: Beginning Ending | Work In Process Marketing and Administrative Expenses are budgeted as follows: Variable Marketing Costs: Sales Commission 900 units @P500 1.000 units P40.625 per unit sold Other marketing costs Fixed Marketing Costs: Sales Salaries Advertising Other NONE P16.250 per unit sold P100,000 193,000 78,000 Administrative Costs (all fixed) Administrative Salaries Data processing services Legal and other professional fees Depreciation – building, furniture and equipment Taxes – other than income P254,000 103,000 180,000 94,000 160,000 26,000 Other
Transcribed Image Text:Raw materials Inventory: Noeled Products Company produces a special line of products. As of December 21, 2020, the Post- closing Trial Balance is seen below: Material S 5 units 4,000 Material R Materials required per unit of finished product Beginning Inventory Ending Inventory Unit Costs 3 units 2,200 1,300 4,600 P30 Cash P150.000 Accounts Receivable 220,000 P10 P146/unit produced Inventories 592000 Direct labor Other Current Assets 23,000 Property, Plant and Equipment Accumulated Depreciation Accounts Payable Taxes Payable Current Portion of Long-term Debt Long-term Debt Ordinary Shares Retained Earnings 2,475,000 Overhead is estimated as follows: P850,000 140,000 156,000 83,000 Variable: Indirect Materials and supplies Materials Handling P5.85/unit produced P9.07 per unit 5.07 per unit 576,000 Other Indirect Labor 350,000 Fixed: Supervisor labor Maintenance & Repair Plant Administration Utilities 1,305,000 P175.000 85,000 173.000 87,000 280,000 43,000 117,000 The following information is also available for the preparation of the Master Budget for 2021: Depreciation Insurance Property Taxes Other Estimated Sales: Units 6,400 P800 41,000 Price per unit Finished Goods Inventory: Beginning Ending | Work In Process Marketing and Administrative Expenses are budgeted as follows: Variable Marketing Costs: Sales Commission 900 units @P500 1.000 units P40.625 per unit sold Other marketing costs Fixed Marketing Costs: Sales Salaries Advertising Other NONE P16.250 per unit sold P100,000 193,000 78,000 Administrative Costs (all fixed) Administrative Salaries Data processing services Legal and other professional fees Depreciation – building, furniture and equipment Taxes – other than income P254,000 103,000 180,000 94,000 160,000 26,000 Other
Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Sales Budget 2. Production Budget in units 3. Raw Materials Purchases Budget 4. Direct Labor Budget 5. Overhead Costs Budget 6. Budgeted Cost of Goods Sold 7. Marketing and Administrative Expense Budget 8. Cash Budget 9. Budgeted Income Statement – round off the interest expense and income tax to nearest whole number) 10. Budgeted Statement of Financial Position (support your figures with computations they will be graded)
Transcribed Image Text:Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Sales Budget 2. Production Budget in units 3. Raw Materials Purchases Budget 4. Direct Labor Budget 5. Overhead Costs Budget 6. Budgeted Cost of Goods Sold 7. Marketing and Administrative Expense Budget 8. Cash Budget 9. Budgeted Income Statement – round off the interest expense and income tax to nearest whole number) 10. Budgeted Statement of Financial Position (support your figures with computations they will be graded)
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS