S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0
S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Transcribed Image Text:S Frame
L Frame
Direct material:
Metal strips:
S: 2 feet @ $2 per foot
L: 2 feet @ $2 per foot
Glass sheets:
S: sheet @ $8 per sheet
$ 4
$ 4
2
L: sheet @ $8 per sheet
Direct labor:
4
0.1 hour @ $20
2
2
Production overhead:
0.1 direct-labor hour x $10 per hour
1
1
Total production cost per unit
$ 9
$ 11
8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted
for 20x1.
Indirect material
Indirect labor
Other overhead
Depreciation
Total overhead
1st Quarter
2nd Quarter
3rd Quarter
$ 16,280
59,520
49,000
$ 17,280
63,520
$ 18,280
67,520
4th Quarter
$ 19,280
Entire Year
54,000
59,000
71,520
64,000
$ 71,120
262,080
38,000
38,000
38,000
38,000
226,000
152,000
$ 162,800
$ 172,800
$ 182,800
$ 711,200
$ 192,800
All of these costs will be paid in cash during the quarter incurred except for the depreciation charges.
9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash.
10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter.
11. Frame-It's projected balance sheet as of December 31, 20x0, follows:
Cash
Accounts receivable
Inventory:
Raw material
Finished goods
Plant and equipment (net of accumulated depreciation)
Total assets
Accounts payable
Common stock
Retained earnings
Total liabilities and stockholders' equity
$ 113,000
180,000
92,080
306,000
9,800,000
$ 10,491,080
$ 99,850
6,800,000
3,591,230
$ 10,491,080
Case 9-47 (Algo) Part 2: Prepare the cash receipts budget.
2. Prepare Frame-It Company's cash receipts budget for 20x1.
Cash sales
Cash collections from credit sales made during current quarter*
Cash collections from credit sales made during previous quartert
Total cash receipts
*80% of current quarter's credit sales.
+20% of previous quarter's credit sales.
20x1
1st Quarter
2nd Quarter 3rd Quarter
4th Quarter
$
Entire Year
0
0
0
$
0
0
0
0
$
0
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