Shadee Corp. expects to sell 560 sun visors in May and 330 in June. Each visor sells for $21. Shadee's beginning and ending finished goods inventories for May are 65 and 60 units, respectively. Ending finished goods inventory for June will be 65 units. Each visor requires a total of $5.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 31 closures on hand on May 1, 20 closures on May 31, and 21 closures on June 30. Additionally. Shadee's fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $2.00 per unit produced. Each visor takes 0.60 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information: • Selling costs are expected to be 8 percent of sales. Fixed administrative expenses per month total $1,400. Required: Determine Shadee's budgeted selling and administrative SYPSOSES for May and June (Ro not round your intermod

Shadee Corp. expects to sell 560 sun visors in May and 330 in June. Each visor sells for $21. Shadee's beginning and ending finished goods inventories for May are 65 and 60 units, respectively. Ending finished goods inventory for June will be 65 units. Each visor requires a total of $5.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 31 closures on hand on May 1, 20 closures on May 31, and 21 closures on June 30. Additionally. Shadee's fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $2.00 per unit produced. Each visor takes 0.60 direct labor hours to produce and Shadee pays its workers $10 per hour. Additional information: • Selling costs are expected to be 8 percent of sales. Fixed administrative expenses per month total $1,400. Required: Determine Shadee's budgeted selling and administrative SYPSOSES for May and June (Ro not round your intermod

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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Shadee Corporation expects to sell 630 sun shades in May and 320 in June. Each shade sells for $162. Shadee's beginning and ending finished goods inventories for May are 60 and 50 shades, respectively. Ending finished goods inventory for June will be 55 shades. Each shade requires a total of $60.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $15 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $10 per unit produced. Use the information and solutions presented to complete the requirements. Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed overhead per unit is $18.) 2. Prepare Shadee's budgeted cost of goods…
! Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 560 sun shades in May and 330 in June. Each shade sells for $151. Shadee's beginning and ending finished goods inventories for May are 80 and 50 shades, respectively. Ending finished goods inventory for June will be 70 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $14 per hour. Additionally, Shadee's fixed manufacturing overhead is $12,000 per month, and variable manufacturing overhead is $14 per unit produced. Additional information: Selling costs are expected to be 7 percent of sales. • Fixed administrative expenses per month total $1,700. Required:…
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Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending direct materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March 275 April 250 May 300 June 400 July 375 August 425 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold.Iguana, Inc., had $10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the…
! Required information [The following information applies to the questions displayed below.) Shadee Corporation expects to sell 610 sun shades in May and 350 in June. Each shade sells for $144. Shadee's beginning and ending finished goods inventories for May are 70 and 60 shades, respectively. Ending finished goods inventory for June will be 55 shades. Each shade requires a total of $45.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $15 per hour. Additionally, Shadee's fixed manufacturing overhead is $9,000 per month, and variable manufacturing overhead is $13 per unit produced. Use the information and solutions presented to complete the requirements. Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note:…
[The following information applies to the questions displayedbelow.]Shadee Corp. expects to sell 630 sun visors in May and 410 inJune. Each visor sells for $24. Shadee’s beginning and endingfinished goods inventories for May are 75 and 45 units,respectively. Ending finished goods inventory for June will be 60units.!Each visor requires a total of $4.00 in direct materials that includes an adjustableclosure that the company purchases from a supplier at a cost of $1.50 each. Shadeewants to have 31 closures on hand on May 1, 23 closures on May 31, and 20 closureson June 30 and variable manufacturing overhead is $1.75 per unit produced.Suppose that each visor takes 0.80 direct labor hours to produce and Shadee paysits workers $8 per hour.Additional information:Selling costs are expected to be 8 percent of sales.Fixed administrative expenses per month total $1,300.Required:Complete Shadee's budgeted income statement for the months of May and June.(Note: Assume that fixed overhead per unit is…
! Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 500 sun shades in May and 390 in June. Each shade sells for $144. Shadee's beginning and ending finished goods inventories for May are 80 and 60 shades, respectively. Ending finished goods inventory for June will be 70 shades. Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 100 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $15 per hour. Additionally, Shadee's fixed manufacturing overhead is $8,000 per month, and variable manufacturing overhead is $12 per unit produced. Additional information: . Selling costs are expected to be 11 percent of sales. • Fixed administrative expenses per month total $1,600. Required:…
Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending direct materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March 280 April 260 May 310 June 410 July 385 August 435 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,800 ($650 per month) for expected production of 3,000 units for the year. Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. Iguana, Inc., had $10,900 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit…
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Shadee Corporation expects to sell 610 sun shades in May and 340 in June. Each shade sells for $140. Shadee's beginning and ending finished goods inventories for May are 70 and 50 shades, respectively. Ending finished goods inventory for June will be 65 shades. Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $12 per hour.. Additionally, Shadee's fixed manufacturing overhead is $9,000 per month, and variable manufacturing overhead is $14 per unit produced. Use the information and solutions presented to complete the requirements. Required: Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed overhead per unit is $ 14.) Prepare Shadee's budgeted cost of…
Shadee Corporation expects to sell 620 sun shades in May and 440 in June. Each shade sells for $137. Shadee's beginning and ending finished goods inventories for May are 60 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $12 per hour. Additionally, Shadee's fixed manufacturing overhead is $12,000 per month, and variable manufacturing overhead is $14 per unit produced. Additional information: . Selling costs are expected to be 8 percent of sales. . Fixed administrative expenses per month total $1,400. Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round…