Sheridan Company has the following budgeted costs for the next year: Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Invoice cost of parts and materials Total budgeted costs Time Charges 62.00%. 21.02%. 35.00%. 56.02%. $130000 35000 25000 $190000 Material Charges $ 55000 20000 40000 432000 $547000 Next year's material loading charge, assuming a 35% markup on material cost is

Sheridan Company has the following budgeted costs for the next year: Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Invoice cost of parts and materials Total budgeted costs Time Charges 62.00%. 21.02%. 35.00%. 56.02%. $130000 35000 25000 $190000 Material Charges $ 55000 20000 40000 432000 $547000 Next year's material loading charge, assuming a 35% markup on material cost is

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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The budgeted units for sales in January, February and March are 25,000, 55,000 and 35,000 andselling price is $ 12, 15 and 20 per unit respectively. Please determine the total budgeted sales in unitsand dollars for the quarter ended March 31, 2021.
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The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 3,960 kayaks during 2020. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.00 per pound, and the finishing kits cost $150 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $19 per hour, and the type II are paid $16 per hour. Manufacturing overhead is budgeted at $381,520 for 2020, broken down as follows. Variable costs Indirect materials Manufacturing supplies Maintenance and utilities Fixed costs Supervision Insurance Depreciation Total Polyethylene powder Finishing kits Type I labor Type II labor Indirect materials Manufacturing supplies Maintenance…
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The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 3,960 kayaks during 2020. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.00 per pound, and the finishing kits cost $150 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $19 per hour, and the type II are paid $16 per hour. Manufacturing overhead is budgeted at $381,520 for 2020, broken down as follows. Variable costs Indirect materials Manufacturing supplies Maintenance and utilities Fixed costs Supervision Insurance Depreciation Total Polyethylene powder Finishing kits Type I labor Type II labor Indirect materials Manufacturing supplies Maintenance…
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Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2022. Sales: quarter 1, 40,000 bags; quarter 2, 56,000 bags. Selling price is $60 per bag. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.8 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 1. 2. Type of Inventory January 1 Snare (bags) 8,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000 4. 5. 6. 7. April 1 15,000 July 1 18,000 Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. Selling and administrative expenses are expected to be 15% of sales plus $175,000 per quarter. Interest expense is $100,000. Income taxes are expected to be 20% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and…
If the expected sales volume for the current period is 6,000 units, the desired ending inventory is 264 units, and the beginning inventory is 309 units, the number of units set forth in the production budget, representing total production for the current period, is a.6,264 b.6,000 c.5,691 d.5,955
subject:accounting
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Required information [The following information applies to the questions displayed below] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Machinery repairs (variable cost) Depreciation Plant equipment (straight-line) Utilities ($30, 000 is variable) Plant management salaries Gross profit $3,150,000 $ 915,000 225,000 45,000 300,000 195,000 200,000 1,880,000 1,270,000 Selling expenses 75,000 Shipping 90,000 Sales salary (fixed annual amount) 236,000 400,000 General and administrative expenses Advertising expense 150,000 Salaries 241,000 Entertainment expense Income from operations 75,000 466,000 $ 404, 000 Packaging 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that…