Terminal Activity "Prepare a Production Budget" Problem: • C. Ramirez Manufacturing is preparing budgets for the quarter ending June 30. • Budgeted sales for the next five months are: • April - 20,000 units; May - 50,000 units: June - 30.000 units; July - 25.000 units: August - 15,000 units. The selling price is 10Php per unit. • The management of C. Ramirez Manufacturing wants ending inventory to be equal to 20% of the following month's budgeted sales units. • On March 31, 4,000 units were on hand. 1. Read and understand the given problem above. 2. Recall the lesson about preparing a sales budget. 3. Prepare a SALES BUDGET for C. Ramirez Manufacturing

Terminal Activity "Prepare a Production Budget" Problem: • C. Ramirez Manufacturing is preparing budgets for the quarter ending June 30. • Budgeted sales for the next five months are: • April - 20,000 units; May - 50,000 units: June - 30.000 units; July - 25.000 units: August - 15,000 units. The selling price is 10Php per unit. • The management of C. Ramirez Manufacturing wants ending inventory to be equal to 20% of the following month's budgeted sales units. • On March 31, 4,000 units were on hand. 1. Read and understand the given problem above. 2. Recall the lesson about preparing a sales budget. 3. Prepare a SALES BUDGET for C. Ramirez Manufacturing

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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How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
Prepare a sales budget for 2 quarters Exercise 1 Trusler Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The sell for calculators $14.00 and $26.00 Trespectively. Because of the intense competition Trusler faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2022 are as follows. Unit Sales Quarter 2 26,000 Product Quarter 1 ХО-103 21,000 ХО-104 13,000 16,000 No changes in selling prices are anticipated. Instructions: Prepare a sales budget for the 2 quarters ending June 30, 2022 using the below budget table. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total. TRUSLER ELECTRONICS INC. Sales Budget For the Six Months Ending June 30, 2020 Quarter 1 Quarter 2 Six Months Product Selling Units Selling Price Total Sales Units Selling Price Total Sales Units Total Sales Price ХО-103 ХО-104 Totals
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The marketing department of Teddy Bear Company has submitted the following sales forecast for the upcoming fiscal year. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 120,000 130,000 125,000 125,000 The company expected to start the first quarter with 20,000 units in finished goods in inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter’s budgeted sales. The desired ending finished goods inventory for the fourth quarter s 25,000 units. Prepare the company’s production budget for the second quarter.
Current Attempt in Progress The budget components for Novak Company for the quarter ended June 30 appear below. Novak sells recycling bins for $14 each. Budgeted production for the next three months is: April 24,500 units May 49,000 units June 31,000 units Novak desires to have recycling bins on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, Novak had 3,500 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Novak desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Novak had 12.250 pounds of plastic on hand. The direct materials used in production cost $0.60 per pound. Eachrecycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May. Cost of ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 6 used Submit…
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Cornerstone Exercise 9-2 Preparing a Production Budget Memorsave Inc. makes and sells picture frames. From July to October of the coming OBJECTIVE 2 year, Memorsave expects the following unit sales: CORNERSTONE 9.2 July 56,000 August 59,000 September 61,000 October 55,000 Memorsave's policy is to have 30 percent of next month's sales in ending inventory. On July 1, it is expected that there will be 7,400 units on hand. Required: Prepare a production budget for the third quarter of the year. Show the number of frames that should be produced each month as well as for the quarter in total.
Problem 2. Tyrion Company has the following budgeted production for the 2nd quarter ending in June 30. April May June Quarter Budgeted Production 40,000 50,000 60,000 150,000 Each unit requires 3 pounds of raw material that costs $5.00 per pound. Management desires to end each month with an inventory of raw materials equal to 20% of the following month's production needs. The desired ending inventory for June is 40,000 pounds. Management plans to pay for 60% of raw material purchases in the month acquired and 40% in the following month. In addition, the beginning raw materials inventory for April is budgeted to be 24,000 pounds and the beginning accounts payable for the April is budgeted to be $50,820. Required: a. Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the 2nd quarter ending in June. b. If the actual cost of material purchased is $4.5 per pound and 4 pounds of raw materials were purchased to manufacture…
The marketing department of Kyle Corporation has submitted the following sales forecast for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales (units) 8,800 10,800 12,800 11,800 The selling price of the company’s product is $28 per unit. Management expects to collect 60% of sales in the quarter in which the sales are made and 35% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $88,500. The company expects to start the first quarter with 2,400 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter’s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,650 units. Required: 1-a. Prepare the company's sales budget. 1-b. Prepare the schedule of expected cash collections. 2.…
Down Under Products' sales budget for the next four months is as follows: April May June July Unit Sales 76,000 85,000 116,000 93,000 The company wants its ending inventory levels to equal 15% of the following month's unit sales. The inventory at the end of March was 11,400 units. Required: Prepare a production budget, by month and in total, for the second quarter. Budgeted unit sales Total needs Required production in units Down Under Products, Limited Production Budget April 77,350 77,350 77,350 May 89,650 89,650 89,650 June 112,550 112,550 112,550 Quarter 0 0