The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $35,610 $7,480 $138,880 $181,970 Estimated inventory, September 1 2,150 5,160 8,600 15,910 Desired inventory, September 30 3,370 3,070 8,090 14,530 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $53,350 $154,720 $208.070 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,750 $3,280 $2,700 $11,730 Desired inventory, September 30 3,680 4,540 4,310 12,530 Work in process inventories: Estimated inventory, September 1 $3,510 Desired inventory, September 30 1,960 Budgeted factory overhead costs for September: Indirect factory wages $77,400 Depreciation of plant and equipment 14,510 Power and light 4,990 Indirect materials 3,350 Total 100,250 Use the preceding information to prepare a cost of gods sold budget for September. For those boxes in which vou must enter subtracted or negative numbers use a minus sign.

The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $35,610 $7,480 $138,880 $181,970 Estimated inventory, September 1 2,150 5,160 8,600 15,910 Desired inventory, September 30 3,370 3,070 8,090 14,530 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $53,350 $154,720 $208.070 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,750 $3,280 $2,700 $11,730 Desired inventory, September 30 3,680 4,540 4,310 12,530 Work in process inventories: Estimated inventory, September 1 $3,510 Desired inventory, September 30 1,960 Budgeted factory overhead costs for September: Indirect factory wages $77,400 Depreciation of plant and equipment 14,510 Power and light 4,990 Indirect materials 3,350 Total 100,250 Use the preceding information to prepare a cost of gods sold budget for September. For those boxes in which vou must enter subtracted or negative numbers use a minus sign.

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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Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wants to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $40,500 $8,510 $157,950 $206,960 Estimated inventory, September 1 2,670 6,410 10,680 19,760 Desired inventory, September 30 3,090 2,810 7,420 13,320 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $43,390 $125,830 $169,220 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,250 $2,990 $2,470 $10,710 Desired inventory, September 30 3,360 4,150 3,940 11,450 Work in process inventories: Estimated inventory, September 1 $3,200 Desired inventory, September 30 1,790…
Prepare the following budgets for the months of April, May, and June: 1. Sales budget. 2. Production budget.3. Direct materials budget. The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 65,000 Liabilities Accounts receivable 399,000 Accounts payable $ 204,500 Raw materials inventory 90,200 Loan payable 27,000 Finished goods inventory 308,028 Long-term note payable 500,000 $ 731,500 Equipment $ 630,000 Equity Less: Accumulated depreciation 165,000 465,000 Common stock 350,000 Retained earnings 245,728 595,728 Total assets $ 1,327,228 Total liabilities and equity $ 1,327,228 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 22,800 units. Budgeted sales in units follow: April, 22,800; May, 16,000; June, 23,000; and July, 22,800.…
Please add detail explanation for all calculation. Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. **attached image chart -Budgeted Sales on July $64,000 / August $80,000 / September $48,000 -Budgeted Cash Payments for Direct Materials on July $16,160 / August $13,440 / September $13,760 Direct Labor on July $4,040 / August $3,360 / September $3,440 Factory Overhead on July $20,200 / August $16,800 / September $17,200 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid…
Collins Company is preparing its master budget for April. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories A and B estimate sales of 10,000 and 13,000 units, respectively, and the unit selling price is $43? b. If the beginning finished goods inventory is an estimated 2,000 units and the desired ending inventory is 3,000 units, how many units should be produced? c. What dollar amount of material should be purchased at $4 per pound if each unit of product requires 3 pounds and beginning and ending materials inventories should be 5,000 and 4,000 pounds, respectively? d. How much direct labor cost should be incurred if each unit produced requires 1.5 hours at an hourly rate of $14? e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $52,000 and variable manufacturing overhead is $2.50 per…
Ivanhoe Company, a retailer of camping supplies has budgeted activity for January using the following data: January cash sales January credit sales Collections from December credit sales Selling and administrative costs (paid in month of purchase) Depreciation expense Merchandise Inventory, January 1 Merchandise Inventory, January 31 Cost of goods sold is 30% of Cooper's selling price All purchases are paid in cash Credit sales are collected 60% in the month of sale, 30% in the following month, and 10% is deemed uncollectible What is Ivanhoe's budgeted cash disbursements for January? Total January disbursements $ $59,000 386,000 155,000 59,000 22,000 199,000 211,000
The following information is from the manufacturing budget and budgeted financial statements of Altman Corporation: Direct materials inventory, 1/1 $ 90,000 Direct materials inventory, 12/31 $ 106,000 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1. $ 348,000- $ 58,000 Accounts payable to suppliers, 12/311 $ 68,000 For the year, budgeted purchases of direct materials amounted to: Multiple Choice
Consider Derek's budget information: materials to be used, $63,300; direct labor, $199,200; factory overhead, $397,400; work in process inventory on January 1, $189,300; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$655,100 b.$849,200 c.$659,900 d.$194,100
3. Prepare a direct materials purchases budget for March. Gold Medal Athletic Co.Direct Materials Purchases BudgetFor the Month Ending March 31 Plastic Foam Lining Total Pounds required for production: Batting helmet fill in the blank 18 fill in the blank 19 Football helmet fill in the blank 20 fill in the blank 21 Plus desired inventory, March 31 fill in the blank 22 fill in the blank 23 Total pounds required fill in the blank 24 fill in the blank 25 Less estimated inventory, March 1 fill in the blank 26 fill in the blank 27 Total pounds to be purchased fill in the blank 28 fill in the blank 29 Unit price (per pound) $fill in the blank 30 $fill in the blank 31 Total direct materials to be purchased $fill in the blank 32 $fill in the blank 33 $fill in the blank 34 4. Prepare a direct labor cost budget for March. Gold Medal Athletic Co.Direct Labor Cost BudgetFor the Month Ending March 31 MoldingDepartment…
Consider Derek's budget information: materials to be used totals $63,300; direct labor totals $202,000; factory overhead totals $393,900; work in process inventory January 1, $187,200; and work in progress inventory on December 31, $193,400. What is the budgeted cost of goods manufactured for the year?
Harper Manufacturing determines allocation rates as part of its annual budgeting process, which takes place 1 month before the beginning of the year. The company reports the following manufacturing overhead information as part of its budgeting process: Budgeted MOH Budgeted production (units) Budgeted direct labor hours Cost Pool Cost Pool 1 Cost Pool 2 Total Total Cost $ 6,000,000 $ 9,000,000 $ 15,000,000 $ 15,000,000 25,000,000 40,000 Allocation Base Unit Direct labor hour Question a. Assuming that Harper uses a traditional job costing system with a single allocation base (units), what is the predetermined overhead rate for the upcoming year? Note: Round your answer to 2 decimals. b. Assume Job 189 comprises 36 units and 2 direct labor hours. If Harper uses a traditional job costing system with a single allocation base (units), what is the total manufacturing overhead allocated to the job? Note: Round your answer to 2 decimals. c1. Now assume that Harper uses a two-stage job costing…
Flexible Budget for Fabrication Department Steelcase Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Assembly. Assume the following information for the Assembly Department: Direct labor per filing cabinet 30 minutes Supervisor salaries $144,000 per month Depreciation $33,000 per month Direct labor rate $18 per hour Prepare a flexible budget for 8,000, 10,000, and 12,000 filing cabinets for the month of August, similar to Exhibit 5, assuming that inventories are not significant. Enter all amounts as positive numbers. Steelcase Inc. - Assembly Department Month Ending August 31 (Assumed Data) Units of production 8,000 10,000 12,000 Variable cost: Direct labor v Fixed cost: Supervisor salaries v Denreclatin Previous Next Check My Work Sign out V O 11:13