The following data are available for the 2012 budget: Direct materials Red Oak $ 7 per board foot (b.f.) (same as in 2011) Granite $10 per square foot (sq. ft.) (Same as in 201- Direct manufacturing labor $20 per hour Content of Each Product Unit Product Casual Granite Table Deluxe Granite Table Red Oak 12 board feet 12 board feet 8 square feet 6 hours Granite 6 square feet Direct manufacturing 4 hours labor Product Casual Granite Table Deluxe Granite Table Expected sales in 50,000 10,000 units Selling price Target ending $ 600 $ 800 11,000 500 inventory in units Beginning inventory in 1,000 500 units Beginning inventory in $384,000 $262,000 dollars Direct Materials Red Oak Granite Beginning inventory Target ending inventory 70,000 b.f. 60,000 sq. ft. 20,000 sq. f 80,000 b.f. Required: Based on the above data prepare:- A. Revenue Budget B. Production Budget C. Prepare the Direct Material Usage Budget and Direct Material Purchases Budget.

The following data are available for the 2012 budget: Direct materials Red Oak $ 7 per board foot (b.f.) (same as in 2011) Granite $10 per square foot (sq. ft.) (Same as in 201- Direct manufacturing labor $20 per hour Content of Each Product Unit Product Casual Granite Table Deluxe Granite Table Red Oak 12 board feet 12 board feet 8 square feet 6 hours Granite 6 square feet Direct manufacturing 4 hours labor Product Casual Granite Table Deluxe Granite Table Expected sales in 50,000 10,000 units Selling price Target ending $ 600 $ 800 11,000 500 inventory in units Beginning inventory in 1,000 500 units Beginning inventory in $384,000 $262,000 dollars Direct Materials Red Oak Granite Beginning inventory Target ending inventory 70,000 b.f. 60,000 sq. ft. 20,000 sq. f 80,000 b.f. Required: Based on the above data prepare:- A. Revenue Budget B. Production Budget C. Prepare the Direct Material Usage Budget and Direct Material Purchases Budget.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: acounting
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000 80,000 Utilities (base charge) Total fixed overhead 464,000 $1,080,000 Total manufacturing overhead The polishing department was operated for 4,400 hours during April and incurred the following manufacturing overhead costs: Factory supplies $97,670 Indirect labor 132,310 Utilities (usage factor) 82,800 Utilities (base factor) 96,000 Patent royalties 280,566 Supervisory salaries 171,000…
The following information has been by New Inc. in preparing its budget for November and December 2020. January (in Millions) February (in Millions) Units to be sold 180 220 Units to be produced 240 200 Direct Labor hours 480 400 Insurance of factory 400 400 Salaries : selling 260 260 Depreciation ( factory building) 200 200 Light and heat (factory) 680 600 Advertising 300 300 Indirect Factory Labor 760 660 Factory Supplies 600 500 Direct material consumption 1200 1000 Lubricants for factory machine 360 300 Calculate the following: Variable FOH Rate Total Variable FOH Total Fixed FOH
Ivanhoe, Inc. produces men's shirts. The following budgeted and actual amounts are for 2022: Cost Direct materials Direct labor Fixed overhead Budget at 2,650 units $66,250 71.550 39.050 Actual Amounts at 2,950 units $76,500 78,750 38,200
Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units $75,000 87,000 Direct materials Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor Fixed overhead Total costs F3 + F4 Ⓡ 3 # 4 $ F5 36,000 5 % F6 Budget F7 C Manufacturing Performance Budget Report For the Year Ended December 31, 2019 6 A POINT, INC. Search F8 $75,000 7 & 78,000 34,500 0: Actual F9 60 8 * Differences F/U LG F10 9 ( F11 - 0) F12 + Prt Sc ScrLk Ins = +
( ces Nina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries i Total fixed costa Income For Month Ended July 31 Sales Variable costs Direct matanals Direct labor indirect materials Sales commissions Total Variable Costs Contribution margin Find costs Depreciation Machinery Supervisory salary Insurance Depreciation Offenequere Administrative salaries Total Fed Costs Fixed Budget Incue Variable Amount per Total Fixed Unit Cost $ 100 |===== $ 70,860 42,040 10,420 7,680 31,900 $164,900 Fixed Budget (7,788 units) 5 778,000 Actual Results 272,300 116,700 31,120 85,540 505,700 $ 272,300 Prepare a flexible budget performance…
Help fill out . The ones I filled out aren’t all correct. I need some help please
Use the Information below to answer the two questions that follow. A company provides delivery services and uses two activity measures for its costs: the miles driven and the number of customer order. For the most recent month, the company reported the following information: Actual $ 12,940 $ 22 per mile $ 13 per order Budgeted Fixed cost per month Varlable cost per mile Varlable cost per order $ 26 $ 12 Miles driven Customer orders Budgeted 74 480 Actual 64miles 460 orders Spending Varlance for total costs $203 Unfavorable Q. What was the company's budgeted fixed cost per month? ANS. S Q. What was the company's activity variance for the month? ANS. $ (Click to select) v
Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Department Chip Fabrication Electronic Assembly Final Assembly Budget Performance Report-Vice President, Production For the Month Ended June 30 Cost Factory wages Materials Power and light a. S b. Maintenance c. S d. s e. S f. S Actual $402,500 286,900 (g) $(1) Actual $(a) 86,710 135,860 $(d) Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Over Budget Budget $402,500 289,800 Actual $25,680 73,390 4,460 8,050 (h) $(k) Budget $(b) 85,600 136,960 $(e) i. $ (1) $(1) 9. $ h. $ Over Budget s(c) 1,110 Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 Over Budget Budget $24,000 $1,680 73,910 3,750 7,350 j. s k. $ 1. S $(f) (Under) Budget $0 (2,900) 710 700 $111,580 $109,010 $3,090 $(520) a. Complete the budget performance…
Subject - Accounting
Q.How does preparing the budget help Skulas’s management team better manage the company?
QUESTION: FULTZ COMPANY HAS ACCUMULATED THE FOLLOWING BUDGET DATA FOR THE YEAR 2017. 1. SALES: 31,450 UNITS, UNIT SELLING PRICE $85. 2. COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS 1 POUND AT $5 PER POUND, DIRECT LABOR 3 HOURS AT $13 PER HOUR, AND MANUFACTURING OVERHEAD $6 PER DIRECT LABOR HOUR. 3. INVENTORIES (RAW MATERIALS ONLY): BEGINNING, 10,290 POUNDS; ENDING, 15,250 POUNDS. 4. SELLING AND ADMINISTRATIVE EXPENSES: $170,000; INTEREST EXPENSE: $30,000. 5. INCOME TAXES: 30% OF INCOME BEFORE INCOME TAXES. PREPARE A SCHEDULE SHOWING THE COMPUTATION OF COST OF GOODS SOLD FOR 2017. FULTZ COMPANY COMPUTATION OF COST OF GOODS SOLD 2017 COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS DIRECT LABOR MANUFACTURING OVERHEAD TOTAL COST OF GOODS SOLD $ ss $ $