The following data are provided for Matibag Corporation:a. Sales: Sales through June 30, 2019, the first 6 months of the current year, are 24,000units. Expected sales for the full year are 60,000 units. Actual sales in units for Mayand June and estimated unit sales for the next 4 months are as follows:Direct Materials101211242b. Direct Materials: At each month end, Villanueva wants to have sufficient materials onhand to produce the next month's estimated sales. Data regarding materials are asfollows:c. Direct Labor:JulyAugustSeptemberOctoberMayJuneProcessFormingAssemblyFinishing4,0004,0005,0006,0007,0007,000Units of Material Cost per UnitRequired642Php 0.403.601.20Hours per Unit802.000.25Units in Inventory,June 30, 2019Hourly LaborRateP 8.005.506.0035,00032,00014,000 d. Factory Overhead: The company produced 27,000 units during the 6-month periodthrough June 30, 2019 and expects to produce 60,000 units during the year. Theactual variable factory overhead costs incurred during this 6-month period are asfollows. The Controller believes that these costs will be incurred at the same rateduring the remainder of 2019.SuppliesElectricityIndirect LaborOtherTotal Variable Factory OverheadP 59,40027,00054,000SupervisionProperty TaxDepreciationOtherTotal Fixed Factory Overhead21,600P 162,000The fixed factory overhead costs incurred during the first 6 months of 2019amounted to Php 93,000. Fixed overhead costs are budgeted for the full year as follows:P 60,0007,20066,40032,400P 186,000e. Finished goods inventory: The desired monthly ending finished goods inventory inunits is 80% of the next month's estimated sales. These are 5,600 finished units in theJune 30, 2019 inventory.Required:1. Prepare the production budget for the third quarter ending September 30, 2019.2. Prepare the direct materials purchases budget for the third quarter.3. Prepare the direct labor budget for the third quarter.4. Prepare the factory overhead budget for the 6 months ending December 31,2019, presenting two figures for total variable and total fixed overhead.

Budgeting is the forecasting of the company's financial data, the company prepare budget that works…

The following data are provided for Matibag Corporation: a. Sales: Sales through June 30, 2019, the first 6 months of the current year, are 24,000 units. Expected sales for the full year are 60,000 units. Actual sales in units for May and June and estimated unit sales for the next 4 months are as follows: May June July August September October 4,000 4,000 5,000 6,000 7,000 7,000

The following data are provided for Matibag Corporation: a. Sales: Sales through June 30, 2019, the first 6 months of the current year, are 24,000 units. Expected sales for the full year are 60,000 units. Actual sales in units for May and June and estimated unit sales for the next 4 months are as follows: May June July August September October 4,000 4,000 5,000 6,000 7,000 7,000

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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