Current Attempt in ProgressThe following data relate to a year's budgeted activity for Blossom Limited, a company that manufactures one product:Beginning inventoryProductionAvailable for saleSalesEnding inventoryUnits41,360144,760(a)186,120134,420Selling priceVariable manufacturing costsVariable selling, general, and administrative expensesFixed manufacturing costs (based on 100,000 units)Fixed selling, general, and administrative expenses (based on 100,000 units)(b)51,700Total fixed costs and expenses remain unchanged within the relevant range of 25,000 units to a total capacity of 160,000 units.Calculate the projected net income for the year under variable costing.Per unit$8.00Projected net income $3.003.000.550.85

It is the income earned by an entity after incurring all the expenses. It is the net revenue left…

The following data relate to a year's budgeted activity for Blossom Limited, a company that manufactures one product: Beginning inventory Production Available for sale Sales Ending inventory Units 41,360 144,760 186,120 134,420 51,700

The following data relate to a year's budgeted activity for Blossom Limited, a company that manufactures one product: Beginning inventory Production Available for sale Sales Ending inventory Units 41,360 144,760 186,120 134,420 51,700

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

The following information is from the manufacturing budget and budgeted financial statements of Altman Corporation: Direct materials inventory, 1/1 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 For the year, budgeted cash payments to suppliers amounted to: $ 86,000 $ 102,000 $ 344,000 $ 54,000 $ 64,000
Below is budgeted production and sales information for Flushing Company for the month of December: Product XXX Product ZZZ Estimated beginning inventory 29,900 units 19,800 units Desired ending inventory 35,900 units 14,500 units Region I, anticipated sales 329,000 units 257,000 units Region II, anticipated sales 185,000 units 150,000 units The unit selling price for product XXX is $7 and for product ZZZ is $15.Budgeted production for product XXX during the month is
The following data relate to a year's budgeted activity for Coronado Limited, a company that manufactures one product: Beginning inventory Production Available for sale Sales Ending inventory Units 40,480 (a) 141,680 Selling price Variable manufacturing costs Variable selling, general, and administrative expenses Fixed manufacturing costs (based on 100,000 units) Fixed selling, general, and administrative expenses (based on 100,000 units) 182,160 131,560 50,600 Break-even sales Per unit $9.00 units 2.00 3.00 Total fixed costs and expenses remain unchanged within the relevant range of 25,000 units to a total capacity of 160,000 units. 0.50 0.80 Calculate the projected annual break-even sales in units. (Round answer to O decimal places, e.g. 5,275.)
Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,480 $211,540 Direct material purchases 115,300 120,832 Direct labor 75,205 73,298 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,400 33,500 Depreciation included in selling and administrative 1,500 900 Collections from customers 215,392 240,154 Cash payments for purchases 114,290 119,254 Additional data:Capital assets were sold in January for $10,000 and $4,400 in May.Dividends of $4,600 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster CompanyCash BudgetFor the First Two Quarters Quarter 1 Quarter 2 $Beginning Cash Balance $Beginning Cash Balance Add: Cash Receipts Collections from Customers…
d. Prepare the direct labor budget for the quarter ended March 31, 20X1. e. Prepare the manufacturing overhead budget for the quarter ended March 31, 20X1. f . Prepare the selling and administrative expense budget for the quarter ended March 31, 20X1.
The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labor-hours 12,000 10,200 10,500 11,300 The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $7.00 per direct labor-hour and its total fixed manufacturing overhead is $88,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $22,000 per quarter. 1. Prepare the company’s manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.
Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 29,100 units 19,100 units Desired ending inventory 36,900 units 14,000 units Region I, anticipated sales 306,000 units 279,000 units Region II, anticipated sales 187,000 units 146,000 units The unit selling price for product XXX is $5 and for product ZZZ is $14.Budgeted sales for the month is a.$4,590,000 b.$8,415,000 c.$9,027,000 d.$12,852,000
Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 30,600 units 19,700 units Desired ending inventory 35,200 units 14,300 units Region I, anticipated sales 339,000 units 277,000 units Region II, anticipated sales 184,000 units 142,000 units The unit selling price for product XXX is $4 and for product ZZZ is $14. Budgeted production for product XXX during the month is a.558,200 units b.523,000 units c.518,400 units d.527,600 units
Consider Derk's budget information: materials to be used totals $62,100; direct labor totals $199,900; factory overhead totals $402,700; work in process inventory January 1, $188,800; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$853,500 b.$664,700 c.$659,400 d.$194,100
Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 31,700 units 19,300 units Desired ending inventory 35,200 units 14,600 units Region I, anticipated sales 332,000 units 251,000 units Region II, anticipated sales 194,000 units 140,000 units The unit selling price for product XXX is $5 and for product ZZZ is $13. Budgeted production for product XXX during the month is a.529,500 units b.522,500 units c.526,000 units d.561,200 units
Forecast Sales Volume and Sales Budget For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year: Unit Sales 8" × 10" Frame 12" × 16"Frame East 29,664 14,144 Central 7,272 3,822 West 6,402 2,958 Raphael Frame CompanySales BudgetFor the Year Ending December 31, 20Y6 Product and Area Unit SalesVolume Unit SellingPrice Total Sales 8" × 10" Frame: East 28,800 $20 $576,000 Central 7,200 20 144,000 West 6,600 20 132,000 Total 42,600 $852,000 12" × 16" Frame: East 13,600 $35 $476,000 Central 3,900 35 136,500 West 2,900 35 101,500 Total 20,400 $714,000 Total revenue from sales $1,566,000 For the year ending December 31, 20Y7, unit sales are expected to follow the patterns established during the year ending December 31, 20Y6. The unit selling price for…
Miller manufacturing Company’s budgeted income statement includes the following data: Miller manufacturing Company March April May June Sales 120 000 90 000 95 000 100 000 Commission expense 18 000 13 500 14 250 15 000 Salary expense 30 000 30 000 30 000 30 000 Miscellaneous expense 4 800 3 600 3 800 4 000 Rent expense 3 000 3 000 3 000 3 000 Utilities expense 1 900 1 900 1 900 1 900 Insurance expense 2 100 2 100 2 100 2 100 All sales are made on a cash basis. The budget assumes that 60% of commission expenses are paid in the month they were incurred and the remaining 40% are paid one month later. 50% of salary expenses are paid in the month incurred and the remaining 50% are paid one month later. Miscellaneous expense, rent expense and utility expense are assumed to be paid in the same month in which they are incurred. Insurance was prepaid for the year on 1 January. The cash balance at 1 April was $ 15 500. Use the table below to prepare a cash budget for each of the months April,…