The H&BClothing Company manufactures luxury brand silk jackets. Currently the company makes classic style jackets in a single size. The production process involves drawing, cutting, and assembling the pattern pieces. Direct materials include two types of fabric - silk, and viscose for lining. Other materials, such as shoulder pads, stitching threads, buttons, labels, and packaging, are treated as indirect materials. H&BClothing is preparing budgets for the third quarter ending September 30, 2023. For each of the requirements (1-8) below, prepare monthly budgets for July, August, and September, along with a total budget for the quarter. 1. The previous year's sales (2022) for the corresponding period were: 580 jackets July August September 600 jackets 650 jackets October November 850 jackets 1,000 jackets The company expects the above volume of jacket sales to increase by 15% for the period July 2023 - November 2023. The budgeted selling price for 2023 is $735.00 per jacket. The company expects 10% of its sales to be cash (COD) sales. The remaining 90% of sales will be made on credit. Prepare a Sales Budget for H&BClothing.
The H&BClothing Company manufactures luxury brand silk jackets. Currently the company makes classic style jackets in a single size. The production process involves drawing, cutting, and assembling the pattern pieces. Direct materials include two types of fabric - silk, and viscose for lining. Other materials, such as shoulder pads, stitching threads, buttons, labels, and packaging, are treated as indirect materials. H&BClothing is preparing budgets for the third quarter ending September 30, 2023. For each of the requirements (1-8) below, prepare monthly budgets for July, August, and September, along with a total budget for the quarter. 1. The previous year's sales (2022) for the corresponding period were: 580 jackets July August September 600 jackets 650 jackets October November 850 jackets 1,000 jackets The company expects the above volume of jacket sales to increase by 15% for the period July 2023 - November 2023. The budgeted selling price for 2023 is $735.00 per jacket. The company expects 10% of its sales to be cash (COD) sales. The remaining 90% of sales will be made on credit. Prepare a Sales Budget for H&BClothing.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
fill out the sales budget assumptions
and 2022 sales
screenshot attached
thanks
Transcribed Image Text:The H&BClothing Company manufactures luxury brand silk
jackets. Currently the company makes classic style jackets in
a single size. The production process involves drawing,
cutting, and assembling the pattern pieces. Direct materials
include two types of fabric - silk, and viscose for lining.
Other materials, such as shoulder pads, stitching threads,
buttons, labels, and packaging, are treated as indirect
materials. H&BClothing is preparing budgets for the third quarter ending September
30, 2023. For each of the requirements (1-8) below, prepare monthly budgets for July,
August, and September, along with a total budget for the quarter.
1. The previous year's sales (2022) for the corresponding period were:
July
580 jackets
600 jackets
August
September
October
650 jackets
November
850 jackets
1,000 jackets
The company expects the above volume of jacket sales to increase by 15% for the
period July 2023 - November 2023. The budgeted selling price for 2023 is $735.00
per jacket. The company expects 10% of its sales to be cash (COD) sales. The
remaining 90% of sales will be made on credit. Prepare a Sales Budget for
H&BClothing.
Transcribed Image Text:A
B
1 H&BClothing Company
2 2022 Budget Assumptions
3 Prepared by:
4
5 Sales Budget Assumptions
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
с
2022 Sales
July
August
Unit Price
Percentage of Cash Sale
Percentage of Credit Sale
Expected sales increase
September
October
November
D
E
F
G
H
T
J
K
L
M
N
O
P
Q
R
S
T
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education