The inventory policy is to have ending inventory equal to 20% of next month's sales. Desired ending inventory Beginning inventory Budgeted sales June ? ? ? July ? ? ? 240 Budgeted production Compute budgeted production for July ? August ? ? 400 380

The inventory policy is to have ending inventory equal to 20% of next month's sales. Desired ending inventory Beginning inventory Budgeted sales June ? ? ? July ? ? ? 240 Budgeted production Compute budgeted production for July ? August ? ? 400 380

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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On January 1 the company had 330 widgets in finished good inventory. The company policy is to maintain an inventory of 15% of next montha sales. The company forecast the following sales: Jan. 2,200 Feb. 2,800 March 3,500 April 4,000 Determine the required production for January?
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beginning inventory = 2000 unitsend of year total needs to be 500 units forecast by quarter 1 : 6000 2: 5500 3: 5000 4: 6500 what should the quarterly production be to end at 500?
The sales budget for the Vaughn Company indicates the following units to be sold: January February March April 19600 O 5740 O 3920 O 4620 00 29000 23100 28700 The company requires that ending inventory be equivalent to 20% of the following month's sales. There were no units on hand at the end of December. What is the budgeted balance in the company's ending inventory account at March 31 expected to be?
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Schedules of Expected Cash Collections and Disbursements; Budgeted Income Statement and Budgeted Balance Sheet. Crow Enterprises is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Crow Enterprises Balance Sheet June 30 Assets $ 80,000 135,000 41,250 Plant and equipment, net of depreciation_211,000 $ 457,250 Cash Accounts receivable Inventory Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 72,000 345,000 50,250 Total liabilities and stockholders' equity $ 467,250 Crow's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $220,000, $240,000, $230,000, and $250,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the…
(J) please answer ASap... Question 1 The following table presents selected information for Superior Flooring's monthly production budgets for the coming year. Superior's inventory policy is to have ending inventory equal to 10% of the next month's sales. What is the beginning inventory in June? A. 350 B. 310 C. 250 D. 340 Question 2 Which of the following statements is true? A. A budget reconciliation report shows the difference between actual profit and budgeted profit and does not show the other variances. B. Activity-based costing is not used to evaluate customer profitability. C. Sales quantity (budgeted sales volume vs. actual sales volume) is the only item which differs between the master budget and the flexible budget. D. Comparing the flexible budget to the as-if budget isolates a change in input price (e.g. budgeted input price vs. actual input price). Question 3 Which of the following is not a benefit of budgeting? A. It reduces the need for analysis with regard to company…
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The following table presents selected information for Superior Flooring's monthly production budgets for the coming year. Superior's inventory policy is to have ending inventory equal to 10% of the next month's sales. April May June Desired ending inventory ? ? ? Beginning inventory 300 ? Q10 Budgeted sales 2,800 3,100 3,500 Budgeted production Q9 3,140 3,400 What is the budgeted production in April? 2,790 2,810 3,410 2,500