The management accountant of Mega Ltd, a local manufacturing firm, is currently preparing the operating and financial budgets for the year ending 30 June 2023 for discussion and approval in the next board meeting. She has just collected the following budgeted financial data from various departmental managers and would like to seek your assistance in preparing some budgets in the entire Master Budget: Selling price per unit: I 2) Sales demand: 1) 3) Direct materials required per unit: 4) Direct material costs: 6) 7) 5) Direct labour hours: Product X Product Y Product X Product Y Product X Product Y Product X Product Y Direct labour rate per hour Raw material inventories: Al (at $30 per kg.) B2 (at $20 per kg.) 8) Finished goods inventories: Product X Product Y $4,000 $9,000 1,000 units 500 units Al 5 kg. 2 kg. Al $30 per kg. 4 hours 10 hours $90 1/7/2022 400 kg. 200 kg. 1/7/2022 200 units 50 units B2 3 kg. 6 kg. B2 $20 per kg. 30/6/2023 300 kg. 500 kg. 30/6/2023 100 units 150 units
The management accountant of Mega Ltd, a local manufacturing firm, is currently preparing the operating and financial budgets for the year ending 30 June 2023 for discussion and approval in the next board meeting. She has just collected the following budgeted financial data from various departmental managers and would like to seek your assistance in preparing some budgets in the entire Master Budget: Selling price per unit: I 2) Sales demand: 1) 3) Direct materials required per unit: 4) Direct material costs: 6) 7) 5) Direct labour hours: Product X Product Y Product X Product Y Product X Product Y Product X Product Y Direct labour rate per hour Raw material inventories: Al (at $30 per kg.) B2 (at $20 per kg.) 8) Finished goods inventories: Product X Product Y $4,000 $9,000 1,000 units 500 units Al 5 kg. 2 kg. Al $30 per kg. 4 hours 10 hours $90 1/7/2022 400 kg. 200 kg. 1/7/2022 200 units 50 units B2 3 kg. 6 kg. B2 $20 per kg. 30/6/2023 300 kg. 500 kg. 30/6/2023 100 units 150 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Please help me
Transcribed Image Text:9) Variable overhead per direct labour hour
10) Fixed overhead per annum
Question 3
$200
$4,800,000
Required:
Prepare the following manufacturing budgets for the year ending 30 June 2023:
(a) Production budget (in units)
(b) Raw material usage and purchase budgets (in units and dollars)
(c) Cost of goods manufactured (in dollars)
R
Transcribed Image Text:The management accountant of Mega Ltd, a local manufacturing firm, is currently preparing
the operating and financial budgets for the year ending 30 June 2023 for discussion and
approval in the next board meeting. She has just collected the following budgeted financial data
from various departmental managers and would like to seek your assistance in preparing some
budgets in the entire Master Budget:
1)
Selling price per unit:
I
2) Sales demand:
3)
4) Direct material costs:
7)
Direct materials
required per unit:
5) Direct labour hours:
6)
Product X
Product Y
Product X
Product Y
Product X
Product Y
Product X
Product Y
Direct labour rate per hour
Raw material inventories:
Al (at $30 per kg.)
B2 (at $20 per kg.)
8) Finished goods inventories:
Product X
Product Y
$4,000
$9,000
1,000 units
500 units
Al
5 kg.
2 kg.
Al
$30 per kg.
4 hours
10 hours
$90
1/7/2022
400 kg.
200 kg.
1/7/2022
200 units
50 units
B2
3 kg.
6 kg.
B2
$20 per kg.
30/6/2023
300 kg.
500 kg.
30/6/2023
100 units
150 units
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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