Tillman Cycles manufactures chainless bicycles. On March 31, Tillman Cycles had 210 bikes in inventory. The company has a policy that the ending inventory in any month must be 20% of the following month's expected sales. Tillman Cycles expects to sellthe following number of bikes in each of next four months:E (Click the icon to view the data)Prepare a production budget for the second quarter, with a column for each month and for the quarter......Tillman CyclesProduction BudgetFor the Months of April through JuneData TableAprilMayJuneQuarterUnit sales1050115013903590Plus: Desired ending inventoryApril.1,050 bikesTotal neededMay1,150 bikesLess: Beginning inventoryJune.1,390 bikesUnits to produceJuly .1,200 bikesPrintDone

Here in this question, we are required to prepare production budget. Budget is a estimation of…

Answered: Tillman Cycles manufactures chainless…

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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Scannell, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Plus: Less: More info Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inv ory was $19,000. Print Done X Data table Cash sales, 30% Credit sales, 70% Total sales $ $ Quarter Ended June 30…
Jackson Inc. produces leather handbags. The production budget for the next four months is: July 5,300 units, August 7,700 units, September 8,400 units, October 8,100 units. Each handbag requires 0.5 square meters of leather. Jackson Inc.’s leather inventory policy is 30% of next month’s production needs. On July 1 leather inventory was expected to be 795 square meters. What will leather purchases be in July? Multiple Choice 2,760 square meters 4,035 square meters 3,010 square meters 3,160 square meters
Sports Socks has a policy of always paying within the discount period and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 85% of its payments are made in the month of purchase and 15% are made the following month. The direct materials budget provides for purchases of $125,000 in November, $298,000 in December, $236,000 in January, and $232,000 in February. What is the balance in accounts payable for January 31, and February 28? Ending Balance January $fill in the blank 1 February fill in the blank 2
Leaning Tower of Pizza, Inc. is preparing its master budget for its first quarter of business. It expects to sell 8,000 pizzas at $7 per pizza per month. It expects to collect 90% of the sales in the month of the sale and 10% in the following month. Calculate its accounts receivable balance at the end of its first quarter.
Austen Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Austen anticipates selling 222,000 jars with total sales revenue of $267,000 in the first quarter of the year following the year given in the preceding table. Austen has a policy that the ending inventory of jars must be 30% of the following quarter's sales. Total sales Number of jars revenue sold Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in 1st quarter.... $ 185,000 152,500 total. 2nd quarter $ 211,000 180,500 3rd quarter 2$ 257,000 210,000 4th quarter $ 193,000 160,000 ..... Prepare the production budget by first calculating the total units needed, then calculate the units to produce. Austen Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Unit sales Plus: Desired ending inventory Total needed Less:…
Osprey Cycles, Inc. projected sales of 64,237 bicycles for the year. The estimated January 1 inventory is 3,510 units, and the desired December 31 inventory is 6,177 units. What is the budgeted production (in units) for the year?______________________
Sports Socks has a policy of always paying within the discount period and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 85% of its payments are made in the month of purchase and 15% are made the following month. The direct materials budget provides for purchases of $133,000 in November, $298,000 in December, $240,000 in January, and $225,000 in February. What is the balance in accounts payable for January 31, and February 28? Ending Balance January $fill in the blank 1 February fill in the blank 2
Shadee Corporation expects to sell 630 sun shades in May and 320 in June. Each shade sells for $162. Shadee's beginning and ending finished goods inventories for May are 60 and 50 shades, respectively. Ending finished goods inventory for June will be 55 shades. Required: 1. Prepare Shadee's sales budget for May and June. 2. Prepare Shadee's production budget for May and June.
Dolson Appliances makes coffee machines for offices and homes. For next year, the production budget is 141,000 units. Beginning inventories will be 18,000 units and the desired ending inventory will be 16,000 units. Required: What is the sales budget for the coming year for Dolson Appliances? Sales budget units
jeremy inc. produces leather handbags. The production budget for the next four months is:July 5000 units, August 7300, September 7500, October 8800. Eachhandbag requires 0.5 square meters of leather. Jeremy inc's leather inventory policy is 30 percent of next month's production needs. If the leather policy is met, what will the july 1 inventory be?750.0 square meters1095.0 square meters1825.0 square meters300.0 square meters

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