Tryon Tablet provided the following details regarding its production budget for 2019 Beginning finished good inventory Ending finished goods inventory Expected unit sales Required production units 140.000 150,000 700.000 710.000 Budgeted per unit costs included direct materials $1.50, direct labor $2.50, and manufacturing overhead $3.25. Units are budgeted to sell for $10.00 each. When the budgeted balance sheet is prepared on December 31, 2019, what amount will be reported for finished goods inventory? OA$1,085,000 OB$1,087,500 O $5,147,500 OD$7,000,000
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.
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