Use this information about Flushing Company to answer the question that follows. The budgeted production and sales information for Flushing Company for the month of December is as follows: Product XXX Product ZZZ Estimated beginning inventory 31, 500 units 16,800 units Desired ending inventory 36, 500 units 14, 400 units Region I, anticipated sales 320, 000 units 256, 000 units Region II, anticipated sales 182,000 units 144, 000 units The unit selling price for product XXX is $6 and for product ZZZ is $15. Budgeted sales for the month are a. $9,012, 000 b. $ 5,412,000 c. $9,930, 000 d. $ 13, 530,000

Use this information about Flushing Company to answer the question that follows. The budgeted production and sales information for Flushing Company for the month of December is as follows: Product XXX Product ZZZ Estimated beginning inventory 31, 500 units 16,800 units Desired ending inventory 36, 500 units 14, 400 units Region I, anticipated sales 320, 000 units 256, 000 units Region II, anticipated sales 182,000 units 144, 000 units The unit selling price for product XXX is $6 and for product ZZZ is $15. Budgeted sales for the month are a. $9,012, 000 b. $ 5,412,000 c. $9,930, 000 d. $ 13, 530,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year: Unit Sales 8" x 10" 12" x 16" Frame Frame East 24,440 14,910 Central 6,222 4,018 West 5,432 3,060 Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y6 Unit Unit Sales Selling Product and Area Volume Price Total Sales 8" x 10" Frame: East 23,500 $24 $564,000 Central 6,100 24 146,400 West 5,600 24 134,400 Total 35,200 $844,800 12" x 16" Frame: East 14,200 $34 $482,800 Central 4,100 34 139,400 West 3,000 34 102,000 Total 21,300 $724,200 Total revenue from sales $1,569,000
Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $12 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 28 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales v Cost of goods sold v Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net income v 24
The following is budgeted production and sales information for Octofic Cans, Inc. for the month of December: Aluminum Tin Estimated beginning inventory 12,000 units 6,000 units Desired ending inventory 15,000 units 4,000 units Region I, anticipated sales 380,000 units 85,000 units Region II, anticipated sales 125,000 units 25,000 units The unit selling price for aluminum cans is $0.15 and for tin cans is $0.20. Budgeted sales for the month are _____. a. $81,550 b. $123,000 c. $97,750 d. $82,750
EX.22-06 Sales and Production Budgets Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget. Estimated inventory (units), June 1 Desired inventory (units), June 30 Expected sales volume (units): East Region West Region Unit sales price Rumble 262 301 2,700 5,900 $140 Thunder 66 57 2,400 5,150 $205
You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 100 units February, 95 units March, 102 units April, 107 units May, 114 units June, 122 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 90 units March, 102 units April, 102 units May, 104 units June, 117 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 97 units April, 102 units May, 99 units June, 117 units In March of the current year, sales for the months April through June were reforecasted as follows: April, 102 units May, 94 units June, 107 units In April of the current year, sales for the months May and June were reforecasted as follows: May, 84 units June, 102 units In May of the current year, sales for June were…
Lane Products manufactures a popular kitchen utensil. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It opened negotiations with the local bank for a one-month loan of $44,000 starting March 1. The bank would charge interest at the rate of 0.5 percent per month and require the company to repay interest and principal on March 31. In considering the loan, the bank requested a projected income statement and cash budget for March. The following information is available: ● ● ● ● The company budgeted sales at 14,000 units per month in February, April, and May and at 11,000 units in March. The selling price is $62 per unit. The company offers a 2 percent discount for cash sales. The company's experience is that bad debts average 1 percent of credit sales. The inventory of finished goods on February 1 was 2,600 units. The desired finished goods inventory at the end of each month equals 25 percent of sales anticipated for the…
During 2020, Riverbed Corporation reported net sales of $5,542,800 and net income of $1,560,000. Its balance sheet reported average total assets of $1,490,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.) Asset turnover times
Please do not give solution in image format thanku
Answer the questions from the information provided. 2.1 Use the information provided below to calculate the number of units of Product Tex that must be produced for July and August. INFORMATION The estimated sales volume of Product Tex is 25 000 units for June, 21 000 units for July, 30 000 units for August and 36 000 units for September. The policy of management is to maintain an ending finished goods inventory each month equal to 20% of the current month’s budgeted sales and 30% of the following month’s budgeted sales. 2.2 Study the information provided below and calculate the expected value of closing inventory as at 31 December 2022, if the FIFO method of inventory valuation is used. INFORMATION The following information was supplied by Sunbeam Manufacturers for 2022 in respect of its finished goods: R Inventory on 01 January 640 000 Cost of production of finished goods manufactured 570 000 Cost of goods sold 435 000 Sales value of the goods sold…
Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ 29,100 units 19,600 units 36,000 units 14,700 units Region I, anticipated sales 332,000 units 264,000 units Region II, anticipated sales 195,000 units 145,000 units The unit selling price for product XXX is $7 and for product ZZZ is $15. Estimated beginning inventory Desired ending inventory Budgeted production for product ZZZ during the month is a. 592,100 units Ob. 404,100 units c. 409,000 units Od. 423,700 units
Infinity Inc. has provided the following projected sales units for the next quarter: Projected Sales Units First month Second month Third month Projected sales units 10,000 12,000 15,000 Desired ending inventory is determined to be 10% of the next month’s projected sales. The expected purchase cost per unit is $50. Compute the budgeted Costs of goods sold for the next quarter. Group of answer choices $1,850,000 $600,000 $500,000 $750,000
please do not provide hand written answer