Your company manufactures tabies and chairs In your role as a manager you are responsible for thebudget preparalion for the quarter ending 30 March 2018 Tho quartor consists of 13 weeks The othermanagers are inexpenenced, and you decided to do the budget on your own You have accumuiatedthe following data for the quarterFinished productTablesChairsForecasted sales (unts)5,52511,050Seling Price per unitR242 50R152 00Inventory opening balance (unta)450700Closing InventoryTables closing inventory must equal 1 week's sales unitsChairs closing inventory must equal 2 week's sales unitsRaw Materials:WoodMetalTables (meters per unit)8m1mChairs (meters per unit)3mO 50mCost per meterR135 00R150 00Opening nventory (meters)2,000m750mClosing nventoryWood closing stock must equal 1 week's producton requirementMetal closing stock must equal 1 week's production requirementRequiredPrepare the following budgets1Production budget (Units)2Direct material usage budget (Meters)3Direct material purchase budget (Rands)

Direct materials purchase budget is a budget made to determine the cost of the material which is…

Answered: Your company manufactures tabies and…

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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2019 Sales Cost of Goods Sold Rent Wages Insurance Utilities Auto Maintenance Advertising Other Expenses Total Expenses Net Income Jan 3,250 1,788 525 175 46 220 40 98 2,891 359 Feb 2,700 1,485 525 175 46 225 40 81 2,577 123 Mar 3,855 2,120 525 175 46 285 80 60 116 3,407 448 Tom's Business Income Statement 98 2,900 354 2019 May Jul Aug Sep Oct Nov Dec Total Apr 3,254 3,650 2,850 2,600 2010 2,200 2,250 3,755 4,890 37,264 1,790 2,008 1,106 1,210 1,238 2,065 2,690 20,495 525 525 525 525 525 525 6,300 2,100 175 175 175 175 175 175 46 46 46 46 46 46 550 227 265 210 185 220 230 2,657 40 40 40 80 640 60 147 525 175 46 200 40 110 Jun 588 * º * * * 88 * § 547 1,568 525 175 46 185 80 60 86 3,103 2,724 126 1,430 525 175 46 205 40 78 2,499 101 40 60 2217 (207) 80 60 66 2,372 (172) 68 2,276 (26) 113 3,184 3,952 571 938 240 1,118 34,100 3,164
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EXERCISES: BUDGETING with PROBABILITY ANALYSIS 1. Production & Inventory Budget DMD Company has budgeted sales at P 100,000 and expects a profit of 10% of the sales. Expenses are estimated as follows: selling 10% of sales; administrative = 15% of sales. Labor is expected to be 40% of the total manufacturing costs. Factory overhead is to be applied at 75% of direct labor costs. Inventories are to be as follows: = January 1 P 4,000 2,500 5,000 Materials Work-in-process Finished goods REQUIRED: Determine the budgeted amount for: A) Cost of goods sold B) Total manufacturing cost C) Factory overhead D) Materials purchases 2. Sales & Accounts Receivable Budget Past collections experienced by BJS Company indicate that 60% of the sales billed in a month are collected during the month of sales, 30% are collected in the following month, and 10% are collected in the second following month. The following are the projected sales for next year: Other budgeted estimates are: January February March…
Infinity Inc. has provided the following projected sales units for the next quarter: Projected Sales Units for Next Quarter 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. What would be the budgeted production units during the second month of the quarter? Group of answer choices 12,300 units 13,200 units 11,700 units 13,500 units
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Flexible Budget for Selling and Administrative Expenses for a Service Company
Preparing a Selling and Administrative Expenses Budget Fazel Company makes and sells paper products. In the coming year, Fazel expects total sales of $20,000,000. There is a 3% commission on sales. In addition, fixed expenses of the sales and administrative offices include the following: Salaries $ 960,000 Utilities 365,000 Office space 230,000 Advertising 1,200,000 Required: Prepare a selling and administrative expenses budget for Fazel Company for the coming year. Fazel Company Selling and Administrative Expenses Budget For the Coming Year Variable selling expenses $fill in the blank 1 Fixed expenses: Salaries $fill in the blank 2 Utilities fill in the blank 3 Office space fill in the blank 4 Advertising fill in the blank 5 Total fixed expenses fill in the blank 6 Total selling and administrative expenses $fill in the blank 7

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