Answer-Prepare for January 2023: -Direct materials purchases budget-Direct labor costs budget-Factory overhead budget F. Direct labor requirements:Batting helmet:Molding Department......Assembly Department...Football helmet:Molding Department.....Assembly Department..G. Estimated factory overhead costs for January:Indirect factory wages...Depreciation of plant and equipment..Power and light...........Insurance and property tax..H. Estimated operating expenses for January:Sales salaries expense.........Advertising expense......Office salaries expense...Depreciation expense-office equipment.......Telephone expense-selling.........Telephone expense-administrative.....Travel expense-selling........Office supplies expense...Miscellaneous administrative expense.............I. Estimated other income and expense for January:Interest revenue..Interest expense..J. Estimated Tax rate.......********..20 hour at $13 per hour.60 hour at $14 per hour.60 hour at $13 per hour1.90 hours at $15 per hour$110,00020,00020,0006,000$200,00090,00036,0006,0001,8001,00015,0002,0001,300$2,0004,00021% The Budget director of Sunhelmet Corp., with your assistance, has gathered the followingdata for use in developing the budgeted income statement for January 2023:A. Estimated sales for January:Batting helmet.........Football helmet...B. Estimated inventories (beginning) at January 1:Direct materials:Plastic..........400 lbs.Foam lining...... 500 lbs.Finished products:5,000 units at $60 per unit4,000 units at $160 per unitBatting helmet.... 600 units at $30 per unitFootball helmet... 350 units at $90 per unitC. Desired inventories (ending) at January 31:Direct materials:Plastic............. 500 lbs.Foam lining......... 550 lbs.D. Direct materials used in production:In manufacture of batting helmet:Plastic..........Foam lining...In manufacture of football helmet:Plastic..........Foam lining...Finished products:Batting helmet......Football helmet............430 units at $30 per unit..300 units at $90 per unit********. 1.20 lbs. per unit of product.50 lbs. per unit of product3.50lbs. per unit of product1.50lbs. per unit of productE. Anticipated cost of purchases and beginning and ending inventory of directmaterials:Plastic...Foam lining..$8.10 per lb.$5.60 per lb.

The Budget director of Sunhelmet Corp., with your assistance, has gathered the following data for use in developing the budgeted income statement for January 2023: A. Estimated sales for January: Batting helmet...... Football helmet... B. Estimated inventories (beginning) at January 1: Direct materials: Plastic............. 400 lbs. Foam lining...... 500 lbs. Finished products: Batting helmet.... 600 units at $30 per unit Football helmet... 350 units at $90 per unit 5,000 units at $60 per unit 4,000 units at $160 per unit C. Desired inventories (ending) at January 31: Direct materials: Plastic................ 500 lbs. Foam lining......... 550 lbs. D. Direct materials used in production: In manufacture of batting helmet: Plastic......... Foam lining.. ****** In manufacture of football helmet: Plastic..... Foam lining.. Finished products: Batting helmet........ ..430 units at $30 per unit Football helmet...........300 units at $90 per unit 1.20 lbs. per unit of product .50 lbs. per unit of product *********** 3.50lbs. per unit of product 1.50lbs. per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic...... Foam lining.... $8.10 per lb. $5.60 per lb.

The Budget director of Sunhelmet Corp., with your assistance, has gathered the following data for use in developing the budgeted income statement for January 2023: A. Estimated sales for January: Batting helmet...... Football helmet... B. Estimated inventories (beginning) at January 1: Direct materials: Plastic............. 400 lbs. Foam lining...... 500 lbs. Finished products: Batting helmet.... 600 units at $30 per unit Football helmet... 350 units at $90 per unit 5,000 units at $60 per unit 4,000 units at $160 per unit C. Desired inventories (ending) at January 31: Direct materials: Plastic................ 500 lbs. Foam lining......... 550 lbs. D. Direct materials used in production: In manufacture of batting helmet: Plastic......... Foam lining.. In manufacture of football helmet: Plastic..... Foam lining.. Finished products: Batting helmet........ ..430 units at $30 per unit Football helmet...........300 units at $90 per unit 1.20 lbs. per unit of product .50 lbs. per unit of product ***** 3.50lbs. per unit of product 1.50lbs. per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic...... Foam lining.... $8.10 per lb. $5.60 per lb.

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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Diane Buswell is preparing the 2022 budget for one of Current Designs' rotomolded kayaks. Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2022. Quarter 1 1,300 kayaks Quarter 2 2,000 kayaks Quarter 3 950 kayaks Quarter 4 950 kayaks Current Designs' policy is to have finished goods ending inventory in a quarter equal to 25% of the next quarter's anticipated sales. Preliminary sales projections for 2023 are 1,100 units for the first quarter and 2,000 units for the second quarter. Ending inventory of finished goods at December 31, 2021, will be 325 rotomolded kayaks. Production of each kayak requires 44 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 20% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2021, is 21,800…
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Symphony Electronics produces wireless speakers for outdoor use on patios, decks, etc. Their most popular model is the All Weather and requires four separate XL12 components per unit. The company is now planning raw material needs for the second quarter. Sales of the All Weather are the highest in the second quarter of each year as customers prepare for the summer season. The company has the following inventory requirements: a. The finished goods inventory on hand at the end of each month must be equal to 16,400 units plus 10% of the next month's sales. The finished goods inventory on March 31 is budgeted to be 28,700 units. b. The raw materials inventory on hand at the end of each month must be equal to 20% of the following month's production needs for raw materials. The raw materials inventory on March 31 for XL 12 is budgeted to be 98,800 components. c. The company maintains no work in process inventories. A sales budget for the All Weather speaker is as follows: April May June July…
Perez Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Perez expects sales in January year 1 to total $210,000 and to increase 20 percent per month in February and March. All sales are on account. Perez expects to collect 68 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 8 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1. Determine the amount of sales revenue Perez will report on the year 1 first quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter of year 1. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Prepare a sales budget for the first quarter of year 1.
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Please do not give solution in image format thanku
The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 4,640 kayaks during 2022. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.20 per pound, and the finishing kits cost $210 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $17 per hour, and the type II are paid $14 per hour. Manufacturing overhead is budgeted at $414,840 for 2022, broken down as follows. Variable costs Indirect materials $46,400 Manufacturing supplies 64,960 Maintenance and utilities 102,080 213,440 Fixed costs Supervision 78,000 Insurance 13,200 Depreciation 110,200 201,400 Total $414,840 During the first quarter, ended March 31,…