Budgets: Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a manufacturing concern. Few major types of budgets prepared by each manufacturing concert are as follows: Sales budget Cash Collection budget Production budget Raw material purchase budget Cash disbursement budget Production Budget: The Production budget is prepared after preparing the sales budget to estimate the number of units of finished goods to be produced. The formula for calculation for production units is as follows: P r o d u c t i o n u n i t s = B u d g e t e d U n i t S a l e s + D e s i r e d E n d i n g F i n i s h e d G o o d s I n v e n t o r y − B e g i n n i n g F i n i s h e d G o o d s I n v e n t o r y Raw Material Purchase Budget: The Raw Material Purchase Budget is prepared after preparing the production budget to estimate the amount of Raw materials to be purchased. The formula for calculation for Raw material purchase is as follows: R a w M a t e r i a l P u r c h a s e ( P o u n d s ) = R a w m a t e r i a l p r o d u c t i o n n e e d + D e s i r e d E n d i n g R a w m a t e r i a l I n v e n t o r y − B e g i n n i n g R a w m a t e r i a l s I n v e n t o r y C o s t o f R a w M a t e r i a l p u r c h a s e = R a w m a t e r i a l p u r c h a s e ( p o u n d s ) × R a w m a t e r i a l c o s t p e r p o u n d The Cost of Raw Material Purchases for July

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Answer 1

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Definition Definition Estimate of an organization's cash flow for a future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future.

Chapter 8, Problem 6F15

To determine

Concept Introduction:

Budgets:

Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a manufacturing concern. Few major types of budgets prepared by each manufacturing concert are as follows:

Sales budget

Cash Collection budget

Production budget

Raw material purchase budget

Cash disbursement budget

Production Budget:

The Production budget is prepared after preparing the sales budget to estimate the number of units of finished goods to be produced. The formula for calculation for production units is as follows:

  Production units = Budgeted Unit Sales + Desired Ending Finished Goods Inventory                                  − Beginning Finished Goods Inventory

Raw Material Purchase Budget:

The Raw Material Purchase Budget is prepared after preparing the production budget to estimate the amount of Raw materials to be purchased. The formula for calculation for Raw material purchase is as follows:

  Raw Material Purchase (Pounds) = Raw material production need + Desired Ending Raw material Inventory                                                               − Beginning Raw materials Inventory

  Cost of Raw Material purchase = Raw material purchase (pounds) ×Raw material cost per pound

The Cost of Raw Material Purchases for July

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Explain properly all the answer general accounting question

A clothing retailer started April with $3,600 of jeans in inventory. They bought $11,000 worth of jeans during the month. By the end of April, inventory is expected to be $4,400. What is the budgeted cost of goods sold for April? A. $10,200 B. $14,600 C. $11,000 D. $9,000 E. $13,000

Answer 2

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Definition Definition Estimate of an organization's cash flow for a future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future.

Chapter 8, Problem 6F15

To determine

Concept Introduction:

Budgets:

Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a manufacturing concern. Few major types of budgets prepared by each manufacturing concert are as follows:

Sales budget

Cash Collection budget

Production budget

Raw material purchase budget

Cash disbursement budget

Production Budget:

The Production budget is prepared after preparing the sales budget to estimate the number of units of finished goods to be produced. The formula for calculation for production units is as follows:

  Production units = Budgeted Unit Sales + Desired Ending Finished Goods Inventory                                  − Beginning Finished Goods Inventory

Raw Material Purchase Budget:

The Raw Material Purchase Budget is prepared after preparing the production budget to estimate the amount of Raw materials to be purchased. The formula for calculation for Raw material purchase is as follows:

  Raw Material Purchase (Pounds) = Raw material production need + Desired Ending Raw material Inventory                                                               − Beginning Raw materials Inventory

  Cost of Raw Material purchase = Raw material purchase (pounds) ×Raw material cost per pound

The Cost of Raw Material Purchases for July

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Answer 3

Question

Definition Definition Estimate of an organization's cash flow for a future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future.

Chapter 8, Problem 6F15

To determine

Concept Introduction:

Budgets:

Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a manufacturing concern. Few major types of budgets prepared by each manufacturing concert are as follows:

Sales budget

Cash Collection budget

Production budget

Raw material purchase budget

Cash disbursement budget

Production Budget:

The Production budget is prepared after preparing the sales budget to estimate the number of units of finished goods to be produced. The formula for calculation for production units is as follows:

  Production units = Budgeted Unit Sales + Desired Ending Finished Goods Inventory                                  − Beginning Finished Goods Inventory

Raw Material Purchase Budget:

The Raw Material Purchase Budget is prepared after preparing the production budget to estimate the amount of Raw materials to be purchased. The formula for calculation for Raw material purchase is as follows:

  Raw Material Purchase (Pounds) = Raw material production need + Desired Ending Raw material Inventory                                                               − Beginning Raw materials Inventory

  Cost of Raw Material purchase = Raw material purchase (pounds) ×Raw material cost per pound

The Cost of Raw Material Purchases for July

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Check out a sample textbook solution

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Answer 4

Question

Definition Definition Estimate of an organization's cash flow for a future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future.

Chapter 8, Problem 6F15

To determine