1.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
To explain: The sales
2.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
To explain: The sales forecast required in the given situation.
3.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
The sales forecast required in a given situation.
4.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
To prepare:
5.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
To explain: The appropriateness to involve the sales manager while preparing the sales budget.
6.
Introduction: A sales budget includes a sales projection for the specified budgetary period. It also includes the inventory's target selling price, which is used to determine an entity's anticipated sales for the budgetary period. The sales budget could be regarded as the most vital and significant budget overall. This is because the sales budget serves as the foundation for all other budgets. The production budgets would have a cascading effect on all the operations budgets because they are dependent on the anticipated sales for the time period. A mistake in estimating the period's anticipated sales could have grave repercussions, including the possibility of stock-outs and the opportunity cost of missed revenues as a result of being unable to completely satisfy consumer needs.
The reason the company will allow the sales manager to prepare the sales budget involving the seniors.
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Chapter P Solutions
MANAGERIAL ACCTING LL W/CNCT- UND CUSTOM
- Maverick Manufacturing uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In October, the company completed job Y72K, which consisted of 30,000 units of one of the company's standard products. No other jobs were in process during the month. The total manufacturing cost for job Y72K, according to its job cost sheet, was $1,500,000. During the month, the actual manufacturing overhead cost incurred was $345,000, while the manufacturing overhead applied was $335,500. Also, 20,000 completed units from job Y72K were sold. No other products were sold during the month. The cost of goods sold that would appear on the income statement for October, after adjustment for any underapplied or overapplied overhead, is closest to: a. $1,009,500 b. $1,500,000 c. $980,700 d. $992,700arrow_forwardNeed answerarrow_forwardProvide correct optionarrow_forward
- Jigar Industries uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. Last year, the company's estimated manufacturing overhead was $900,000, and its estimated level of activity was 40,000 direct labor-hours. The company's direct labor wage rate is $15 per hour. Actual manufacturing overhead amounted to $940,000, with actual direct labor cost of $620,000. For the year, manufacturing overhead was__. (Over-applied or Under-applied) Answerarrow_forwardWhat would be the bad debt expense for the year?arrow_forwardAsumaCompany's high and low level of activity last year was 56,000 units of product produced in May and 18,000 units produced in November. Machine maintenancecosts were $162,600 in May and $63,800 in November. Using the high-low method, determine an estimate of total maintenance cost for a month in which productionis expected to be 35,000 units. Answerarrow_forward
- What is the return on equity?arrow_forwardprovide correct information and solution. # GeneralAccountarrow_forwardFor the year,your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventorymust have been_____.?arrow_forward
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