For next year, Roberts, Inc., has budgeted sales of 20,000 units, targeted ending finished goods inventory of 1,650 units, and beginning finished goods inventory of 750 units. All other inventories are zero. How many units should be produced next year? First Class, Inc., expects to sell 22,000 pool cues for $12 each. Direct materials costs are $3, direct manufacturing labor is $4, and manufacturing overhead is $0.84 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory On the 2019 budgeted income statement, what amount will be reported for sales? First Class, Inc., expects to sell 28,000 pool cues for $14 each. Direct materials costs are $3, direct manufacturing labor is $5, and manufacturing overhead is $0.82 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory How many pool cues need to be produced in 2019? First Class, Inc., expects to sell 26,000 pool cues for $14 each. Direct materials costs are $2, direct manufacturing labor is $4, and manufacturing overhead is $0.89 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory On the 2019 budgeted income statement, what amount will be reported for cost of goods sold? Bradford, Inc., expects to sell 11,000 ceramic vases for $21 each. Direct materials costs are $3, direct manufacturing labor is $11, and manufacturing overhead is $5 per vase. The following inventory levels apply to 2019: Beginning inventory Ending inventory On the 2019 budgeted income statement, what amount will be reported for sales? Bradford, Inc., expects to sell 6,000 ceramic vases for $21 each. Direct materials costs are $3, direct manufacturing labor is $10, and manufacturing overhead is $3 per vase. The following inventory levels apply to 2019: Beginning inventory Ending inventory How many ceramic vases should be produced in 2019? Bradford, Inc., expects to sell 8,000 ceramic vases for $21 each. Direct materials costs are $4, direct manufacturing labor is $10, and manufacturing overhead is $4 per vase. The following inventory levels apply to 2019: Beginning inventory Ending inventory On the 2019 budgeted income statement, what amount will be reported for cost of goods sold? The following information pertains to the January operating budget for Murphy Corporation, a retailer: Budgeted sales are $208,000 for January For January, budgeted gross margin is ________. Nantucket Industries manufactures and sells two models of watches, Prime and Luxuria. It expects to sell 3,500 units of Prime and 1,500 units of Luxuria in 2019.The following estimates are given for 2019: Prime Luxuria Nantucket had an inventory of 200 units of Prime and 105 units of Luxuria at the end of 2018. It has decided that as a measure to counter stock outages it will maintain ending inventory of 400 units of Prime and 230 units of Luxuria. Each Luxuria watch requires one unit of Crimpson and has to be imported at a cost of $12. There were 120 units of Crimpson in stock at the end of 2018. The management does not want to have any stock of Crimpson at the end of 2019. What is the total budgeted cost of goods sold for Nantucket Industries in 2019? B) $1,415,000 Explanation: Budgeted cost of goods sold for Prime = [3,500 units (Estimated sales) × $220 (Cost per unit)] = $770,000. Budgeted cost of goods sold for Luxuria = [1,500 units (Estimated sales) × $430 (Cost per unit)] = $645,000. Total cost of goods sold = $770,000 + $645,000 =$1,415,000. Furniture, Inc., estimates the following number of mattress sales for the first four months of 2019: Month Sales Finished goods inventory at the end of December is 7,000 units. Target ending finished goods inventory is 20% of the next month's sales. How many mattresses need to be produced in January 2019? Furniture, Inc., estimates the following number of mattress sales for the first four months of 2019: Month Sales Finished goods inventory at the end of December is 7,100 units. Target ending finished goods inventory is 20% of the next month's sales. How many mattresses should be produced in the first quarter of 2019? B) 99,940 mattresses Explanation: January February March Total Wallace Company provides the following data for next year: Month Budgeted
Sales The gross profit rate is 35% of sales. Inventory at the end of December is $29,600 and target ending inventory levels are 10% of next month's sales, stated at cost. What is the amount of purchases budgeted for January? Wallace Company provides the following data for next year: Month Budgeted Sales The gross profit rate is 30% of sales. Inventory at the end of December is $30,600 and target ending inventory levels are 10% of next month's sales, stated at cost. What is the amount of purchases budgeted for February? Sherry and John Enterprises are using the kaizen approach to budgeting for 2018. The budgeted income statement for January 2018 is as follows: Sales (168,000 units) $1,010,000 Under the kaizen approach, cost of goods sold and variable operating expenses are budgeted to decline by 1% per month. What is the budgeted operating income for March 2018? C) -$59,403 Explanation: Sales = $1,010,000. The cost of goods sold = $676,269 ($690,000 × 0.99 × 0.99). Budgeted gross margin for March = $333,731. Budgeted operating expenses = $393,135 (($345,000 × 0.99 × 0.99) + $55,000). Budgeted operating income = -$59,403. The following information pertains to Monroe Company: Month Sales Purchases ∙ Cash is collected from customers in the following manner: How much cash will be collected from customers in March? The following information pertains to Monroe Company: Month Sales Purchases ∙ Cash is collected from customers in the following manner: How much cash will be paid to suppliers in March? 7) The following information pertains to Monroe Company: Month Sales Purchases ∙ Cash is collected from customers in the following manner: How much cash will be disbursed in total in March? How much cash will be disbursed in total in March? The following information pertains to Monroe Company: Month Sales Purchases ∙ Cash is collected from customers in the following manner: What is the ending cash balance for March? A) $8,900 Freemore Company has the following sales budget for the last six months of 2018: July $206,000 October $181,000 Sales are immediately due, however the cash collection of sales, historically, has been as follows: Cash collections for September are ________. Freemore Company has the following sales budget for the last six months of 2018: July $204,000 October $180,000 Sales are immediately due, however the cash collection of sales, historically, has been as follows: What is the ending balance of accounts receivable for the end of September, assuming uncollectible balances are written off at the end of the second month following the sale? Freemore Company has the following sales budget for the last six months of 2018: July $205,000 October $187,000 Sales
are immediately due, however the cash collection of sales, historically, has been as follows: Cash collections for October are ________. ) Estate Corp., has the following information: Month Budgeted Purchases Purchases are paid for in the following manner: What is the expected balance in Accounts Payable as of March 31? Estate Corp., has the following information: Month Budgeted Purchases Purchases are paid for in the following manner: What is the expected balance in Accounts Payable as of April 30? ) Estate Corp., has the following information: Month Budgeted Purchases Purchases are paid for in the following manner: What is the expected
Accounts Payable balance as of May 31? The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for January $201,000 and February $101,000. For January, budgeted cash collections are ________. |