Homework Answers
| Particulars | April | May | June | July | |||
| Sales | 105000 | 122000 | 145000 | 126000 | |||
| Add: | Desired Ending Inventory | 61000 | 72500 | 63000 | |||
| Less: | Beginning Inventory | 40000 | 61000 | 72500 | |||
| Production Required | 126000 | 133500 | 135500 | ||||
| Budgeted COGS | |||
| For April | (Sales 105000) | ||
| For 40000 units, $ 13.90 | $ 556,000.00 | ||
| For 65000 units, $ 17.75 | $ 1,153,750.00 | ||
| $ 1,709,750.00 | |||
| For May | (Sales 122000) | ||
| For 61000 units, $ 17.75 | $ 1,082,750.00 | ||
| For 61000 units, $ 17.65 | $ 1,076,650.00 | ||
| $ 2,159,400.00 | |||
| For June | |||
| For 72500 units, $ 17.65 | $ 1,279,625.00 | ||
| For 72500 units, $ 17.62 | $ 1,277,450.00 | ||
| $ 2,557,075.00 | |||
Workings:
| Computation of COGS per unit | |||||
| Particulars | April | May | June | ||
| Direct Materials | $ 5.00 | $ 5.00 | $ 5.00 | ||
| Direct Labor | $ 4.00 | $ 4.00 | $ 4.00 | ||
| Variable Manu. OH | $ 7.00 | $ 7.00 | $ 7.00 | ||
| Fixed Manu. OH | $ 1.75 | $ 1.65 | $ 1.62 | ||
| ($ 220000 / 126000) | ($ 220000/133500) | ($ 220000/135500) | |||
| Cost of Goods Sold | $ 17.75 | $ 17.65 | $ 17.62 | ||
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Budgeting
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Please use Excel to complete the following problem: Joyce Corporation prepares monthly operating and financial budgets....
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direct materials inventory equal to 20% of next month’s production
needs. Beginning direct materials inventory for April was 540
pounds. Direct materials cost $2 per pound. Each finished unit
requires 0.60 hours of direct labor at the rate of $12 per hour.
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Sales Forecast & Product Budget table numbers (units) April: Budget (880 units) & Sales (805 units)...
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(units)
April: Budget (880 units) & Sales (805 units)
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The company plans for finished goods inventory of 220 units at
the end of June. In addition, each finished unit requires 5 pounds
of direct materials and the company wants to end each month with
direct materials inventory equal to 20% of next month’s production
needs. Beginning direct materials inventory for April was 540
pounds. Direct materials cost $2 per pound. Each finished unit
requires 0.60 hours of direct labor at the rate of $12 per hour.
The company budgets...
Sales Forecast & Product Budget table numbers
(units)
April: Budget (880 units) & Sales (805 units)
may: Budget (1,100 units) & Sales (900 units)
june: Budget (1075) & Sales (1025 units)
july : budget (1125 units) & sales (875 units)
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June 30. Last year's sales for the corresponding period were:
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selling price is $13 per unit. Prepare a Sales
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B. The company desires to have finished inventory on hand at the
end of each month equal to 30 percent of the following month's
budgeted unit sales. On March 31, there were 3,000 units on hand.
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