Question

Final Answers Here Please Income Statement Amounts Other Amounts 5 Units Sold * Selling Price 7 Pounds Per Direct Materials 3 DL Per OH Rate • Current Finished 7 Target Finished 2 Current DM 3 Target DM 4 Cost Per DM 5 Cost Per DL 2,500 $ 100.00 3.00 2.00 $ 15.00 300 200 100 200 $ 5.00 $ 20.00 Sales Direct Materials Direct Labor Overhead Production Budget Direct Materials Budget (in pounds) Direct Labor budget (in hours) Total Costs Gross Profit 90 Jensen Manufacturing has the following information relating to their master budget for 2020 -0 Units Sold Selling Price Pounds of Direct Materials Per Unit Manufactured DL Hours Per Unit Manufactured OH Rate Per DL Hour Current Inventory of Finished Product Target Inventory of Finished Product Current Inventory of Direct Materials E6 Target Inventory of Direct Materials 7 Cost per Pound of Direct Material - Cost per Direct Labor Hour 2,500 units $100 per unit 3 pounds 2 hours $15 per hour 300 units 200 units 100 pounds 200 pounds $5.00 per pound $20.00 per hour 0 Required On the spreadsheet provided, prepare the following: • Sales Budget • Production Budget in Units 249 29 • Direct Materials Budget in Units and Dollars • Direct Labor Budget in Hours and Dollars • Overhead Budget in Dollars • Gross Profit Budget

please use excel equations to answer the income statement amounts and other amounts

Answer 1

ANSWER:

SALES BUDGET		IN DOLLARS		PRODUCTION BUDGET (IN UNITS)
				OPENING STOCK		300
2500 UNITS @100=		250000		ADD SALE STOCK		2500
						2800
				LESS CLOSING STOCK		200
					PRODUCTION	2600
DIRECT MATERIAL BUDGET IN UNITS & DOLLAR				DIRECT LABOUR BUDGET IN HOURS & DOLLAR
	UNITS (POUNDS)	DOLLARS		UNITS	HRS	TOTAL
OPG INVENTORY	100			1	2
PURCHASE	7900	39500	7900*5 PER $	2600	2	5200
LESS CONSUMPTION	7800		PER UNIT 3 POUND	5200 @20$	DOLLARS	104000
CLOSING INVENTORY	200
OVERHEAD BUDGET IN DOLLAR		DOLLARS		GROSS PROFIT BUDGET		IN DOLLARS
2600@15 $		39000		SALE PER UNIT		100
				LESS
				DM	15
INCOME STATEMENT AMOUNTS (DOLLARS)			DOLLARS	DL	40
	UNITS	PER UNIT	TOTAL	DOVERHEAD	30	85
SALES	2500	100	250000		PROFIT (PER)	15
LESS				SALES		2500
DIRECT MATERIAL	2500	15	37500		TOTAL	37500
DIRECT LABOUR	2500	40	100000
DIRECT OVERHEAD	2500	30	75000
GROSS PROFIT A-(B+C+D)			37500