Homework Answers
27. As orange company is manufacturer, it has to be prepare Production budget.. While Pineapple company is merchandise company so no manufacturing activity is there so no need to prepare production budget but had to prepare merchandise purchase budget.
ANS. a. Orange co will prepare production budget and pineapple company will prepare merchandise purchase budget
28. Appropriate activity index for a college or university for budgeting faculty positions would be
c. Credit hours taught by a department
29. Direct Material to be purchase = Direct Material required for production + desired closing stock - Opening stock already have
Ans. c. Desired Ending direct Material less begging direct material
30. Budget is to be made by taking consideration of all over activities and requirements from bottom to top.
So, if budget is more likely to result when it
a. Has been developed in a top doen fashion
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Please answer all the questions!!
Orange Co. is a manufacturer and Pineapple Company the difference in...
True / False Questions: 1. The flow of input data for budgeting should be from the...
True / False Questions: 1. The flow of input data for budgeting should be from the highest levels of responsibility to the lowest True False 2. The master budget reflects management's long-term plans encompassing five years or more True False 3. The starting point when budgeting for a not-for-profit organization is generally to budget expenditures first True False The manufacturing overhead budget generally has separate sections for variable, mixed, and fixed costs True False 5. The budgeted income statement indicates...
Please Answer all parts of #5-7, I will rate. Part B. Budgets During July of the...
Please Answer all parts of #5-7, I will rate.
Part B. Budgets During July of the current year, the management of Quivers Inc. asked the controller, Robin, to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases of jet wax at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Cases 300 175 Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 Materials Inventory Cosi $...
You have recently been hired by Forty Company as a managerial accountant. It has not used...
You have recently been hired by Forty Company as a managerial accountant. It has not used budgets in the past but is expecting large growth in the next year and needs to get a loan to pay for the expansion. In order to determine the loan amount, your manager asks you to prepare the following budgets: sales budget, production budget, direct materials purchases budget, direct labor budget, and overhead budget. Directions Prepare each budget of this assignment in one Excel...
Sunshine Co. Ltd. is a manufacturing company. It manufactures 2 products, known as ‘A’ and ‘Z’....
Sunshine Co. Ltd. is a manufacturing company. It manufactures 2 products, known as ‘A’ and ‘Z’. The following information is given for the year 2017: - The standard direct materials and direct labour used for each product is as follows: ‘A’ ‘Z’ Material 1 10 units 8 units Material 2 5 units 9 units Direct Labour 10 hours 15 hours Standard direct materials and direct labour costs: ($) Material 1 8.20 per unit Material 2 17.00 per unit Direct Labour...
Required information Ramos Co. provides the following sales forecast and production budget for the next four mont...
Required information Ramos Co. provides the following sales forecast and production budget for the next four months: July April May 670 June Sales (units) Budgeted production (units) 590 620 690 530 660 630 630 The company plans for finished goods inventory of 210 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 30 % of next month's production...
Hiking Co ("the company") needs your help with preparing their operating budgets for the coming year....
Hiking Co ("the company") needs your help with preparing their operating budgets for the coming year. They have asked you to focus on their walking shorts product line for the first quarter of 2020. The projected sales for the first quarter of 2020 and the projected beginning and ending inventory balances are as follows: Unit sales are 10,000 for the quarter. Unit sales price is $25 per unit. Number of units in closing inventory on Dec 31, 2019 is 0...
please answer all section of #6 and #7. below is the info. and problem. Quivers Inc....
please answer all section of #6 and #7. below is the info. and
problem.
Quivers Inc. began operations on January 1 of the current
year. The company produces eight-ounce bottles of jet wax called
Ophelia Shine. The wax is sold wholesale in 12-bottle cases for
$100 per case. There is a selling commission of $20 per case . The
January direct materials , direct labor, and factory overhead costs
are as follows:
this is data given to answer 6 and...
Production Budget and Direct Materials Purchases Budgets Peanut Land Inc. produces all-natural organic peanut butter. The...
Production Budget and Direct Materials Purchases Budgets Peanut Land Inc. produces all-natural organic peanut butter. The peanut butter is sold in 12-ounce jars. The sales budget for the first four months of the year is as follows: Unit Sales Dollar Sales ($) January 40,000 72,000 February 45,000 81,000 March 60,000 108,000 April 42,000 75,600 Company policy requires that ending inventories for each month be 20% of next month's sales. At the beginning of January, the inventory of peanut butter is...
The company plans for finished goods inventory of 220 units at the end of June. In...
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...
Rad Co. provides the following sales forecast and production budget for the next four months: April...
Rad Co. provides the following sales forecast and production budget for the next four months: April May June July 500 580 530 600 Budgeted production (units) 442 570 544 540 Sales (units) The company plans for finished goods inventory of 120 units at the end of June. In addition, each finished unit requires 5 pounds of raw materials at cost of $2.00 per pound and the company wants to end each month with raw materials inventory equal to 30% of...
True / False Questions: 1. The flow of input data for budgeting should be from the highest levels of responsibility to the lowest True False 2. The master budget reflects management's long-term plans encompassing five years or more True False 3. The starting point when budgeting for a not-for-profit organization is generally to budget expenditures first True False The manufacturing overhead budget generally has separate sections for variable, mixed, and fixed costs True False 5. The budgeted income statement indicates...
Please Answer all parts of #5-7, I will rate.
Part B. Budgets During July of the current year, the management of Quivers Inc. asked the controller, Robin, to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases of jet wax at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Cases 300 175 Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 Materials Inventory Cosi $...
Required information Ramos Co. provides the following sales forecast and production budget for the next four months: July April May 670 June Sales (units) Budgeted production (units) 590 620 690 530 660 630 630 The company plans for finished goods inventory of 210 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 30 % of next month's production...
Hiking Co ("the company") needs your help with preparing their operating budgets for the coming year. They have asked you to focus on their walking shorts product line for the first quarter of 2020. The projected sales for the first quarter of 2020 and the projected beginning and ending inventory balances are as follows: Unit sales are 10,000 for the quarter. Unit sales price is $25 per unit. Number of units in closing inventory on Dec 31, 2019 is 0...
please answer all section of #6 and #7. below is the info. and
problem.
Quivers Inc. began operations on January 1 of the current
year. The company produces eight-ounce bottles of jet wax called
Ophelia Shine. The wax is sold wholesale in 12-bottle cases for
$100 per case. There is a selling commission of $20 per case . The
January direct materials , direct labor, and factory overhead costs
are as follows:
this is data given to answer 6 and...
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...
Rad Co. provides the following sales forecast and production budget for the next four months: April May June July 500 580 530 600 Budgeted production (units) 442 570 544 540 Sales (units) The company plans for finished goods inventory of 120 units at the end of June. In addition, each finished unit requires 5 pounds of raw materials at cost of $2.00 per pound and the company wants to end each month with raw materials inventory equal to 30% of...
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