How do i find the ending available inventory of lamp kits in part 7 ( i have starred it 9.08). I just want the formula. Based on the following data:
Division N has decided to develop its budget based upon projected sales of 37,000 lamps at | ||||
$54.00 per lamp. | ||||
The company has requested that you prepare a master budget for the year. This budget is to be used | ||||
for planning and control of operations and should be composed of: | ||||
1. Production Budget | ||||
2. Materials Budget | ||||
3. Direct Labor Budget | ||||
4. Factory Overhead Budget | ||||
5. Selling and Administrative Budget | ||||
6. Cost of Goods Sold Budget | ||||
7. Budgeted Income Statement | ||||
8. Cash Budget | ||||
Notes for Budgeting: | ||||
The company wants to maintain the same number of units in the beginning and ending inventories of | ||||
work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 750 pieces and | ||||
decreasing the finished goods by 20%. | ||||
Complete the following budgets | ||||
1 | Production Budget | |||
Planned Sales | ||||
Desired Ending Inventory of Finished Goods | ||||
Total Needed | ||||
Less: Beginning Inventory | ||||
Total Production | 36,400 units |
2 | Materials Budget | |||||
Lamp Kits | ||||||
Needed for Production | 36,400 units | {8.01} | ||||
Desired Ending Inventory | 750 units | {8.02} | ||||
Total Needed | 37,150 units | {8.03} | ||||
Less: Beginning Inventory | 500 units | {8.04} | ||||
Total Purchases | 36,650 units | |||||
Cost per piece | $16.72 | {8.05} | ||||
Cost of Purchases (Round to two places, $##.##) | $612,788.00 | {8.06} | ||||
3 | Direct Labor Budget | |||||
Labor Cost Per Lamp | $2.13 | {8.07} | ||||
Production | ||||||
Total Labor Cost (Round to two places, $##.##) | $77,532.00 | {8.08} | ||||
4 | Factory Overhead Budget | |||||
Variable Factory Overhead: | ||||||
Variable Factory Overhead Cost Per Unit | $2.0600000 | |||||
Number of Units to be Produced | ||||||
Total Variable Factory Overhead (Round to two places, $##.##) | $74,984.00 | {8.09} | ||||
Fixed Factory Overhead | $275,000.00 | {8.10} | ||||
Total Factory Overhead (Round to two places, $##.##) | $349,984.00 | {8.11} |
4 | Factory Overhead Budget | ||||||||
Overhead Allocation rate based on: | |||||||||
1. Number of Units | 36400 | ||||||||
Total Factory Overhead / Number of Units | 349984 | ||||||||
(Round to two places, $##.##) | $9.61 | {9.01} | |||||||
5 | Cost of making one unit next year | ||||||||
Cost of one Lamp Kit | 16.72 | ||||||||
Labor Cost Per Lamp | $2.13 | {9.02} | |||||||
Factory overhead per unit | |||||||||
Total cost of one unit | $28.46 | {9.03} | |||||||
(Round to two places, $##.##) | |||||||||
6 | Selling and Admin. Budget | ||||||||
Fixed Selling | 41000 | ||||||||
Variable Selling (Round to two places, $##.##) | $117,660.00 | {9.04} | |||||||
Fixed Administrative | 56000 | ||||||||
Variable Administrative (Round to two places, $##.##) | $75,480.00 | {9.05} | |||||||
Total Selling and Administrative (Round to two places, $##.##) | $290,140.00 | {9.06} | |||||||
7 | Cost of Goods Sold Budget - Assume FIFO (First-In, First-Out) and overhead is applied based on the number of units to be produced. | Round dollars to two places, $##.## | |||||||
Beginning Inventory, Finished Goods | $90,000.00 | {9.07} | |||||||
Production Costs: | $1,035,944.000 | ||||||||
Materials: | |||||||||
Lamp Kits: | |||||||||
Beginning Inventory | $8,000.000 | ||||||||
Purchased | $612,788.000 | ||||||||
Available for Use | $620,788.000 | ||||||||
Ending Inventory of Lamp Kits********************************** | $12,540.00 | {9.08} | |||||||
Lamp Kits Used In Production | $608,248.000 | ||||||||
Total Materials: | $608,248.00 | {9.09} | |||||||
Labor | $77,532.00 | {9.10} | |||||||
Overhead | $349,984.00 | {9.11} | |||||||
Cost of Goods Available | $1,125,764.00 | {9.12} | |||||||
Less: Ending Inventory, Finished Goods | $68,304.00 | {9.13} | |||||||
Cost of Goods Sold | $1,057,460.00 | {9.14} |
Desired ending inventory of lamp kits = 750 units
Cost per piece = $16.72
Hence, value of ending inventory = Quantity of ending inventory x Cost per piece
= 750 x 16.72
= $12,540
How do i find the ending available inventory of lamp kits in part 7 ( i...
Hello I figured out some of the boxes so the yellow boxes that
are filled in are correct but the other yellow boxes I am having a
hard time figuring out can you help? thank you
Projected Income Statement For the Period Ending December 31, 20x1 $45.00 $30.00 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ Cost of Goods Sold @ Gross Profit Selling Expenses: Fixed Variable Commission per unit) Administrative Expenses: Fixed Variable @ Total Selling and Administrative...
The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Lamp Kit: Direct Labor: Variable Overhead: Fixed Overhead: $16.0000000 per lamp 2.0000000 per lamp (4 lamps/hr.) 2.0000000 per lamp 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp: $30.0000000 per lamp Expected increases for 20x2 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected...
I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,90.00 8,000.00 500 @ $16.00 0 3000 @ $30.00 $ 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 20,000.00 6,800.00 13,200.00 213,410.00 $ $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity...
Please help with 9.01 - 10.10 Thank you very much!!! Let me know
if you need any more information.
I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00...
Need help filling out the
yellow cells. (10.01-10.1). Also included the extra information
needed to solve and all numbers already in yellow are correct,
thanks!
2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 34,400 units 600 units 35,000 units 500 units {8.01} {8.02) {8.03} {8.04} 34,500 units 16.96 $ $ 16.96 585,120.00 {8.05) {8.06) 3 Direct Labor Budget $...
A company has the following annual budget data: Beginning finished goods inventory 55,000 units Sales 85,000 units Ending finished goods inventory 45,000 units Direct materials $ 15 per unit Direct labor $ 25 per unit Variable factory overhead $ 8 per unit Selling costs $ 4 per unit Fixed factory overhead $ 95,000 What are total budgeted production costs for the year? (CIA adapted)
A company has the following annual budget data: Beginning finished goods inventory 56,000 units Sales 86,000 units Ending finished goods inventory 46,000 units Direct materials $ 12 per unit Direct labor $ 24 per unit Variable factory overhead $ 4 per unit Selling costs $ 2 per unit Fixed factory overhead $ 96,000 What are total budgeted production costs for the year? (CIA adapted)
1. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under absorption costing. (Do not round
intermediate calculations.)
2. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under variable costing. (Do not round
intermediate calculations.)
3. Compute the difference between Outback Corporation’s 20x1
reported operating income calculated under absorption costing and
calculated under variable costing. (Do not round intermediate
calculations.)
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for...
A company has the following annual budget data: Beginning finished goods inventory 41,000 units Sales 71,000 units Ending finished goods inventory 31,000 units Direct materials $ 12 per unit Direct labor $ 22 per unit Variable factory overhead $ 6 per unit Selling costs $ 3 per unit Fixed factory overhead $ 81,000 What are total budgeted production costs for the year? (CIA adapted) Multiple Choice $2,521,000. $2,582,000. $2,663,000. $2,440,000.
4. For 20x2 the selling price per lamp will be $45.00. If the variable cost increase by $3.00 a unit how many lamps must be sold to breakeven? Breakeven sales in units (Since we cannot sell part of a unit round up to the next unit if needed) (6.01) 5. For 20x2 the selling price per lamp will be $45.00. If the variable cost decreased by $3.00 a unit how many lamps must be sold to breakeven? Breakeven sales in...