The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication.
| Direct materials inventory, January 1 | $ | 68,000 |
| Direct materials inventory, December 31 | 64,000 | |
| Direct materials budgeted for use during the year | 300,000 | |
| Accounts payable to suppliers of materials, January 1 | 50,000 | |
| Accounts payable to suppliers of materials, December 31 | 79,000 | |
a. Compute the budgeted amount for purchases of direct materials during the year.
b. Compute the budgeted amount for cash payments during the year to suppliers of materials.
Homework Answers
Answer to Part a.
Budgeted Direct Materials used = Beginning Direct Materials
Inventory + Budgeted Direct Materials purchased – Ending Direct
Materials Inventory
$300,000 = $68,000 + Budgeted Direct Materials purchased -
$64,000
Budgeted Direct Materials purchased = $296,000
Answer to Part b.
Budgeted Payment to Suppliers = Accounts Payable, Beginning +
Budgeted Direct Materials purchased – Accounts Payable,
Ending
Budgeted Payment to Suppliers = $50,000 + $296,000 - $79,000
Budgeted Payment to Suppliers = $267,000
Add Answer to:
The following
information is from the manufacturing budget and the budgeted
financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 172,000 380,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the year...
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 $ 68,000. Direct materials inventory, December 31 106,000. Direct materials budgeted for use during the year 390,000. Accounts payable to suppliers of materials, January 1 $50,000. Accounts payable to suppliers of materials, December 31 $79,000. Compute the budgeted amount for purchases of direct materials during the year. Compute the budgeted amount for cash payments during the year to suppliers...
Exercise 23.1 Budgeting Purchases and Cash Payments (LO23-4, LO23-5) The following information is from the manufacturing...
Exercise 23.1 Budgeting Purchases and Cash Payments (LO23-4, LO23-5) The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 173,000 280,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute...
The following information is from the manufacturing budget and budgeted financial statements of Altman Corp.: Direct...
The following information is from the manufacturing budget and budgeted financial statements of Altman Corp.: Direct materials inventory, 11 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 $ 86.000 $102.000 $344.000 $54.000 $64.000 For the year, budgeted cash payments to suppliers amounted to: $344,000 o $350,000 $334,000. $354,000.
The following information was taken from the 2018 financial statements of Waterway Industries: Inventory, January 1,...
The following information was taken from the 2018 financial statements of Waterway Industries: Inventory, January 1, 2018 $ 177000 Inventory, December 31, 2018 242000 Accounts payable, January 1, 2018 157000 Accounts payable, December 31, 2018 234000 Sales revenue 1120000 Cost of goods sold 802000 If the direct method is used in the 2018 statement of cash flows, what amount should Waterway report as cash payments to suppliers?
The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for...
The following information pertains to the January operating budget for Casey Corporation. ∙ Budgeted sales for January $200,000 and February $100,000. ∙ Collections for sales are 60% in the month of sale and 40% the next month. ∙ Gross margin is 30% of sales. ∙ Administrative costs are $10,000 each month. ∙ Beginning accounts receivable is $20,000. ∙ Beginning inventory is $14,000. ∙ Beginning accounts payable is $65,000. (All from inventory purchases.) ∙ Purchases are paid in full the following...
Need Selling & Administrative Expense Budget, Cash Budget, Budgeted Income Statement for EXCEL. Schedules to include:...
Need Selling & Administrative Expense Budget, Cash Budget,
Budgeted Income Statement for EXCEL.
Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Collections b. Production Budget c. Ending Finished Goods Inventory Budget d. Direct Materials Budget, with a Schedule of Cash Disbursement e. Direct Labor Budget f. Manufacturing Overhead Budget g. Selling & Administrative Expense Budget h. Cash Budget i Budgeted Income Statement Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit...
Cost accounting problem HW HF 10.37 Master budget, budgeted financial statements, solve for unknown Anchor Manufacturing...
Cost accounting problem
HW HF 10.37 Master budget, budgeted financial statements, solve for unknown Anchor Manufacturing has 02 forecasted sales of 5,000 units of its product at $75 each for the next month. Beginning inventory consists of 800 pounds of direct materials and 300 units of finished goods. The managers would like to end the month with 1,200 pounds of raw materials, no units in work in process, and 500 units in finished goods. The firm accounts for inventory using...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 172,000 380,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the year...
Exercise 23.1 Budgeting Purchases and Cash Payments (LO23-4, LO23-5) The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 173,000 280,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute...
The following information is from the manufacturing budget and budgeted financial statements of Altman Corp.: Direct materials inventory, 11 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 $ 86.000 $102.000 $344.000 $54.000 $64.000 For the year, budgeted cash payments to suppliers amounted to: $344,000 o $350,000 $334,000. $354,000.
Need Selling & Administrative Expense Budget, Cash Budget,
Budgeted Income Statement for EXCEL.
Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Collections b. Production Budget c. Ending Finished Goods Inventory Budget d. Direct Materials Budget, with a Schedule of Cash Disbursement e. Direct Labor Budget f. Manufacturing Overhead Budget g. Selling & Administrative Expense Budget h. Cash Budget i Budgeted Income Statement Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit...
Cost accounting problem
HW HF 10.37 Master budget, budgeted financial statements, solve for unknown Anchor Manufacturing has 02 forecasted sales of 5,000 units of its product at $75 each for the next month. Beginning inventory consists of 800 pounds of direct materials and 300 units of finished goods. The managers would like to end the month with 1,200 pounds of raw materials, no units in work in process, and 500 units in finished goods. The firm accounts for inventory using...
Most questions answered within 3 hours.
-
A new kind of typhoid shot is being developed by a medical
research team. The old...
asked 1 hour ago -
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 3 hours ago -
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 4 hours ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 6 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 6 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 6 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 6 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 6 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 7 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 7 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 7 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 7 hours ago