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Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June) 2nd Quarter Total April May J


Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June) 2nd Quarter Total April May June 1. Budgeted Sales Revenue 2. Budgeted Production in Units 3. Budgeted Cost of Raw Material Purchases 4. Budgeted Direct Labor Cost 5. Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold. 7. Total Budgeted Selling and Adm. Expenses
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Answer #1
2nd Quarter
April May June Total
1 Budgeted Sales Revenue 5600 6300 7700 19600
2 Budgeted Production in Units 420 490 540 1450
3 Budgeted Cost of Raw Material Purchases 4410 5050 5415 14875
4 Budgeted Direct Labor Cost 2940 3430 3780 10150
5 Budgeted Manufacturing Overhead 1060 1080 1120 3260
6 Budgeted Cost of Goods Sold 39200 44100 53900 137200
7 Total Budgeted Selling and adm. Expenses 1190 1220 1280 3690

Workings:

Sales March April May June July August
Expected Unit sales 350 400 450 550 525 575
Sales (Expected unit Sales x 14) 4900 5600 6300 7700 7350 8050
Cost of goods sold (Expected unit Sales x 7) 34300 39200 44100 53900 51450 56350
Finished goods at end of the month (40% of next months sales) 160 180 220 210 230
Production units
Finished goods-End of the month 160 180 220 210 230
Expected Sales 350 400 450 550 525
(-) Finished goods- Opening -140 -160 -180 -220 -210
              Production units 370 420 490 540 545
Cost of raw material purchases
Raw materials - End of the month [(30% of next month production)*($2.5 x 4) 1260 1470 1620 1635
Raw materials consumed (Production units x 4 x $ 2.5) 3700 4200 4900 5400
(-) Raw materials-opening -1110 -1260 -1470 -1620
       Raw material purchased 4410 5050 5415
Direct labour cost
( Production units x 30Minutes/60minuts x $14) 2590 2940 3430 3780 3815
Manufacturing overhead
   Fixed 900 900 900 900 900 900
    Variable (Expected unit Sales x 0.40) 140 160 180 220 210 230
1040 1060 1080 1120 1110 1130
Selling and Administrative expenses
    Fixed 950 950 950 950 950 950
    Variable (Expected unit Sales x 0.60) 210 240 270 330 315 345
1160 1190 1220 1280 1265 1295
Credit sales ( 20% x Sales) 980 1120 1260 1540 1470 1610
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