The effective income tax rate for the company is 30%. Required: 1. Prepare the Sales budget for 2019. 2. Prepare the Production budget for 2019. 3. Prepare the Direct materials purchases budget (units and dollars) for 2019. 4. Prepare the Direct labor budget for 2019 5. Prepare the Factory overhead budget for 2019. 6. Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019. 7. Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019. Complete this question by entering your answers in the tabs below
Complete this question by entering your answers in the tabs below Required Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Sales budget for 2019. SPRING MANUFACTURING COMPANY Sales Budget For the Year 2019 C12 Total D57 Sales (in units) Selling price per unit Total sales revenue Required 2
Complete this question by entering your answers in the tabs below Required 6 Required 1Required 2 Required 3Required 4 Required 5 Required 7 Required 8 Prepare the Production budget for 2019. SPRING MANUFACTURING COMPANY Production Budget For the Year 2019 C12 D57 Budgeted sales (in units) Total units needed 0 Budgeted production (in units) Required 1 Required 3>
Complete this question by entering your answers in the tabs below Required 1 Required 2Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Direct materials purchases budget (units and dollars) for 2019. (Round "Cost per pound to 2 de cinnal p aces. ) SPRING MANUFACTURING COMPANY Direct Materials Purchases Budget (units and dollars) For the Year 2019 Total C12 D57 Raw material (RM) 1 Budgeted production RM 1 needed for production Total RM 1 needed (bs.) Required purchases of RM 1 (lbs.) Budgeted purchases, RM 1 Raw material (RM) 2
Help Save &Exit Saved Submit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3Required 4Required 5 Required 6 Required 7 Required 8 Prepare the Direct labor budget for 2019. SPRING MANUFACTURING COMPANY Direct Labor Budget For the Year 2019 C12 D57 Total Budgeted production Total direct labor hours needed Budgeted direct labor costs
Homework Answers
Sales Budget for the year 2019
| C12 | D57 | Total | |
| Sales (in units) | 12000 | 8000 | |
| Selling Price Per unit | $ 170.00 | $ 240.00 | |
| Total Sales Revenue | $ 2,040,000.00 | $ 1,920,000.00 | $ 3,960,000.00 |
Production Budget for the year 2019
| C12 | D57 | |
| Sales (in units) | 12000 | 8000 |
| + Planned ending inv. units | 300 | 200 |
| Total Production | 12300 | 8200 |
| - Beginning inventory | 420 | 160 |
| Products to be manufactured | 11880 | 8040 |
Direct Materials Purchase Budget (units &
dollars)
Raw Material (RM) 1:
| C12 | D57 | Total | |
| Budgeted Production | 11880 | 8040 | |
| Per unit Requirement (Pounds) | 10 | 8 | |
| Raw Material Required (Pounds) | 118800 | 64320 | |
| Total Raw Material Required (lbs) | 183120 | ||
| + Planned ending inv. units | 3500 | ||
| - Beginning inventory | 2900 | ||
| Toal Raw Material to be purchased (lbs) | 183720 | ||
| Cost per pound | $ 3.00 | ||
| Toal Raw Material to be purchased ($) | $ 551,160.00 | ||
Raw Material (RM) 2 :
| C12 | D57 | Total | |
| Budgeted Production | 11880 | 8040 | |
| Per unit Requirement (Pounds) | 0 | 4 | |
| Raw Material Required (Pounds) | 0 | 32160 | |
| Total Raw Material Required (lbs) | 32160 | ||
| + Planned ending inv. units | 1300 | ||
| - Beginning inventory | 1900 | ||
| Toal Raw Material to be purchased (lbs) | 31560 | ||
| Cost per pound | $ 3.50 | ||
| Toal Raw Material to be purchased ($) | $ 110,460.00 | ||
Raw Material (RM) 3 :
| C12 | D57 | Total | |
| Budgeted Production | 11880 | 8040 | |
| Per unit Requirement (Pounds) | 2 | 1 | |
| Raw Material Required (Pounds) | 23760 | 8040 | |
| Total Raw Material Required (lbs) | 31800 | ||
| + Planned ending inv. units | 1100 | ||
| - Beginning inventory | 1000 | ||
| Toal Raw Material to be purchased (lbs) | 31900 | ||
| Cost per pound | $ 0.50 | ||
| Toal Raw Material to be purchased ($) | $ 15,950.00 | ||
Direct Labor Budget for the year 2019
| C12 | D57 | Total | |
| Budgeted Production | 11880 | 8040 | |
| Labour Hours per unit | 2 | 3 | |
| Labour Hours | 23760 | 24120 | |
| Total Labour Hours Required | 47880 | ||
| Cost per hour | $ 25.00 | ||
| Toal Raw Material to be purchased ($) | $ 1,197,000.00 | ||
Add Answer to:
Spring Manufacturing Company makes two components identified as C12 and D57 Selected budgetary data for 2019 follow: Finished ComponentS C12 D57 Requirements for each finished component: RM 1 RM 2 RM...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components C12 D57 10 pounds 8 pounds 4 pounds 1 pound 3 hours 2 pounds 2 hours Requirements for each finished component: RM 1 RM 2 RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 160 12,000 370 300 $ 190 12,000 190 200 Direct Materials Information RM1RM2 RM3 5 $ 1.50...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components c12 D57 Requirements for each finished component: RM 1 RM 2 10 pounds 0 2 pounds 2 hours 8 pounds 4 pounds 1 pound 3 hours RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 150 12,000 $ 220 9,000 150 200 400 300 Cost per pound Estimated beginning inventory in...
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...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483, 600 94,100 443,520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783,820 $1,533,220 To prepare a...
finished goods inventory budget Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost...
finished goods inventory budget
Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Budgeted finished goods inventory: ending finished goods inventory in cases unit product cost endine finished poods inventory in dollars Desired ending FG inventory at year end 12,000 cases...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483,600 94,100 443, 520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783, 820 $1,533, 220 To...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 44,000 500,000 90,200 444,000 1,078, 200 608,000 (154,000) 454,000 $1,532,200...
10 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY...
10
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 65,000 437, 760 90, 200 308,828 900,988 630, eee...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. To prepare...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2019.
To prepare a master budget for April, May, and June of 2019,
management gathers the following information.
Sales for March total 20,000 units. Forecasted sales in units
are as follows: April, 20,000; May, 19,000; June, 19,500; and July,
20,000. Sales of 245,000 units are forecasted for the entire year.
The product’s selling price is $26.00 per unit and its total
product cost is $22.80 per unit....
Слеск The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY...
Слеск The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 50,000 434,240 84,210 368,000 936,450 602,000 (151,000) 451,000 $1,387,450...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components C12 D57 10 pounds 8 pounds 4 pounds 1 pound 3 hours 2 pounds 2 hours Requirements for each finished component: RM 1 RM 2 RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 160 12,000 370 300 $ 190 12,000 190 200 Direct Materials Information RM1RM2 RM3 5 $ 1.50...
Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components c12 D57 Requirements for each finished component: RM 1 RM 2 10 pounds 0 2 pounds 2 hours 8 pounds 4 pounds 1 pound 3 hours RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 150 12,000 $ 220 9,000 150 200 400 300 Cost per pound Estimated beginning inventory 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...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483, 600 94,100 443,520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783,820 $1,533,220 To prepare a...
finished goods inventory budget
Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Budgeted finished goods inventory: ending finished goods inventory in cases unit product cost endine finished poods inventory in dollars Desired ending FG inventory at year end 12,000 cases...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483,600 94,100 443, 520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783, 820 $1,533, 220 To...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 44,000 500,000 90,200 444,000 1,078, 200 608,000 (154,000) 454,000 $1,532,200...
10
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 65,000 437, 760 90, 200 308,828 900,988 630, eee...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2019.
To prepare a master budget for April, May, and June of 2019,
management gathers the following information.
Sales for March total 20,000 units. Forecasted sales in units
are as follows: April, 20,000; May, 19,000; June, 19,500; and July,
20,000. Sales of 245,000 units are forecasted for the entire year.
The product’s selling price is $26.00 per unit and its total
product cost is $22.80 per unit....
Слеск The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 50,000 434,240 84,210 368,000 936,450 602,000 (151,000) 451,000 $1,387,450...
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