Question

Homework: Project 2 Save Score: 1.3 of 50 pts 1 of 1 (1 complete) HW Score: 2.6% , 1.3 of 50 pt Comp24-1 (similar to EQuestion Help The Triton Toy Company manufactures toy building block sets for children. Triton is planning for 2019 by developing a master (Click the icon to view the balance sheet.) i Data Table Oher budget data for Triton Toy Company (Click the lcon to view the other data) Read the requirements Triton Toy Company Prepare the production budget Balance Sheet Review the sales budget you prepared above, December 31, 2018 Assets Triton Toy Company Current Assets Production Budget Cash 20.000 For the Year Ended December 31, 2019 Accounts Receivable 50,000 First Second Third Fourth Raw Maarials Inventory 3,000 Quarter Quarter Quarter Quarter Total Finished Goods Inventory 15.500 Budgeted sets to be sold 800 g00 1,000 1,100 3800 Total Current Assets Desired sets in ending inventory 88.500 Plus Property, Plant, and Equipment Total sets needed Equipment 206.000 Sets in beginning inventory Less: (68,000) 138.000 Less: Accumulated Depreciation Budgeted sets to be produced S Total Assets 226.500 Choose from any list or enter any number in the input fields and then click Check Answer Liabilities parts remaining Clear All Print Done More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 800 sets for the first qyarter and expected to increase by 100 sets per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60 % of sales on account. Sets are budgeted to sell for $80 per set. b. Finished Goods Inventory on December 31, 2018, consists of 500 sets at $31 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2020 are expected to be 1,200 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 3,000 pounds. Direct materials requirement is 6 pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019, is 3,000 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.30 hours of direct labor; direct labor costs average $10 per hour g. Variable manufacturing overhead is $3.00 per set. h. Fixed manufacturing overhead includes $3,500 per quarter in depreciation and $3,088 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $2,400 per quarter for rent; $750 per quarter for insurance; and $500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1 % of sales k. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid for in the first quarter on iabi Print Done

Answer 1

Production Sales + Ending Inventory Beginning Inventory Triton Toy Company Production Budget For the year ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Budgeted sets to be sold 800 900 1,000 1,100 3,800 Plus: Desired Ending Inventory 270 300 330 360 1,260 [900 x 30% [1100 x 30 % [1200 x 30% [1000 x 30%] X X Total Sets needed Less: Sets in beginning inventory Budgeted sets to be produced 5,060 1,070 1,200 1,330 1,460 (330) (500) (270) (300) (1,400) 1,130 3,660 570 930 1,030