1 answer

9:42 < Budget problem Parameters acc 32... 7 Budget Problem (75 Points) 1. Projected unit sales:...

Question:

9:42 < Budget problem Parameters acc 32... 7 Budget Problem (75 Points) 1. Projected unit sales: June sales 120,000, July sal
9:42 < Budget problem Parameters acc 32... salaries $275, 000 per month, commissions 2% of sales dollars and other expenses a
9:42 < Budget problem Parameters acc 32... 7 Budget Problem (75 Points) 1. Projected unit sales: June sales 120,000, July sales 130,000 August 140,000, September 150,000 and October sales 170.000 2. Sales price per unit, $15.00 3. Units in ending inventory each month should equal 10% of next month sales. 4. Raw material required per unit is 2 pounds, cost is $3.00 per lb. 5. Ending inventory required at the end of each month is 5% of next month needs. 6. Direct labor required to produce one units is 25 direct labor hour. The hourly rate is $10.00 7. Sales and administrative expenses are projected to be: salaries $275,000 per month, commissions 2% of sales dollars and other expenses are expected to be $75,000 per month plus 3% of sales dollars. 8. Forty percent of the sales are collected in the month of sales and 60 percent in the month following 9. Thirty percent of raw materials purchases are paid in in the month of purchase and 70 percent in the month following 10. Manufacturing overhead costs: a. Indirect labor, $3.00 per direct labor hour, b. Indirect materials are $1.00 per unit produced, c. Utilities are $1.00 per direct labor hour, d. Maintenance cost are $0.50 per direct labor hour c. Supervisor salaries are $40,000 per month 1. Depreciation is S10.000 per month g. Property taxes are $5,000 per month h. Insurance is $7,000 per month, and i. Fixed maintenance cost is $10,000 per month Other pertinent information: a. Beginning cash balance is $100,000 b. Beginning accounts payable balance is $530,000 For the quarter ending September 30 provide answers for the following: 1. Sales in units and dollars. 2. Units produced, 3. Cost of raw material, 4. Direct labor cost, 5. Manufacturing overhead cost, 6. Sales and administration cost, 7. Cost of ending finished goods inventory, 8. Cash balance at September 30 9. Contribution margin, 10. Net operating income, 11. Breakeven sales dollars, 12. Sales dollars needed to eam a net operating income of $400.000, 13. Ending accounts receivable balance, 14. Predetermined manufacturine overhead rate usine direct n Dashboard Calendar To Do Notifications inbox
9:42 < Budget problem Parameters acc 32... salaries $275, 000 per month, commissions 2% of sales dollars and other expenses are expected to be $75,000 per month plus 3% of sales dollars. 8. Forty percent of the sales are collected in the month of sales and 60 percent in the month following 9. Thirty percent of raw materials purchases are paid in in the month of purchase and 70 percent in the month following 10. Manufacturing overhead costs: a. Indirect labor, $3.00 per direct Labor bour b. Indirect materials are $1.00 per unit produced, c. Utilities are $1.00 per direct labor hour, d. Maintenance cost are $0.50 per direct labor hour, e. Supervisor salaries are $40,000 per month 1. Depreciation is $10,000 per month g. Property taxes are $5,000 per month, h. Insurance is $7.000 per month, and i. Fixed maintenance cost is $10,000 per month Other pertinent information: a. Beginning cash balance is $100,000 b. Beginning accounts payable balance is $530,000. For the quarter ending September 30 provide answers for the following: 1. Sales in units and dollars, 2. Units produced, 3. Cost of raw material, 4. Direct labor cost, 5. Manufacturing overhead cost, 6. Sales and administration cost, 7. Cost of ending finished goods inventory 8. Cash balance at September 30 9. Contribution margin, 10. Net operating income, 11. Breakeven sales dollars. 12. Sales dollars needed to cam a net operating income of $400.000, 13. Ending accounts receivable balance, 14. Predetermined manufacturing overhead rate using direct labor hours as the activity, and 15. Ending accounts payable balance for raw materials Do not send your budgets; just provide the answers to the questions. NO PHOTOGRAPHS OF WORK WILL BE GRADED; YOU MUST USE EXCEL OR WORD. ADVICE: BEFORE YOU BEGIN THIS ASSIGNMENT Go to chapter 8, beginning with the sales Dashboard Calendar To Do Notifications

Answers

As per policy, only four parts of a questions are allowed to answer at a time, but answering 7 parts here :

1) Sales units and value:
Month June July Aug Sept Oct. Qter Sep ended
Units sales 120000 130000 140000 150000 170000
Sales price 15 15 15
Sales   1950000 2100000 2250000 6300000
2) Units Produced:
Sales units 130000 140000 150000 170000
add:Cl Inventory 7000 7500 8500
Total available 137000 147500 158500
less:Op Inventory 6500 7000 7500
Production reqd. 130500 140500 151000 422000
3) cost of raw material:
Production reqd. 130500 140500 151000
RM per unit 2 2 2
RM reqd. 261000 281000 302000
Cost of RM per lb 3 3 3
RM Cost (A) 783000 843000 906000 2532000
4) Direct Labor cost:
Production reqd. 130500 140500 151000
Dir Lab per unit 0.25 0.25 0.25
DL required 32625 35125 37750
Cost of DL hour 10 10 10
DL cost (B) 326250 351250 377500
5) Manufacturing overhead cost:
Ind. Labor 97875 105375 113250
Ind. Mat. 130500 140500 151000
Utilities 32625 35125 37750
Maint. Cost 16312.5 17562.5 18875
Supervisor salaries 40000 40000 40000
Depreciation 10000 10000 10000
Property taxes 5000 5000 5000
Insurance 7000 7000 7000
Fixed maint. Cost 10000 10000 10000
Total Manufacturing Overhead ('C) 349312.5 370562.5 392875 1112750
6) Sales and administration cost:
Salaries 275000 275000 275000
Commission 39000 42000 45000
Other expenses 133500 138000 142500
Total Sales and administration cost 447500 455000 462500 1365000
7) Cost of ending finished goods inventory:
Cl.

Inventory

7000 7500 8500
Total cost of production (A+B+C) 1458563 1564813 1676375
Total production 130500 140500 151000
Cost per unit 11.17672 11.13746 11.10182
Cost of Ending FG Inventory 78237 83531 94365 94365
.

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