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- Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2020: Beginning Inventory Ending Inventory Direct materials 24,000 units 24,000 units Work-in-Process Inventory O units O units Finished Goods Inventory 2,000 units 2,500 units On the 2020 budgeted income statement, what amount will be reported for sales? O $246.000 O $240,000 O $312.000 O $318.000Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2020: Beginning Inventory Ending Inventory Direct materials 24,000 units 24,000 units Work-in-Process Inventory 0 units O units Finished Goods Inventory 2,000 units 2,500 units On the 2020 budgeted income statement, what amount will be reported for cost of goods sold?
- В. Nano Sdn Bhd (NSB) manufactures two (2) products called SA1 and RA2. Below are the budgeted sales for the month of January, 2021. SAI 3,200 50 RA2 2,400 Budgeted sales (unit) Price per unit (RM) Opening inventory (unit) Desired closing inventory (unit) 75 1,200 1,320 1,800 1,980 There are two (2) types of material used in the production which are MATA and MAT B. The following is the information related to material for the month of January, 2021: MAT B 1,950 MAT A Opening inventory (unit) Desired closing inventory (unit) Price per kg (RM) Material used per unit: 2,000 10% of the production requirements for the month 4.00 5.00 5 kg 3 kg 3 kg 2 kg SAI RA2 REQUIRED: Prepare the following budgets for the month of January 2021: (a) Production budget (b) Material required for production in quantities (c) Material purchase budgetCompany has prepared the following summary from its functional budgets for the year ended 30th September 2020. Particulars Amount (in Rs.) Amount (in Rs.) Sales(1,00,000 units) 15,00,000 Opening Inventory( Zero Units) Nil Production Costs (1,15,000 units) Direct materials 4,60,000 Direct labour 5,75,000 Variable overhead 1,15,000 Fixed overhead 2,30,000 1,380,000 Closing inventory (15,000 units) (1,80,000) Cost of Sales 1,200,000 Gross Profit 3,00,000 Other overhead fixed costs (2,00,000) Net Profit 1,00,000 The directors of the company have now met to review the above statement. They have decided to revise the budget as follows: Due to competition, reduce the selling price by Rs.5 per unit and despite the reduction in selling price the demand for the product will reduce to 90,000 units. Increase some of the unit production costs: direct…Coronet Company provided the following information related to its inventory sales and purchases for December 2013 and the first quarter of 2014: Feb. 2014 Dec. 2013 Jan. 2014 Mar. 2014 (Actual) (Budgeted) (Budgeted) (Budgeted) Cost of goods $68,000 $88,000 $38,000 $58,000 sold Desired ending inventory levels are 26% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February 2014 would be: Multiple Choice $108,040. $80,200. $65,800. $87,700
- Swifty Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels are planned for the fiscal year of July 1, 2016 to June 30, 2017: June 30, 2017 June 30, 2016 Raw 3000 kilos 1000 kilos Materials Three kilos of raw materials are needed to produce each unit of finished product. If Swifty Corporation plans to produce 480000 units during the 2016-2017 fiscal year, how many kilos of materials will the company need to purchase for its production during the year? O 1442000 O 1446000 O 1439000 O 1440000shown below are the totals from 2018 period budgets. Revenue badget P 100,000 Materials usage from production budget 15,000 Labor cost budget 20,000 Manufacturing overhead budget 20,000 General and administrative budget 30,000 Capital Expenditure budget 20,000 Work in progress inventories Beginning of 2018 10,000 End of 2018 5,000 Finished goods inventory Beginning of 2018 15,000 End of 2018 10,000 Tax Rate 40% 1. prepared a forecasts income statement for the year.Coronet Company provided the following information related to its inventory sales and purchases for December 2013 and the first quarter of 2014 Mar. 2014 Dec. 2013 Jan. 2014 Feb. 2014 (Actual) (Budgeted) (Budgeted) (Budgeted) Cost of goods sold $76,000 $96,000 $46,000 $66,000 Desired ending inventory levels are 31% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February 2014 would be: Multiple Choice $111,780 $94,200. $86,700 $75,300
- Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2004 through June 30, 2005. July 1, 2004 June 30, 2005 40,000 10,000 8,000 8,000 Finished goods 30,000 5,000 1 Three (3) units of raw material are needed to produce each unit of finished product. Answer: Raw material¹ Work-in-process If Hester Company plans to sell 500,000 units during the 2004-2005 fiscal year, the number of units it would have to manufacture during the year would beSalinger Inc., budgeted sales of 30,000 units of its product in January, 2016. Budgeted inventory balances are: January 1 January 31 Finished Goods (units) 6,500 5,600 Required: A. What is the expected production in units for January, 2016? B. Pynchon Enterprises expects to make the following sales revenue in the first quarter of the calendar year 2016 as follows: January February March Sales $180,000 $135,000 $162,000 25% of the sales are on account (accounts receivable), while the other 75% are for cash. The collection pattern for Pynchon's accounts receivable follows: Collections for: Current month's credit sales……….. 50% First month after credit sales………. 30% Second month after credit sales….. 18% Uncollectible Accounts Receivable..2% Required: How much will the expected cash receipts amount to for the month of March, 2016? C. Poe Corporation had budgeted…First Class, Inc., expects to sell 27,000 pool cues for $13 each. Direct materials costs are $3, direct manufacturing labor is $6, and manufacturing overhead is $0.87 per pool cue. The following inventory levels apply to 2020: Direct materials Work-in-process inventory Finished goods inventory Beginning inventory 29,000 units 0 units 1,900 units Ending inventory 29,000 units 0 units 2,500 units What are the 2020 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively? A) $87,000; $174,000; $25,230 B) $86,700; $173,400; $25,143 C) $82,800; $165,600; $24,012 D) $81,000; $162,000; $23,490