B. Nano Sdn Bhd (NSB) manufactures two (2) products called SAI and RA2. Below are the budgeted sales for the month of January, 2021. RA2 2,400 75 1,800 SAI 3,200 Budgeted sales (unit) Price per unit (RM) Opening inventory (unit) Desired closing inventory (unit) 50 1,200 1,320 1,980 There are two (2) types of material used in the production which are MAT A and MAT B. The following is the information related to material for the month of January, 2021: MAT B 1,950 Opening inventory (unit) Desired closing inventory (unit) Price per kg (RM) Material used per unit: MAT A 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 budget

B. Nano Sdn Bhd (NSB) manufactures two (2) products called SAI and RA2. Below are the budgeted sales for the month of January, 2021. RA2 2,400 75 1,800 SAI 3,200 Budgeted sales (unit) Price per unit (RM) Opening inventory (unit) Desired closing inventory (unit) 50 1,200 1,320 1,980 There are two (2) types of material used in the production which are MAT A and MAT B. The following is the information related to material for the month of January, 2021: MAT B 1,950 Opening inventory (unit) Desired closing inventory (unit) Price per kg (RM) Material used per unit: MAT A 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 budget

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

See similar textbooks

Similar questions

Synergy Manufacturing Co. Ltd. manufactures Product A and Product B. The following information is available for March 2020 Product A Product B Production (units) 5,000 3,500 Sales (units) 4,600 3,200 Opening inventory (units) Financial data: Product A Product B Unit selling price £ 180.00 £ 150.00 Unit cost: direct materials £ 30.00 £ 24.00 direct labour £ 36.00 £ 24.00 variable production overheads £ 24.00 £ 16.00 fixed production overheads £ 60.00 £ 40.00 variable selling overheads £ 2.00 £ 2.00 Fixed production overheads for the period were £210,000 and fixed administration overheads were £54,000. Please note that fixed production overheads and fixed administration overheads are shared based on the number of production units for Product A and Product B. Required: Based on the details provided in the table below, prepare and interpret accurate income statements for the company using a range of management accounting techniques, such as marginal and absorption costs.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
You are provided the following production information for the month of October 2020 Material A Material B Material C Opening WIP Cost RO R5,622 R4 235 Current Months' Cost R57,885 R66,368 R36,329 Equivalent Units 6,264 units 9.863 units 7.959 units If a FIFO system is used, what is the cost per equivalent unit for Material C?
The following information is extracted from Kobena Company’s records for Product A, Period 1; unit produced 18000 unit unit sold ( RM27 per unit) 17200 unit Budgeted units 18000 unit Variable production cost per unit RM17 Fixed cost Fixed production overheads Fixed administration costs rm45000 rm13000 There were no opening inventories at the beginning of the period.By referring to the information given for Product A, you are required to:i) Calculate the predetermined overheads absorption rate per unit basedon unit of production. ii) Calculate total production cost per unit. iii) The value of closing inventory in Ringgit Malaysia (RM). iv) Prepare Absorption Costing Statement of Profit and Loss for Period 1.
The following information is extracted from Kobena Company’s records for Product A, Period 1; unit produced 18000 unit unit sold ( RM27 per unit) 17200 unit Budgeted units 18000 unit Variable production cost per unit RM17 Fixed cost Fixed production overheads Fixed administration costs rm45000 rm13000 There were no opening inventories at the beginning of the period.By referring to the information given for Product A, you are required to:i) Calculate the predetermined overheads absorption rate per unit basedon unit of production. ii) Calculate total production cost per unit. iii) The value of closing inventory in Ringgit Malaysia (RM).
Required 1 Required 2 Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.) Budgeted Manufacturing Overhead May June
The following information is extracted from Kobena Company’s records for Product A, Period 1; Units produced 18,000 units Units sold (RM27 per unit) 17,200 units Budgeted units 18,000 units Variable production cost per unit RM17 Fixed cost: Fixed production overheads Fixed administration costs RM45,000 RM13,000 There were no opening inventories at the beginning of the period. By referring to the information given for Product A, you are required to: i) Calculate the predetermined overheads absorption rate per unit based on unit of production. ii) Calculate total production cost per unit. iii) The value of closing inventory in Ringgit Malaysia (RM). iv) Prepare Absorption Costing Statement of Profit and Loss for Period 1.
Circetrax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units Units produced Units sold Ending balance, in units Production costs: Variable manufacturing costs per unit Total fixed manufacturing costs What is the unit product cost for the year using absorption costing? OA. $117 630 1,400 1,500 530 $50 $42,000 W
5. The following are data of materials inventory for the year 2020 of Mars Corp: Number of pounds required annually Cost of placing an order Annual carrying cost per pound of 144,000 P180 materials P36 What is the EOQ?
Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method. The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hint: In "Cost per unit" table, cell references come from Direct Materials, Direct Labor, and Manufacturing Overhead budgets.) Use '=ROUND' function to round the fixed manufacturing overhead cost per unit to two decimal places. Prepare a Cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit $ Direct material cost per unit 7.95 10.00 Direct labor cost per unit Manufacturing overhead cost per unit 9.09 27.04 Total projected manufacturing cost per unit $ 2018 Budget #6: Cost of Goods Sold Budget Jan Mar Q1 Total Beginning Finished Goods Inventory, 3,600 units. $ 86,400.00 $ 86,400.00 Units produced and sold in 2018 Cost per unit 27.04 Units per month…
(b) Bee & Lee Limited makes only one product, the cost card of which is as follows:KDirect materials 3Direct labour 6Variable production overhead 2Fixed production overhead 4Variable selling cost 5The selling price of one unit is K21.Budgeted fixed overheads are based on budgeted production of 5,000 units. Opening inventory was 1,000 units and closing inventory was 4,000 units.Sales during the period were 3,000 units and actual fixed production overheads incurred were K25,000.Compute the:(i) Total contribution earned during the period (ii) Total profit or loss for the period. (c) Concise Limited makes a component for one of the engines that it builds. It uses, on average, 2,000 of these components, steadily throughout the year. The component costs $16 per unit to make and it costs an additional $320 to setup the production process each time a batch of components is made. The holding cost per unit is 10% of the unit production cost. The company makes these components at a rate of…
Compute for the Economic order quantity, assuming the no of units of materials required annually 20,000 cost of placing the order P29.00, Annual Carrying cost of inventory P 5.4