Data table Target ending inventory in units Metal $ Fabric $ Direct manufacturing labor $ Machine setup overhead Metal Fabric Direct manufacturing labor Machine setup overhead Target ending inventory Product Knox 2,200 2 per pound (same as in 2019) 3 per yard (same as in 2019) 18 per hour 140 per hour Knox Ayer 1,200 Content of Each Product Unit 6 pounds 1.00 yard 0.10 hours 0.01 hours Ayer 7 pounds 3.00 yards 0.20 hours 0.015 hours Direct Materials Metal Fabric 8,000 pounds 1,000 yards
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- Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the operating (nonmanufacturing) costs budget (label it Schedule 8) and (3) the operating income budget for the year endir December312020. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2020. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2020 Data table Revenues Beginning inventory of finished goods (1-1-2020) Ending inventory of finished goods, 12-31-2020 Direct materials used Direct manufacturing labor Manufacturing overhead Variable marketing costs (4% of revenues) Fixed marketing costs Variable distribution costs ($0.50 per cu. ft. for 33,000 cu. ft.) Fixed distribution costs Fixed administration costs $ I 802,200 68,032 62,888 356,000…Brighter Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The are available for the year 2017. E (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the nonmanufacturing c it Schedule 8) and (3) the operating income budget for the year ending December 31, 2017. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2017. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2017 Data Table Revenues %24 1,039,400 Beginning inventory of finished goods (1-1-2017) 88,440 Ending inventory of finished goods, 12-31-2017 66,780 Direct materials used 417,000 Direct manufacturing labor 120,900 Manufacturing overhead 137,450 Variable marketing costs (5% of revenues) Fixed marketing costs 45,000 Variable distribution costs ($0.50 per cu. ft. for 28,000 cu. ft.) Fixed distribution costs 47,000 Fixed administration costs 78,000 Print…Scannell, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Plus: Less: More info Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inv ory was $19,000. Print Done X Data table Cash sales, 30% Credit sales, 70% Total sales $ $ Quarter Ended June 30…
- For the purposes of calculating COGS and Closing Inventory of finished goods, cost per unit forJanuary 2021 is $670 for the Premium wardrobe and $1,480 for the De Luxe wardrobe. Prepare the following budgets for January 2021: Revenues budget Production budget in units Direct materials usage budget and direct materials purchases budget (both budgets in units and $) Direct manufacturing labour budget Manufacturing overhead budget Ending inventories budget (direct materials and finished goods) Cost of goods sold budget For each budget, prepare by product (Premium and De Luxe) and in total.Format of the spreadsheet makes it easy to read and distinguishes clearly between the input and output cellsHatcher Company prepared the following budgeted income statement for 2019: E (Click the icon to view the budgeted income statement.) Read the requirements. Requirement 1. Prepare a budgeted income statement with columns for 600 units, 1,100 units, and 1,300 units sold. Hatcher Company Budgeted Income Statement For the Year Ended December 31, 2019 - X Data Table Unit sales 600 Sales Revenue Cost of Goods Sold Hatcher Company Gross Profit Budgeted Income Statement Selling and Administrative Expenses For the Year Ended December 31, 2019 Operating Income Unit sales 1,100 Sales Revenue ($750 per unit) $ 825,000 495,000 Cost of Goods Sold (60% of sales) Gross Profit 330,000 288,750 Selling and Administrative (35% of sales) 41,250 Operating Income Print DoneThe controller of the Stump Company is preparing the budget for 2021 and needs to estimate a cost function for delivery costs. Information regarding delivery costs incurred in the prior 2 months are: LOADING... (Click the icon to view the information.) Requirements 1. Estimate the cost function for delivery. 2. Can the constant in the cost function be used as an estimate of fixed delivery cost per month? Explain. Requirement 1. Estimate the cost function for delivery. Delivery costs = + ( × ) Delivery costs = + ( × ) Requirement 2. Can the constant in the cost function be used as an estimate of fixed delivery cost per month? Explain. The cost function in requirement 1 is an estimate of how costs behave ▼ outside of within the relevant range, not at cost levels ▼ outside within the relevant range. If there are no months with zero miles driven represented in the delivery cost…
- The SK Industries, Inc. manufactures and sells two products, Accel Active and Accel Regular. In September 2018, SK Industries Budget Department gathered the following data in order to prepare budgets for 2019: 2019 Projected Sales Units Price Accel Active 45,000 s225 Accel Regular 75,000 Sis5 Product Expected Target Inventories Product January 1, 2019 December 31, 2019 Accel Active 9,000 12,000 Accel Regular 17,000 25,000 The following direct materials are expected to be used in the two products: |Material Used per Unit Direct Material Unit Accel Active Accel Regular pound One 6. 4 Two pound 4 2 Three pound 2 Projected data for 2019 with respect to direct materials are as follows: Direct Material Expected Purchase PriceExpected Inventories Target Inventories (January 1, 2019) December 31, 2019) One $15 27,000 lb 35,000 lb Two S7 30,000 lb 35,000 lb Three $4 4,000 lb 7,000 lb Projected direct labor requirements and rates for 2019 are as follows: Product Hours Per Unit Rate Per Hour…Shrek and Fiona Company, manufacturer of a single product, is preparing their annual budget for 2021: Requirements:1. Formulate Projected Financial Statements (As of December 31, 2021)a. Budgeted Cost of Goods Manufacturedb. Budgeted Income Statementc. Budgeted Balance SheetThe SK Industries, Ine. manufactures and sells two products, Accel Active and Accel Regular. In September 2018, SK Industries Budget Department gathered the following data in order to prepare budgets for 2019: 2019 Projected Sales Product Units Price Accel Active 45,000 s225 Accel Regular 75,000 s1s5 Expected Target Inventories Product January 1, 2019 December 31, 2019 Accel Active 9,000 12,000 Accel Regular 17,000 25,000 The following direct materials are expeceted to be used in the two products: |Material Used per Unit Direcet Material Unit Accel Active Accel Regular pound One 6 Two pound 4 2 Three pound 2 Projected data for 2019 with respect to direct materials are as follows: Direct Material Expected Purchase PriceExpected Inventories Target Inventories (January 1, 2019) December 31, 2019) One SIS 27,000 Ib 35,000 lb Two S7 30,000 lb 35,000 lb Three $4 4,000 lb 7,000 lb Projected direct labor requirements and rates for 2019 are as follows: Hours Per Unit Rate Per Hour Product Accel…
- Swenson, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget) i (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period More info Swenson, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 - X In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $8,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $35,000. Print Done *** Data table Cash sales, 20% Credit sales, 80% Total sales $ S March 31 29,000 $ 116,000 145,000 $ Print A Quarter Ended…2. Prepare a cost of goods sold budget for Play-Disc for the year. 3. What if the beginning inventory of finished goods was $80,900 (for 17,000 units)? How would that affect the cost of goods sold budget? (Assume Play-Disc uses the FIFO method.)The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 3,960 kayaks during 2020. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.00 per pound, and the finishing kits cost $150 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $19 per hour, and the type II are paid $16 per hour. Manufacturing overhead is budgeted at $381,520 for 2020, broken down as follows. Variable costs Indirect materials Manufacturing supplies Maintenance and utilities Fixed costs Supervision Insurance Depreciation Total Polyethylene powder Finishing kits Type I labor Type II labor Indirect materials Manufacturing supplies Maintenance…