Forecast Sales Volume and Sales Budget For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year:   Unit Sales   8" × 10" Frame 12" × 16" Frame East 27,707   11,336   Central 7,373   3,332   West 6,499   2,575   Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y6 Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East 26,900   $31   $833,900   Central 7,300   31   226,300   West 6,700   31   207,700       Total 40,900     $1,267,900             12" × 16" Frame:       East 10,900   $46   $501,400   Central 3,400   46   156,400   West 2,500   46   115,000       Total 16,800     $772,800   Total revenue from sales     $2,040,700   For the year ending December 31, 20Y7, unit sales are expected to follow the patterns established during the year ending December 31, 20Y6. The unit selling price for the 8" × 10" frame is expected to increase to $32 and the unit selling price for the 12" × 16" frame is expected to increase to $48, effective January 1, 20Y7. Required: Question Content Area 1.  Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y6, over budget. Use the minus sign to indicate a decrease in amount and percent. Round percents to the nearest whole percent.   Unit Sales, Year Ended 20Y6 Increase (Decrease) Actual Over Budget   Budget Actual Sales Amount Percent 8" × 10" Frame:           East fill in the blank 74acbe026f99fa5_1 fill in the blank 74acbe026f99fa5_2 fill in the blank 74acbe026f99fa5_3 fill in the blank 74acbe026f99fa5_4%   Central fill in the blank 74acbe026f99fa5_5 fill in the blank 74acbe026f99fa5_6 fill in the blank 74acbe026f99fa5_7 fill in the blank 74acbe026f99fa5_8%   West fill in the blank 74acbe026f99fa5_9 fill in the blank 74acbe026f99fa5_10 fill in the blank 74acbe026f99fa5_11 fill in the blank 74acbe026f99fa5_12% 12" × 16" Frame:           East fill in the blank 74acbe026f99fa5_13 fill in the blank 74acbe026f99fa5_14 fill in the blank 74acbe026f99fa5_15 fill in the blank 74acbe026f99fa5_16%   Central fill in the blank 74acbe026f99fa5_17 fill in the blank 74acbe026f99fa5_18 fill in the blank 74acbe026f99fa5_19 fill in the blank 74acbe026f99fa5_20%   West fill in the blank 74acbe026f99fa5_21 fill in the blank 74acbe026f99fa5_22 fill in the blank 74acbe026f99fa5_23 fill in the blank 74acbe026f99fa5_24% 2.  Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 20Y7, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 20Y7. Use the minus sign to indicate a decrease in percent. Round budgeted units to the nearest whole unit.   20Y6 Actual Units Percentage Increase (Decrease) 20Y7 Budgeted Units (rounded) 8" × 10" Frame:   East fill in the blank 74acbe026f99fa5_25 fill in the blank 74acbe026f99fa5_26% fill in the blank 74acbe026f99fa5_27   Central fill in the blank 74acbe026f99fa5_28 fill in the blank 74acbe026f99fa5_29% fill in the blank 74acbe026f99fa5_30   West fill in the blank 74acbe026f99fa5_31 fill in the blank 74acbe026f99fa5_32% fill in the blank 74acbe026f99fa5_33 12" × 16" Frame:   East fill in the blank 74acbe026f99fa5_34 fill in the blank 74acbe026f99fa5_35% fill in the blank 74acbe026f99fa5_36   Central fill in the blank 74acbe026f99fa5_37 fill in the blank 74acbe026f99fa5_38% fill in the blank 74acbe026f99fa5_39   West fill in the blank 74acbe026f99fa5_40 fill in the blank 74acbe026f99fa5_41% fill in the blank 74acbe026f99fa5_42   Question Content Area 3.  Prepare a sales budget for the year ending December 31, 20Y7. Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East fill in the blank 31704002efaa038_1 $fill in the blank 31704002efaa038_2 $fill in the blank 31704002efaa038_3 Central fill in the blank 31704002efaa038_4 fill in the blank 31704002efaa038_5 fill in the blank 31704002efaa038_6 West fill in the blank 31704002efaa038_7 fill in the blank 31704002efaa038_8 fill in the blank 31704002efaa038_9 Total fill in the blank 31704002efaa038_10   $fill in the blank 31704002efaa038_11 12" × 16" Frame:       East fill in the blank 31704002efaa038_12 $fill in the blank 31704002efaa038_13 $fill in the blank 31704002efaa038_14 Central fill in the blank 31704002efaa038_15 fill in the blank 31704002efaa038_16 fill in the blank 31704002efaa038_17 West fill in the blank 31704002efaa038_18 fill in the blank 31704002efaa038_19 fill in the blank 31704002efaa038_20 Total fill in the blank 31704002efaa038_21   $fill in the blank 31704002efaa038_22 Total revenue from sales     $fill in the blank 31704002efaa038_23

Q: Office Building 17 Accumulated Depreciation-Office Building   LIABILITIES 21 Accounts Payable 22…

A: An adjusting journal entry is usually made at the end of an accounting period to recognize an income…

Q: Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were…

A: FIFO Method: Under FIFO method using perpetual inventory system, Value of ending inventory is…

Q: The following income statement contains errors.   Curbstone Company Income Statement For the Year…

A: An income statement is a financial statement that shows a company's income and expenses. It also…

Q: Pressure Pumps Corporation, a manufacturer of industrial pumps, reports the following results for…

A: Retained Earnings Statement is a statement showing the opening retained earnings, net income earned…

Q: A machine has a first cost of P88,155.25 and has an expected salvage value after 10 years…

A: Declining balance method : Under this method , depreciation is charged a fixed percentage on the…

Q: In the Concepts in Action, the speaker mentioned, "A stock is fundamentally more difficult to value…

A: Common stock is a type of security that represents ownership in a corporation. Common shareholder is…

Q: Xavier Brown (32) is filing as a single taxpayer. During the year, he was unhappy with the…

A: ANSWER:- Long-Term Capital Loss Of $1,660 EXPLANATION:- A long term capital gain refers to the gain…

Q: E9.8 (LO 2) On December 31, 2020, Ling Co. estimated that 2% of its net accounts receiva- ble of…

A: Companies sell goods to customers in cash or on credit. When a credit sale occurs, the customer does…

Q: Complete the following table: (Use Table 15.1) Note: Round your intermediate calculations and final…

A: Solution: Mortgage amount= Selling price - Down payment Monthly mortgage payment = Payment per…

Q: 1. Fruit Tea's data show the following information: Estimated sales (units) Sales price per unit…

A: Budgets are important for all organizations because without budget any organization cannot work…

Q: INSTRUCTION: Indicate on the ANSWER SHEET ABOVE, the AMOUNT of the correct answer. 1. - The net…

A: Income Statement An income statement displays the income, costs, and profitability of a business…

Q: ignmenty takeAssignmentivan.do?invoker-atakeAssignmentSessionLocator=&inprogress=false eBook…

A: PERPETUAL INVENTORY SYSTEM A perpetual inventory system keeps continual track of your inventory…

Q: An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The…

A: Income tax is amount of liability that is to be paid to the government or the appropriate tax…

Q: AP Shruti Shrills is considering an expansion of one of its existing buildings to add more…

A: The question is based on the concept of Financial Management. Payback period is period in which the…

Q: Industries can issue perpetual preferred stock at a price of $74.00 a share. The stock would pay a…

A: Perpetual Preferred Stock :— It is the stock that pays fixed dividend to their investors untill the…

Q: Father, age 67, owns 84% of the common shares of Opco. Mother owns 8%. The remaining 8% is owned by…

A: Dividend refers to the amount of money or the rewards that are paid to the shareholders of the…

Q: Direct Materials Variances The following data relate to the direct materials cost for the production…

A: Direct Material cost variance shows the effectiveness of purchase manager and production manager.

Q: Why would an external user like absorption costing?

A: Absorption costing is used for calculating per unit cost based on all costs including fixed overhead…

Q: Sunland Company started business on January 1, 2024. Some of the events that occurred in its first…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: how do you reduce information risk in auditing ?

A: Audit is the examination of and inspection of books of accounts of a company by an external auditor.…

Q: e hockey stick sells for $130. Description ning Inventory mase Units 16 61 Ur

A: Answer : FIFO = First in first out Moving weighted average = average base

Q: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported…

A: Cost of the assets: As Per the cost concept, the asset should be recorded at its acquisition cost at…

Q: which of the following is an operating avtivity? A. billing customers for services rendered but not…

A: Business activities are defined as those events that result from the workings of an entity in order…

Q: Problem 3 In January 1, 2008, Ringer Company purchased a machine at a cost of P850,000. The machine…

A: Double declining balance method is type of declining method that use double the normal rate…

Q: Regarding Employee vs. Independent Contractor, which of the following are true (mark all that…

A: Common law relationship exists between an employee and an employer when the employer tells, or has a…

Q: A) The value of A1 is 800 B) The value of A2 is 56.96 C) The Value of the Annuality 800 D)The…

A: The value will be calculated by using the following formula: Value of Annuity =Amount×(+Rate…

Q: Relevant Range and Fixed and Variable Costs Child Play Inc. manufactures electronic toys within a…

A: Variable Cost per unit remains same, and fixed cost in total remains constant.

Q: For Mardi Gras, Sassy Southerner Boutique purchased 700 sets of boxed Je boxes were sold at the…

A: Mark down is essentially giving a discount. Here the seller lowers the retail price so as to drive…

Q: Discuss the government accounting system in Trinidad and Tobago.

A: The government accounting system in Trinidad and Tobago is known as the National Accounts System…

Q: A company requires two materials ‘X’ and ‘Y’ for executing a new order. The order requires 2000units…

A:

Q: The management of Nixon Corporation is investigating purchasing equipment that would cost $540,000…

A: A simple rate of return can be calculated by dividing the net income by total assets. It indicates…

Q: The product of a company passes through three processes to completion. They are known as A, B, and…

A: Process costing is a method of costing used mainly in manufacturing where units are continuously…

Q: A partial adjusted trial balance of the Pitbalt Company at January 31, 2003, shows the following…

A: Adjusting Entries - Adjusting Entries are the adjustments required to correct the balance of ledgers…

Q: limited liability partnership

A: A partnership is a form of business where two or more persons start a business with some goals and…

Q: ! Required information [The following information applies to the questions displayed below.] O'Brien…

A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…

Q: . Rowell Corp has 50,000 units completed for the month of January, the beginning inventory units…

A: Process costing is used in an organization where a similar kind of product is produced and goods are…

Q: Massy Distribution Centre (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory.…

A: Introduction: The net cost of the products obtained equals the cost of the commodities purchased.…

Q: Calculate net pay in the following example.

A: Given in the question: FICA Rate 7.65% FITW Rate 15% Paid Per week $475

Q: On January 1, 2022, A, B, C are new lawyers and agreed to form a partnership. . A is to contribute…

A: A partner's donation of property to a partnership must have a basis equal to the adjusted basis of…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

Q: The following shows the time in hours between towns in Jamaica: Alexandria - Brown's Town…

A: Shortest time: It is the time the alexndria takes to reach guy's hill. To calculate shortest time we…

Q: On 1/1/24, Traverse Company sold 100 components at $700 each. All sales were cash sales. Estimated…

A: Assurance-type warranties. A warranty that cannot be purchased separately and only provides…

Q: A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will…

A: Modified Accelerated Cost Recovery System is method of depreciation in taxation. In this method…

Q: After all of the account balances have been extended to the Balance Sheet columns of the…

A: Introduction: Net income is the amount that an individual or business makes after expenses,…

Q: May I ask what the words say for parts a, b, and g?

A: In equation method entry total asset side should be equal to total of liabilities and equity side.

Q: Unearned revenue Expenses Wages expense otal expenses STARK COMPANY Income Statement For Year Ended…

A: A profit and loss statement is a statement of a company's profitability. With the help of this…

Q: Oki Company pays $294,500 for equipment expected to last four years and have a $30,000 salvage…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Using the Redwood City Pet Shoppe Unadjusted Trial Balance from July 31st, prepare the followir…

A: Adjustment entry are entries recorded at the end of the period to provide updated and accurate…

Q: Match each of the following descriptions with the appropriate term. Clear All Plots only the…

A: The correct order of matching is shown below: The definition first followed by their correct match…

Q: Milan Ltd. wants to purchase a new machine for its factory operations at a cost of £380,000. This…

A: TVM stands for Time value of money which states the amount of money that is worth more now than the…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.