Mary's Baskets Company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. There are 4,000 baskets in beginning finished goods inventory with target ending inventory of 9,000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? A) $175,000 B) $150,000 C) $125,000 D) $85,000
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i) Mary's Baskets Company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. There are 4,000 baskets in beginning finished goods inventory with target ending inventory of 9,000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 2019
- A) $175,000
- B) $150,000
- C) $125,000
- D) $85,000
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- Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $7 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work - in- process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $140,000 O B. $119,000 OC. $182,000 OD. $161,000Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work- in-process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $120,000 B. $156,000 OC. $102,000 OD. $138,000 Calculator NextGibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.
- The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects…On January 1, 2022, the Bramble Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,800; second quarter 6,960; third quarter 8,120. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 8,470 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Prepare a production budget by quarters for the 6-month period ended June 30, 2022. BRAMBLE COMPANY Production Budget 1 Quarter 2Perine Company has 2,000 pounds of raw materials in its December 31, 2019, ending inventory. Required production for January and February of 2020 are 4,000 and 5,000 units, respectively. 2 pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month’s materials requirements.Prepare the direct materials budget for January. PERINE COMPANYDirect Materials Budgetchoose the accounting period select an opening name enter a number of units select an item enter a number of pounds select a summarizing line for the first part enter a product of the two previous amounts select between addition and deduction…
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- On January 1,2022, the Vaughn Company budget committee has reached agreement on the following data for the 6 months ending June 30,2022. Sales units: First quarter 7,200: second quarter 8,640: third quarter 10,080.Ending raw materials inventory: 40% of the next quarter's production requirements.Ending finished goods inventory: 25% of the next quarter's expected sales units.Third-quarter production: 10,430 units. The ending raw materials and finished goods inventories at December 31,2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Total Required DIrect Labor HoursTotal Pounds Needed for productionDirect Material PurchasesCost Per PoundDirect Labor Cost Per HourTotal Cost of Direct Material PurchasesDirect Materials Per unitUnits to be…On January 1, 2020, the Carla Vista Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,400; second quarter 6,100; third quarter 7,900. Ending raw materials inventory: 40% of the next quarter’s production requirements. Ending finished goods inventory: 25% of the next quarter’s expected sales units. Third-quarter production: 7,430 units. The ending raw materials and finished goods inventories at December 31, 2019, follow the same percentage relationships to production and sales that occur in 2020. 5 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $6 per pound. A) Prepare a production budget by quarters for the 6-month period ended June 30, 2020. B) Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020.To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $18. Sandhill uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes. In 2020, the company expects to declare and pay an $8,870 cash dividend. The company's cash budget shows an expected cash balance of $5,880 at December 31, 2020. All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2020, the company expects to purchase additional…