*Brief Exercise PERINE COMPANY Direct Materials Budget For the Month Ending January 31, 2014
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1 *Brief Exercise 23-4 Perine Company has 2,000 pounds of raw materials in its December 31, 2013, ending inventory. Required production for January and February of 2014 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 COMPANY Direct Materials Budget For the Month Ending January 31, 2014
2 *Brief Exercise 23-9 Bruno Industries expects credit sales for January, February, and March to be $200,000, $260,000, and $300,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month. Collections from Customers Months ---=Ja=n=u=a:..:.ry.~ =-Fe:::.:b::..:r...::::u:.=ac:...ryL- :M:...:..=.ar:...:c:.:.:h:... January February March
3 *Brief Exercise Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $480,000 for May. Cost of goods sold is expected to be 65% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold. Compute the required purchases for April. Required merchandise purchases for April $' '
4 *Exercise (Part Level Submission) LRF Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $200, , ,000 Budgeted D.M. Purchases $30,000 36,000 40,000 LRF's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. LRF's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. *(a) Prepare a schedule of expected collections from customers for March. LRF COMPANY Expected Collections from Customers March Total collections *(b) The parts of this question must be completed in order. This part will be available when you complete the part above.
5 *Exercise (Part Level Submission) Green Landscaping Inc. is preparing its budget for the first quarter of The next step in the budgeting process is to prepare a cash rece ipts schedule and a cash payments schedule. To that end, the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $80,000; December 2013, $90,000; January 2014, $100,000; February 2014, $120,000; March 2014, $140,000. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $14,000; January 2014, $12,000; February 2014, $15,000; March 2014, $18,000. *(a) Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total. (1) Expected collections from clients. GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2014 January February March Quarter $ $ $ $ November , ,, , , December January February March Total collections, ,, ,, ,, , (2) Expected payments for landscaping supplies. GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2014 January February March Quarter $ $ $ $ December ,, , , 1 of2
6 January February March Total collections, ,, ,,, ,, , *(b) The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright by John Wiley & Sons, Inc. or related companies. All rights reserved.
7 *Exercise (Part Level Submission) In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $500,000, July $600, Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. *(a) Compute the budgeted merchandise purchases for June. Required merchandise purchases $L _J *(b) The parts of this question must be completed in order. This part will be available when you complete the part above.
8 *Exercise 24-8 As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2014 Budget Actual Difference Favorable (F) Unfavorable (U) Neither favorable nor unfavorable (N} Sales in units 8,000 10, F Variable expenses Sales commissions $2,400 $2,600 $200 u Advertising expense u Travel expense 3,600 4, u Free samples given out 1,600 1, F Total variable 8,320 8, u Fixed expenses Rent 1,500 1, Sales salaries 1,200 1, Office salaries Depreciation-autos (sales staff) Total fixed 4,000 4, Total expenses $12,320 $12,950 ~630 u As a result of this budget report, Joe was called into the president's office and congratulated on his fine sales performance. He was reprimanded, however, for allowing his costs to get out of control. Joe knew something was wrong with the performance report that he had been given. However, he was not sure what to do, and comes to you for advice. (a) Prepare a budget report based on flexible budget data to help Joe. (If answer is zero, please enter 0, do not leave any fields blank.) Budget SORIA COMPANY Selling Expense Flexible Budget Report Clothing Department For the Month Ended October 31, 2014 Actual Difference Favorable (F) Unfavorable (U) Neither favorable nor unfavorable (N) Sales in units Variable expenses
9 $ $ Fixed expenses $ $ $,_ ~, , ( b) Should Joe have been reprimanded as per the flexible budget report?
10 *Question 1 The following information is available for Aikman Company. January 1, Raw materials inventory $16,000 Work in process inventory 14,720 Finished goods inventory 28,420 Materials purchased $150,240 Direct labor 222,960 Manufacturing overhead 181,640 Sa les revenue 898,160 December 31, 2014 $28,270 13,490 22,110 Compute cost of goods manufactured. Cost of goods manufactured $'-- J Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2014 $L.J Show the presentation of the ending inventories on the December 31, 2014, balance sheet. (List current assets in order of liquidity.) AIKMAN COMPANY (Partial) Balance Sheet December 31, 2014 $
11 $ $
12 *Question 2 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $308,484 for the year, and machine usage is estimated at 125,400 hours. For the year, $344,600 of overhead costs are incurred and 129,800 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g ) The manufacturing overhead rate $ per machine hour What is the amount of under- or overapplied overhead at December 31? (Round your answer to 0 decimal places, e.g $1,750.) The amount of overhead $' ' Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
13 *Question 3 The ledger of Custer Company has the following work in process account. Work in Process-Painting 5/1 Balance 6,790 5/31 Transferred out? 5/31 Materials 4,580 5/31 Labor 2,530 5/31 Overhead 1,600 5/31 Balance? Production records show that there were 400 units in the beginning inventory, 35% complete, 1,600 units started, and 1,300 units transferred out. The beginning work in process had materials cost of $3,020 and conversion costs of $3,770. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. How many units are in process at May 31? Units in process at May 31 What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g ) Unit materials cost $L...l What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g ) Unit conversion cost $L...l What is the total cost of units transferred out in May? Total cost of units transferred out $L...l What is the cost of the May 31 inventory? Cost of the May 31 inventory $'--..J Copyright by Joh n Wiley & Sons. Inc. or related companies. All rights reserved.
14 *Question 4 Kostrivas Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead -0-38,860 5,400 30% 100% $62,176 $75,390 $166,662 Compute equivalent units of production for materials and for conversion costs. Equivalent units of production for materials Equivalent units of production for conversion costs Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g ) Unit costs of materials $L ~ Unit costs of conversion costs $' ' Show the assignment of costs to units transferred out and in process. Costs to units transferred out $. j Costs to units in process $. j Copyright by John Wiley & Sons, Inc. or related companies. All rights reserved.
15 *Question 1 Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level. Units Produced Total Cost March 10,300 $18,080 April 9,300 17,710 May 10,800 18,850 June 8,500 15,400 July 9,800 17,170 Compute the variable and fixed cost elements using the high-low method. Fixed cost Estimate the total cost if the company produces 9,500 units. Total Cost $L ~
16 *Question 2 Cottonwood Company reports the following operating results for the month of August: Sales $333,900 (units 4,770); variable costs $217,035; and fixed costs $50,320. Management is considering the following independent courses of action to increase net income. 1. Increase selling price by 10% with no change in total variable costs or units sold. 2. Reduce variable costs to 56% of sales. Compute the net income to be earned under each alternative. (Round all answers to 0 decimal places, e.g. 5,275.) 1. Net income $. ----' 2. Net income $~ ~ Which course of action will produce the highest net income?
17 *Question 3 Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $443,000 for April and $406,000 for May. Cost of goods sold is expected to be 70% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold. Compute the required purchases for April. Required merchandise purchases for April $...,
18 *Question 4 Green Landscaping Inc. is preparing its budget for the first quarter of The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected. Clients usually pay 50% of their fee in the month that service is performed, 20% the month after, and 30% the second month after receiving service. Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $88,570; December 2013, $81,280; January 2014, $108,810; February 2014, $124,900; March 2014, $134,910. Purchases of landscaping supplies (direct materials) are paid 50% in the month of purchase and 50% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $14,220; January 2014, $12,980; February 2014, $16,320; March 2014, $19,140. Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total. (1) Expected collections from clients. GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2014 January February March $ $ Quarter $ $ December January February March Total collections ,, ,, ,, , (2) Expected payments for landscaping supplies. GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2014 January February March $ $ $ Quarter $ January
19 February March Total collections , ,, ,, , Determine the following balances at March 31, Accounts receivable $'--.J Accounts payable $'--.J
20 *Question 5 Gundy Company expects to produce 1,312,320 units of Product XX in Monthly production is expected to range from 87,050 to 130,010 units. Budgeted variable manufacturing costs per unit are direct materials $3, direct labor $7, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2. Prepare a flexible manufacturing budget for the relevant range value using 21,480 unit increments. Activity level GUNDY COMPANY Monthly Manufacturing Flexible Budget For the Year 2014 Variable costs Fixed costs
Indirect labor $0.80 Indirect materials 0.50 Utilities 0.40
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