How do I prepare the bugdet and replace all question marks into formula? Cost per unitQuanitity? pounds? hoursCostTotal? per pound? per hour? per hourDirect materials?Direct laborManufacturing overheadUnit product cost? hours?Construct the Income Statement budgetSales?Cost of Goods Sold:?Gross marginS & A expense??Interest epxense?Net income? DataYear 2 QuarterYear 3 Quarter123412Budgeted unit sales40,00060,000100,00050,00070,00080,000• Selling price per unit• Accounts receivable, beginning balance• Sales collected in the quarter sales are made• Sales collected in the quarter after sales are made• Desired ending finished goods inventory is• Finished goods inventory, beginning• Raw materials required to produce one unit• Desired ending inventory of raw materials is• Raw materials inventory, beginning• Raw material costs• Raw materials purchases are paidand• Accounts payable for raw materials, beginning balance$12 per unit$65,00075%25%30% of the budgeted unit sales of the next quarter12,000 units5 pounds10% of the next quarter's production needs23,000 pounds$0.80 per pound60% in the quarter the purchases are made40% in the quarter following purchase$81,500•Direct labor cost per hour•Direct labor hour per unit$15 per hour0.2 hour per unit$2 per hour$60,000•Variable MOH rate•Total fixed MOH•Variable S&A expense rate$1.80 per unit$50,00012%•Minimum cash balance•Annual Interest rate

Cost per unit Direct materials Quanitity Cost Total ? pounds ? hours ? hours ? per pound ? per hour ? per hour Direct labor ? Manufacturing overhead Unit product cost Construct the Income Statement budget Sales ? ? ? ? ? ? Cost of Goods Sold: Gross margin S & A expense Interest epxense Net income

Cost per unit Direct materials Quanitity Cost Total ? pounds ? hours ? hours ? per pound ? per hour ? per hour Direct labor ? Manufacturing overhead Unit product cost Construct the Income Statement budget Sales ? ? ? ? ? ? Cost of Goods Sold: Gross margin S & A expense Interest epxense Net income

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter20: Variable Costing For Management Analysis

Section: Chapter Questions

Problem 20.4BPR: Salespersons' report and analysis Pachec Inc. employs seven salespersons to sell and distribute its...

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00 Chapter 1 PROBLEM 1-19 Traditional and Contribution Format Income Statements L01-6 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales..... Beginning merchandise inventory. Purchases..... 1. 2. 3. 4. 5. 6. Ending merchandise inventory Fixed selling expense...... Fixed administrative expense. Variable selling expense. Variable administrative expense Contribution margin. Net operating income $300,000 $20,000 $200,000 $7,000 ? $12,000 $15,000 ? $60,000 $18,000 Required: Prepare a contribution format income statement. Prepare a traditional format income statement. Calculate the selling price per unit. Calculate the variable cost per unit. Calculate the contribution margin per unit. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Why?
Answer ALL FOUR Questions Question 12 Total Pop's data show the following information of January, February, March, April, May 2022 (respectively): ♦ + Additional information Finished goods inventory is required to be 20% of the next month's . Jan. Feb. Mar. Apr. May Estimated sales (units) 15,000 14,500 16,000 15,500 15,800 Sales price per unit $ 45 $ 45 $ 45 S 45 $ 45 Direct labor per unit $ 3 $ 3 $2.25 S 2 $ Labor rate per hour $ 18 $ 18 S 21 $ 21 S 2 21 requirements. The ending inventory required for direct materials is 15% of the next month's needs. Direct material requires 2 pounds per unit at a cost of $3 per pound. In January, the beginning inventory is 3,000 units of finished goods and 4,470 pounds of material. Required: Prepare the below budgets for the company: (a) a production budget for the first quarter of the year. (b) direct materials budget for the first quarter of the year. X
PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…
Problem: AAA Company produces and sells Product X: Annual Demand 24,000 units Annual cost to held one unit of inventory P11.52 Order Cost P38.40 Beg. Inventory P 0 a. What is the Economic Order Quantity? b. How much is the total Order Costs? c. How much is the total Carrying Costs?
Problem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation:  Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000
Salespersons' report and analysis Walthman Industries Inc. employs seven salespersons to sell and distribute- its product throughout the state. Data taken from reports received from the .salespersons during the year ended December 31 are as follows: Instructions 1. Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson. (Round whole percent to one digit after decimal point.) 2. Which salesperson generated the highest contribution margin ratio for the year and why? 3. Briefly list factors other than contribution margin that should be considered in evaluating the performance of salespersons.
Salespersons' report and analysis Pachec Inc. employs seven salespersons to sell and distribute its product throughout the slate. Data taken from reports received from the salespersons during the year ended June 30 are as Follows: Instructions 1. Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson. 2. Which salesperson generated the highest contribution margin ratio for the year and why? 3. Briefly list factors other than contribution margin that should be considered in evaluating the performance of salespersons.
A 1 Chapter 7: Applying Excel 2 3 Data 4 Selling price per unit 5 Manufacturing costs: 6 7 8 Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead 9 10 Fixed manufacturing overhead per year 11 Selling and administrative expenses: 12 Variable per unit sold 13 Fixed per year 14 15 16 Units in beginning inventory 17 Units produced during the year 18 Units sold during the year 25 Units in beginning inventory 26 Units produced during the year 27 Units sold during the year 28 Units in ending inventory 29 30 Compute the Absorption Costing Unit Product Cost 31 32 Direct materials 33 Direct labor 34 Variable manufacturing overhead 35 Fixed manufacturing overhead 36 Absorption costing unit product cost 37 19 20 Enter a formula into each of the cells marked with a ? below 21 Review Problem 1: Contrasting Variable and Absorption Costing 22 23 Compute the Ending Inventory 24 46 Compute the Variable Costing Unit Product Cost 47 48 Direct materials 49 Direct labor…
Question Two Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 @GH₵200.00 200hrs 3,500units GH₵20 per unit Process 2 GH₵25,000.00 600hrs 3,150units GH₵40 per unit a. You are required to prepare the relevant accounts b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct Material introduced (4,000 units) Material added Labour Costs (@GH₵400 per hour) Output in units Scrap value of normal loss Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks cost and indirect cost
A1 fx Chapter 6: Ap B D E Chapter 6: Applying Excel 3 Data 4 Selling price per unit 5 Manufacturing costs: 6 Variable per unit produced: Direct materials $50 7 $11 8 Direct labor $6 $3 Variable manufacturing overhead 10 Fixed manufacturing overhead per year 11 Selling and administrative expenses: 12 Variable per unit sold 13 Fixed per year 9 $120.000 $4 S70,000 14 15 Year 1 Year 2 16 Units in beginning inventory 17 Units produced during the year 18 Units sold during the year 10,000 6.000 8,000 6,000 19 20 Enter a formula into each of the cells marked with a ? below 21 Review Problem 1: Contrasting Variable and Absorption Costing 22 23 Compute the Ending inventory 24 Year 1 Year 2 25 Units in beginning inventory 26 Units produced during the year 27 Units sold during the year 28 Units in ending inventory 2,000 6,000 6,000 10,000 8.000 2,000 2,000 29 30 Compute the Absorption Costing Unit Product Cost Year 1 $11 31 Year 2 $11 32 Direct materials 33 Direct labor 34 Variable manufacturing…
Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B26 enter the formula "= B5". Required: 1. Check your worksheet by changing the budgeted unit sales in Quarter 2 of Year 2 in cell C5 to 75,000 units. The total expected cash collections for the year should now be $2,085,000. The required production for the year should be 274,000 units. The cost of raw materials to be purchased for the year should be $1,106,800, whereas the total cash disbursements for the year should be $1,095,980. If you do not get this answer, find the errors in your worksheet and correct them.
Problem 2: Economic Order Quantity MNO Company has the following inventory costs: 100 Total cost to place one order Total annual cost to carry 2 units Economic order quantity 20 8,000 units Assume that the units will be required evenly throughout the year, compute for the following: 4. Annual demand 5. Total annual carrying cost 6. Number of orders to be placed