Please make the production budget in units and materials purchases budget
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Q: Define the term production budget.
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Q: Prepare a production budget. Enter all amounts as positive numbers.
A: The answer for the Sales budget and Production Budget are as follows
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.
Please make the production budget in units and materials purchases budget
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- Use the following information for Exercises 9-50 and 9-51: Assume that Stillwater Designs produces two automotive subwoofers: S12L7 and S12L5. The S12L7 sells for 475, and the S12L5 sells for 300. Projected sales (number of speakers) for the coming 5 quarters are as follows: The vice president of sales believes that the projected sales are realistic and can be achieved by the company. Exercise 9-50 Sales Budget Refer to the information regarding Stillwater Designs above. Required: 1. Prepare a sales budget for each quarter of 20X1 and for the year in total. Show sales by product and in total for each time period. 2. CONCEPTUAL CONNECTION How will Stillwater Designs use this sales budget?Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…
- Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…A. State and explain two objectives of business in preparing budget. Provide example where necessary. B. Kinetic Manufacturing maħufactures small robots that function as a timekeeper. It expects to produce 4,000 units each month. Budgeted variable manufacturing costs per unit are direct materials RM7, direct labour RM5 and overhead RM10. Monthly budgeted fixed manufacturing overhead costs are RM4,500 for depreciation and RM3,000 for rental. In the current month, Kinetic Manufacturing produced 4,100 units of small robots and incurred the following costs: direct material RM28,290, direct labour RM22,000, variable overthead RM44,000, depreciation RM4,500 and rental RM3,000. Required: Prepare a performance report using flexible budget for 4,100 units of output. For each expense, determine the type of variance; favourable or unfavourable. Based on the performance report prepare in (i), discuss the performance of Kinetic Manufacturing for the current month.
- Furniture Island manufactures customized dining tables and isin the process of preparing its budgets for the next quarter (April,May and June). To date the following budgeted information hasbeen compiled for one of its popular products ‘Mode’:ModeBudgeted sales (units)April 3,000May 5,500June 3,500July 4,000Budgeted selling price per unit: £8080% of sales are on credit. Credit terms are strictly 30 days. 1%of all sales will result in bad debt. Trade receivables outstandingon 31st March were £65,000 (which are all collectible in April). Material X (kilogrammes) 3 kgMaterial planner has provided the following information:Material X ModeOpening inventory(April)1,000 kg 1,200 unitsClosing inventory(June)1,800 kg xPurchase price (perkilogramme)£2.50 x[ACC2003/LAC2003][Page 9 of 10]All purchases are paid in the same month to the supplier.Management have decided closing stock at the end of eachmonth should be as follows:Raw materials: 10% of the next month’s usageFinished goods: 10% of the…A company produces and sells twò models of product X: X1 and X2. The selling price of X1 is 15 € and X2 is 25 €. The management budgets sales semiannually. Its projection for the first 2 quarters of year 20xx are as follows: Unit sales Product Quarter 1 Quarter 2 X1 20 000 22 000 X2 15 000 12 000 No cahnges in selling prices are anticipated. The task: Prepare a sales budget for the 2 quarters ending June 30, 20xx. List the products and show for each quarter and the 6 months, units, selling price, and total sales by product and in total.A. State and explain two objectives of business in preparing budget. Provide example where necessary. B. Kinetic Manufacturing mahufactures small robots that function as a timekeeper. It expects to produce 4,000 units each month. Budgeted variable manufacturing costs per unit are direct materials RM7, direct labour RM5 and overhead RM10. Monthly budgeted fixed manufacturing overhead costs are RM4,500 for depreciation and RM3,000 for rental. In the current month, Kinetic Manufacturing produced 4,100 units of small robots and incurred the following costs: direct material RM28,290, direct labour RM22,000, variable overhead RM44,000, depreciation RM4,500 and rental RM3,000. Required: Prepare a performance report using flexible budget for 4,100 units of output. For each expense, determine the type of variance; favourable or unfavourable. Based on the performance report prepare in (i), discuss the performance of Kinetic Manufacturing for the current month.
- Wellness Products, needs a cash budget for September. The following information is available: 1. The cash balance at the beginning of August is 9,000€. 2. Contribution margin is 50% (COGS are 50% of sales) 3. Actual sales for July and expected sales for August, September and October are as shown below. Some customers pay in cash (Cash sales) and others in account as described in the figure below. Customers that pay in account, make the payment the month after. 4. Purchases of inventory (company just resells what they buy) must be done so that the end of month inventory must cover 20% of next month sales. Initial inventory in July was 5.300€. 100% of a month's inventory purchases are paid for during the month of purchase. 1. Prepare a schedule of expected cash collections for August, September & October. 2. Prepare a merchandise purchases budget for July, August, and September. 3. Prepare a schedule of expected cash flow (cash in minus cash out) for August, and September. Cash Sales…Lily Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 336,000 $25 25,200 21,000 2 25,200 33,600 $3 0.4 $12 $13 Product JB 60 168,000 $30 12,600 8,400 3 8,400 12,600 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $470,400 for product JB 50 and $302,400 for product JB 60, and administrative expenses of $453,600 for product JB 50 and $285,600 for product JB…Imagine you are an owner of a company. Listed below are your budgeted monthly unit sales sold at P1o per unit. March April May June July Budgeted Monthly Unit 2,000.00 3,000.00 4,000.00 5,000.00 4,500.00 Sales Using the table below, prepare a sales budget for the month of April, May and June. Budgeted Sales Forecast Аpril Мay June Total Budgeted Monthly Unit Sales Unit Selling Price Sales Budget