Am. 122. 3. Funny Face Company produces and sells automobile batteries, the heavy duty HD240. Ithas its 2014 Sales forecasts as follows:Quarter1Expected Unit Sales3,500Add Desired UnitsTotal ProductionLess Beg. UnitsRequired Productionfor QuarterQuarter27,000Quarter38,000Total30,000Additional Information:Use the chart provided above to complete the production budget for Funny Face Company forthe year2014. The January 1, 2014 inventory of HD is 2000 units. Management desires anending inventory each quarter to be 40% of the next quarter's sales. Note, Sales in the firstquarter of 2015 is projected to be 12,000 units.Required: Complete the chart.

The objective of the question is to prepare a production budget for Funny Face Company for the year…

Answered: 3. Funny Face Company produces and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bean There Inc. manufactures coffee makers. Selected budget and actual information for 2020 are provided below: Budget Information Actual Information Units sold 1 36,000 Sales in dollars $ 1,272,335 1,363,217 Average selling price per unit $ 50 4 Variable cost per unit $ 30 5 Variable cost in total 2 $ 817,930 Fixed selling and admin $ 302,900 $ 293,200 Operating income 3 6 Calculate on excel: 1. Complete the missing information above (1,2,3,4,5,6) 2. Prepare a flexible budget based on the actual quantity of units sold 3. Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report breaks down variances between actual and budget into price and volume variances for sales, variable costs, and selling and admin expenses including which variances are favorable and which…
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