Medina Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For
Question:
Medina Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2011, the following data are available.
1. Sales: 20,000 units quarter 1; 22,000 units quarter 2.
2. Variable costs per dollar of sales: Sales commissions 5%, delivery expense 2%, and advertising 3%.
3. Fixed costs per quarter: Sales salaries $10,000, office salaries $6,000, depreciation $4,200, insurance $1,500, utilities $800, and repairs expense $600.
4. Unit selling price: $20.
Instructions
Prepare a selling and administrative expense budget by quarters for the first 6 months of 2011.
Step by Step Answer:
MEDINA COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30 2011 Quar...View the full answer
Managerial Accounting Tools for business decision making
ISBN: 978-0470477144
5th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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