Account The Company's Factory Overhead expenses for the year 2021 are as follows. Quarter 1 Quarter...

   

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Account The Company's Factory Overhead expenses for the year 2021 are as follows. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Rent expense Utilities Factory supplies Depreciation expense Indirect labor Indirect materials Total Excerpts from the Direct Materials Budget indicates the following: Direct materials 550,000 45,000 45,000 45,000 45,000 180,000 38,900 39,700 40,600 41,800 161,000 8,400 9,800 7,200 10,800 36,200 16,800 16,800 16,800 16,800 67,200 144,000 144,000 144,000 144,000 576,000 37,800 38,900 34,200 40,500 151,400 290,900 294,200 287,800 298,900 1,171,800 590,000 500,000 620,000 2,260,000 In the development of 2023 annual budget, the Company will consider the above factory overhead expenses data from 2021 plus the following budgetary assumptions: 1. The contract of lease for the factory building will increase by 10% on the last month of the third quarter. 2. Additional depreciation expense will be provided for the projected purchase of equipment worth P50,000 on October 01. Annual depreciation of the equipment is P9,000. 3. Utilities and factory supplies is projected to increase by 5% in 2023. 4. In 2021 and 2022, the Company did not budget any Christmas bonus. On 2023, the Company projected to give one month Christmas bonus to all 4 workers who were categorized as indirect labor. 5. The indirect materials budget is computed at 7% of the budgeted direct materials budget. Required: Determine the budgets for the specified period on the following questions by filling in the blanks. Choose your answers from the given choices. Encode the corresponding Capital Letter of the correct answer to fill in the blank. 1. How much is the budget for Rent expense for quarter 3? 2. How much is the budget for depreciation expense for quarter 4? 3. How much is the total utilities budget for the year 2023? 4. How much is the budget for indirect labor for quarter 4. 5. How much is the total budget for indirect materials for the year 2023? Problem: The required units of production is 634,890 for the targeted sales of 643,200 units. The beginning inventory is 49,870 units. Required: How many units is the desired ending inventory? Problem: XYZ Company projected to manufacture 74,890 units of Product X which is sold at P8 per unit. The desired ending inventory is 6,700 units and the beginning inventory is less by 8% from the ending inventory. Required: 1. How much is the sales budget? 2. How many units will be sold based on the sales budget? Problem: XYZ Company projected to manufacture 124,370 units of Product X which is sold at P5 per unit. The inventory on hand is 12,300 units and the desired ending inventory is higher by 10% from the beginning inventory. Required: 1. How much is the sales budget? 2. How many units will be sold based on the sales budget? Account The Company's Factory Overhead expenses for the year 2021 are as follows. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Rent expense Utilities Factory supplies Depreciation expense Indirect labor Indirect materials Total Excerpts from the Direct Materials Budget indicates the following: Direct materials 550,000 45,000 45,000 45,000 45,000 180,000 38,900 39,700 40,600 41,800 161,000 8,400 9,800 7,200 10,800 36,200 16,800 16,800 16,800 16,800 67,200 144,000 144,000 144,000 144,000 576,000 37,800 38,900 34,200 40,500 151,400 290,900 294,200 287,800 298,900 1,171,800 590,000 500,000 620,000 2,260,000 In the development of 2023 annual budget, the Company will consider the above factory overhead expenses data from 2021 plus the following budgetary assumptions: 1. The contract of lease for the factory building will increase by 10% on the last month of the third quarter. 2. Additional depreciation expense will be provided for the projected purchase of equipment worth P50,000 on October 01. Annual depreciation of the equipment is P9,000. 3. Utilities and factory supplies is projected to increase by 5% in 2023. 4. In 2021 and 2022, the Company did not budget any Christmas bonus. On 2023, the Company projected to give one month Christmas bonus to all 4 workers who were categorized as indirect labor. 5. The indirect materials budget is computed at 7% of the budgeted direct materials budget. Required: Determine the budgets for the specified period on the following questions by filling in the blanks. Choose your answers from the given choices. Encode the corresponding Capital Letter of the correct answer to fill in the blank. 1. How much is the budget for Rent expense for quarter 3? 2. How much is the budget for depreciation expense for quarter 4? 3. How much is the total utilities budget for the year 2023? 4. How much is the budget for indirect labor for quarter 4. 5. How much is the total budget for indirect materials for the year 2023? Problem: The required units of production is 634,890 for the targeted sales of 643,200 units. The beginning inventory is 49,870 units. Required: How many units is the desired ending inventory? Problem: XYZ Company projected to manufacture 74,890 units of Product X which is sold at P8 per unit. The desired ending inventory is 6,700 units and the beginning inventory is less by 8% from the ending inventory. Required: 1. How much is the sales budget? 2. How many units will be sold based on the sales budget? Problem: XYZ Company projected to manufacture 124,370 units of Product X which is sold at P5 per unit. The inventory on hand is 12,300 units and the desired ending inventory is higher by 10% from the beginning inventory. Required: 1. How much is the sales budget? 2. How many units will be sold based on the sales budget?

Answer rating: 100% (QA)

A Lets calculate the budgets for the specified periods based on the given data and assumptions Budget for Rent expense for quarter 3 Rent expense for quarter 3 in 2021 P45000 Increase by 10 in 2023 P4... View the full answer