accounting 1090 Homework Assignments (Exerc X Do Homework - Rawa Jakkou X + C mathxl.com/Student/PlayerHomework.aspx?homeworkld=580667844&questionld=1&flushed=false&cld=6253128¢erwin=yes Apps YouTube Maps G= News M Gmail zoon.us C My

accounting 1090

Homework Assignments (Exerc X Do Homework - Rawa Jakkou X + C mathxl.com/Student/PlayerHomework.aspx?homeworkld=580667844&questionld=1&flushed=false&cld=6253128&centerwin=yes Apps YouTube Maps G= News M Gmail zoon.us C My Devices | Che... Settings - Security Acct 1090 - Prof. Edwards - Late Start Fall 2020 Rawa Jakkou & | 11/21/20 3:55 PM Homework: Week Six: Homework Mastery Problem Chapter 5 (mana Save Score: 2.78 of 8 pts 1 of 1 (1 complete) HW Score: 34.71%, 2.78 of 8 pts x PM5-41A (similar to) Question Help The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is planning for the Other data for Grady Tire Company: next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) i Data Table - X Direct materials cost per tire $ 14.00 Direct labor cost per tire 4.80 Grady Tire Company Manufacturing overhead cost per tire 8.40 Balance Sheet Total projected manufacturing cost per tire for 2025 $ 27.20 December 31, 2024 Assets Now prepare the cost of goods sold budget. Current Assets: Review the sales budget you prepared above. Cash $ 42,000 Review the production budget you prepared above. Accounts Receivable 45,000 Grady Tire Company Raw Materials Inventory 4,200 Cost of Goods Sold Budget 7,200 For the Year Ended December 31, 2025 Finished Goods Inventory First Second Third Fourth Total Current Assets $ 98,400 Quarter Quarter Quarter Quarter Total Property, Plant, and Equipment: Equipment Question Viewer 7,200 183,000 Beginning inventory 7,200 Tires produced and sold in 2025 1,300 Less: Accumulated Depreciation (94,000) 89,000 187,400 Total budgeted cost of goods sold Total Assets Liabilities Choose from any list or enter any number in the input fields and then click Check Answer. Current Liabilities: ? Accounts Pavable 17 000 12 parts Clea Final Check remaining Print DoneHomework Assignments (Exerc X Do Homework - Rawa Jakkou X + C mathxl.com/Student/PlayerHomework.aspx?homeworkld=580667844&questionld=1&flushed=false&cld=6253128&centerwin=yes Apps YouTube Maps G= News M Gmail zoon.us C My Devices | Che... Settings - Security Acct 1090 - Prof. Edwards - Late Start Fall 2020 Rawa Jakkou & | 11/21/20 3:55 PM Homework: Week Six: Homework Mastery Problem Chapter 5 (mana Save Score: 2.78 of 8 pts 1 1 of 1 (1 complete) HW Score: 34.71%, 2.78 of 8 pts The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is planning for the Other data for Grady Tire Company: next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2024, follows. i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the require i Data Table - X i Requirements X Accounts Receivable 45,000 Raw Materials Inventory 4,200 1. Prepare Grady's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, Finished Goods Inventory 7,200 direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget Total Current Assets $ 98,400 schedule of cash receipts, schedule of cash payments, and cash budget Property, Plant, and Equipment: Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Equipment 183,000 2. Prepare Grady's annual financial budget for 2025, including budgeted income Less: Accumulated Depreciation 94,000 89,000 statement and budgeted balance sheet. $ 187,400 Total Assets Print Done Liabilities rth Current Liabilities: rter Total Accounts Payable $ 17,000 Beginning inventory 7,200 7,200 Stockholders' Equity Tires produced and sold in 2025 1,300 Common Stock, no par $ 100,000 Total budgeted cost of goods sold Retained Earnings 70,400 Choose from any list or enter any number in the input fields and then click Check Answer. Total Stockholders' Equity 170,400 ? 187,400 Total Liabilities and Stockholders' Equity $ 12 parts remaining Clear All Print DoneHomework Assignments (Exerc X Do Homework - Rawa Jakkou X + C mathxl.com/Student/PlayerHomework.aspx?homeworkld=580667844&questionld=1&flushed=false&cld=6253128&centerwin=yes Apps YouTube . Maps G= News M Gmail zoon.us C My Devices | Che... Settings - Security zoon.us Acct 1090 - Prof. Edwards - Late Start Fall 2020 zoon.us Rawa Jakkou & | 11/21/20 3:56 PM Homework: Week Six: Homework Mastery Problem Chapter 5 (mana Save Score: 2.78 of 8 pts 1 of 1 (1 complete) HW Score: 34.71%, 2.78 of 8 pts x PM5-41A (similar to) Question Help The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is planning for the Other data for Grady Tire Company: next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) i More Info X Direct materials cost per tire $ 14.00 Direct labor cost per tire 4.80 (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) Manufacturing overhead cost per tire 8.40 Budgeted sales are 1,300 tires for the first quarter and expected to increase by 100 tires per quarter. Cash Total projected manufacturing cost per tire for 2025 $ 27.20 sales are expected to be 40% of total sales, with the remaining 60% of sales on account. b. Finished Goods Inventory on December 31, 2024 consists of 300 tires at $24 each. Now prepare the cost of goods sold budget. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2026 are C. expected be 1,700 tires. FIFO inventory costing method is used. Review the sales budget you prepared above. Raw Materials Inventory on December 31, 2024, consists of 600 pounds of rubber compound used to Review the production budget you prepared above. d. manufacture the tires. Grady Tire Company Direct materials requirements are two pounds of a rubber compound per tire. The cost of the compound is e. $7.00 per pound. Cost of Goods Sold Budget Desired ending Raw Materials Inventory is 50% of the next quarter's direct materials needed for For the Year Ended December 31, 2025 production; desired ending inventory for December 31, 2025 is 600 pounds; indirect materials are f. insignificant and not considered for budgeting purposes. First Second Third Fourth g. Each tire requires 0.30 hours of direct labor; direct labor costs average $16 per hour. Quarter Quarter Quarter Quarter Total h. Variable manufacturing overhead is $1 per tire. Beginning inventory 7,200 7,200 Fixed manufacturing overhead includes $3,000 per quarter in depreciation and $8,433 per quarter for other Tires produced and sold in 2025 1,300 i. costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $4,200 per quarter for Total budgeted cost of goods sold j. rent; $1,200 per quarter for insurance; and $1,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Choose from any list or enter any number in the input fields and then click Check Answer. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid in the I. first quarter. 12 parts Cle remaining Print Donem Homework Assignments (Exerc X a Do Homework - Rawa Jakkou X + Hw Score: 34.71%.2.78 of8pts The Grady Tire Company manufactures racing tires for bicycles Grady sells tires for $85 each Grady is planning for the Other data for Grady Tlre Company: next year by developing a master budget by quarters. Grady's balance sheet for December 31. 2024, follows: a (Click the icon in view the balance sheet.) 0 More Info Direct materials cost per tire $ 14.00' . , w Desired ending Raw Materials Inventory is 50% of the next quarter's direct materials needed for Direct labor \"5' per "'9 4'30 production; desired ending inventory for December 31. 2025 is 600 pounds; indirect materials are Manufacturing overhead 005' per tire 8.40' insignicant and not considered for budgeting purposes. $ 27.20' . Each tire requires 0.30 hours of direct labor, direct labor costs average $16 per hour. Total projected manufacturing cost per tire for 2025 , , _ _ . Variable manufacturing overhead Is $1 per tire. Now prepare the cost of goods sold budget. Fixed manufacturing overhead includes $3.000 per quarter in depreciation and $8,433 per quarter for other ' costs, such as utilities. insurance. and property taxes. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $4.200 per quarter for rent: $1,200 per quarter for insurance; and $1,000 per quarter for depreciation. Review the sales budgyoimpared above. Review the production budget you prepared above. . Variable selling and administrative expenses include supplies at 1% of sales. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid in the rst quarter. Cash receipts for sales on account are 80% in the quarter of the sale and 20% in the quarter following the First Second Third Fourth sale; December 31. 2024, Accounts Receivable is received in the rst quarter of 2025; uncollectible . accounts are considered insignicant and not considered for budgeting purposes. Quarter Quarter Quarter Quarter Total Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Beginning inventory 7,200 7,200 . December 31. 2024. Accounts Payable is paid in the rst quarter of 2025. Tires produced and sold in 2025 1.300 . Direct labor, manufacturing overhead. and selling and administrative costs are paid in the quarter incurred. . Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred. Grady desires to maintain a minimum cash balance of $40,000 and borrows from the local bank as needed in increments of $1 .000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1.000: interest is 4% per year and paid . at the beginning of the quarter based on the amount outstanding from the previous quarter. Total budgeted cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer. 1 \"\"5 f remaining