BUILD an operating budgetsales budget

Yogi Company manufactures luggage sets. Yogi sells its luggage sets to department stores. Yogi expects to sell 2,650 luggage sets for $420 each in January and 3,050 luggage sets for $420 each in February. All sales are cash only. Prepare the sales budget for January and February.

YOGI COMPANY
Sales Budget
For the Two Months Ended February 28
	January	February	Total
Budgeted sets to be sold
Sales price per set
Total sales

BUILD an operating budgetproduction budget

Yandell Company expects to sell 1,750 units of finished product in January and 2,100 units in February. The company has 340 units on hand on January 1 and desires to have an ending inventory equal to 60% of the next month's sales. March sales are expected to be 2,150 units. Prepare Yandell's production budget for January and February.

YANDELL COMPANY
Production Budget
For the Two Months Ended February 28
	January	February	Total
Budgeted units to be sold
Plus: Desired units in ending inventory (a)	1,200
Total units needed
Less: Units in beginning inventory
Budgeted units to be produced

(a)
	60%		Next month's sales	=	Desired units in ending inventory
January:	60%		2,100 units	=
February:	60%		2,150 units	=

BUILD an operating budgetdirect materials budget

Yosko expects to produce 1,999 units in January and 2,214 units in February. The company budgets $95 per unit for direct materials. Indirect materials are insignificant and not considered for budgeting purposes. The balance in the Raw Materials Inventory account (all direct materials) on January 1 is $55,000. Yosko desires the ending balance in Raw Materials Inventory to be 40% of the next month's direct materials needed for production. Desired ending balance for February is $51,400. Prepare Yosko's direct materials budget for January and February.

YOSKO COMPANY
Direct Materials Budget
For the Two Months Ended February 28
	January	February	Total
Budgeted units to be produced
Direct materials cost per unit
Direct materials needed for production
Plus: Desired direct materials in ending inventory
Total direct materials needed
Less: Direct materials in beginning inventory
Budgeted purchases of direct materials

(a)

40%

$_______ direct materials needed for production in Feb.

=

$_______ Jan. desired direct materials in ending inventory

BUILD an operating budgetdirect labor budget

Yancey Company expects to produce 2,920 units in January and 2,974 units in February. Yancey budgets three direct labor hours per unit. Direct labor costs average $40 per hour. Prepare Yancey's direct labor budget for January and February.

YANCEY COMPANY
Direct Labor Budget
For the Two Months Ended February 28
	January	February	Total
Budgeted units to be produced
Direct labor hours per unit
Direct labor hours needed for production
Direct labor cost per hour
Budgeted direct labor cost

BUILD an operating budgetmanufacturing overhead budget

Yasmin Company expects to produce 2,210 units in January that will require 6,430 hours of direct labor and 2,380 units in February that will require 6,940 hours of direct labor. Yasmin budgets $10 per unit for variable manufacturing overhead; $1,400 per month for depreciation; and $33,920 per month for other fixed manufacturing overhead costs. Prepare Yasmin's manufacturing overhead budget for January and February, including the predetermined overhead allocation rate using direct labor hours as the allocation base.

YASMIN COMPANY

Manufacturing Overhead Budget

For the Two Months Ended February 28

January

February

Total

Budgeted units to be produced

Variable overhead cost per unit

Budgeted variable overhead

Budgeted fixed overhead:

Depreciation

Other fixed overhead

Total budgeted fixed overhead

Budgeted manufacturing overhead costs

Direct labor hours

6,430

6,940

Predetermined overhead allocation rate

($____ /______ Direct labor hours)

$ ___/DLHr

BUILD an operating budgetcost of goods sold budget

Young Company expects to sell 1,850 units in January and 1,950 units in February. The company expects to incur the following product costs:

The beginning balance in Finished Goods Inventory is 270 units at $147 each for a total of $39,690. Young uses FIFO inventory costing method. Prepare the cost of goods sold budget for Young for January and February.

Manufacturing cost per unit in January and February:
Direct materials cost per unit	$ 45
Direct labor cost per unit	64
Manufacturing overhead cost per unit	38
Total projected manufacturing cost per unit

YOUNG COMPANY
Cost of Goods Sold Budget
For the Two Months Ended February 28
	January	February	Total
Beginning inventory, 270 units
Units produced and sold $147 each (1,540 units in Jan.; 1,950 units in Feb.)
Total budgeted cost of goods sold

BUILD a financial budgetschedule of cash receipts

Yeaman expects total sales of $433,000 in January and $427,000 in February. Assume that Yeaman's sales are collected as follows:

60% in the month of the sale

30% in the month after the sale

8% two months after the sales

2% never collected

November sales totaled $270,000, and December sales were $335,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar.

Schedule of Cash Receipts from Customers
	January	February	Total
Total sales
	January	February
Cash Receipts from Customers:
Nov. sales--$270,000, 8% collected in Jan.
Dec. sales$335,000, 30% collected in Jan.
Dec. sales$335,000, 8% collected in Feb.
Jan. sales$433,000, 60% collected in Jan.
Jan. sales$433,000, 30% collected in Feb.
Feb. sales$427,000, 60% collected in Feb.
Total cash receipts from customers

Net Accounts Receivable balance, February 28:
Jan. sales$433,000, 8% collected in Mar.
Feb. sales$427,000, 30% collected in Mar.
Feb. sales$427,000, 8% collected in Apr.

BUILD a financial budgetschedule of cash payments

Yada Company budgeted direct materials purchases of $292,340 in January and $238,260 in February. Assume Yada pays for direct materials purchases 30% in the month of purchase and 70% in the month after purchase. The Accounts Payable balance on January 1 is $40,000. Prepare a schedule of cash payments for purchases for January and February.

Schedule of Cash Payment for Purchases
	January	February	Total
Total direct materials purchases
	January	February
Cash Payments
Direct Materials:
Accounts Payable balance, January 1
JanuaryDirect materials purchases (30%)
JanuaryDirect materials purchases (70%)
FebruaryDirect materials purchases (30%)
Total payments for direct materials

Accounts Payable balance, February 28: $________ (70% of February's direct materials purchases)

Answer rating: 100% (QA)

ANSWER YOGI COMPANY Sales Budget For the Two Months Ended February 28 Month Budgeted sets to be sold Sales price per set Total sales January 2650 420 ... View the full answer