Question: Please answer all questions if possible! (Please write out correct answer and whether its A, B, C or D.) Thank you! Silver Company's budgeted T-account


Silver Company's budgeted T-account for Finished goods inventory is Finished goods inventory 6 $42 $122 22 32 160 16 80 The Direct materials budget reports $24 of direct materials going into production. The Direct labor budget reports $100 of direct labor going into production. The Factory overhead budget reports $36 of factory overhead going into production. The Cost of goods sold budget will report O Ending Finished goods inventory of $16 Cost of goods sold expense of $122 Beginning Finished goods inventory of $30 Total manufacturing costs of $80 Before closing entries are made, the ending balances in the revenue and expense T-accounts are used to prepare the O Cash Budget O Budgeted Balance Sheet O Budgeted Income Statement O Budgeted Statement of Retained Earnings Prime Products, Inc. budgets the following: $150 60 Accounts receivable Accounts payable Wages payable Rent/utilities payable Income tax payable 40 20 10 The company expects to collect 90% of its receivables in the current period. It expects to pay 70% of its accounts payable in the current period, and it expects to pay 100% of all other liabilities. For the current period, it has budgeted for O a net cash inflow of $20 O a net cash inflow of $23 O a net cash outflow of $25 O a net cash outflow of $73
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