please help me answer only the incorrect ones most of it i already done im just stuck.

thank you:)

Mastery Problem: Budgeting Learn Co LeamCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model. The company begon operations on January 1, 2011, and is planning for 2022, its second year of operations, by preparing budgets from its master budget. The company is trying to decide how many units to manufacture, how much it might spend on direct materials and direct labor, and what their factory overhead expenses might be. In addition, the company is interested in budgeting for selling and administrative costs, and in creating a budgeted Income statement showing a prediction of net Income for 2012. You have been asked to assist the controller of Learnco in preparing the 2012 budgets. Sales Budget The sales budget often uses the prior year's sales as a starting point, and then sales quantities are revised for various factors such as planned advertising and promotion, projected pricing changes, and expected industry and general economic conditions. Learnco has completed reviewing its prior year's sales and has prepared the following sales budget. After reviewing LearnCo's sales budget, you note that three numbers have been omitted. The company's controllier has told you that the units sold for the Basic and Deluxe models are expected to be the same. Fill in the missing amounts. Learnco Sales Budget For the Year Ending December 31, 20Y2 Unit Sales Volume Unit Selling Price Total Sales Product Basic Abacus 36,000.0 sz 5252 000 LearnCo Sales Budget For the Year Ending December 31, 20Y2 Unit Salas Volume Unit Selling Price Product Total Sales Basic Abacus 36,000.0 $7 $252,000 Deluxe Abacus 36,000.0 13 468,000 Totals 72,000 $720,000 Fechack Production Budget The production budget should be integrated with the sales budget to ensure that production and sales are kept in balance during the year. The production budget estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels. You note that LearnCo has omitted six numbers from the following production budget and fill in the missing amounts. You may need to use numbers from the sales budget you prepared LearnCo Production Budget For the Year Ending December 31, 20Y2 Units Basic Units Deluxe 36,000.0 36,000.0 Expected units to be sold (from Sales Budget) LearnCo Production Budget For the Year Ending December 31, 2012 Units Basic Units Deluxe 36,000.0 36,000.0 Expected units to be sold (from Sales Budget) Desired ending inventory, December 31, 20Y2 1,000 3,000 Total units available 37,000.0 39,000.0 Estimated beginning inventory, January 1, 2012 (2,100) (1,050) 35,950.0 Total units to be produced 36,900.0 Feedback Direct Materials Purchases Budget The direct materials purchases budget should be integrated with the production budget to ensure that production is not interrupted during the year. Before you make any changes to the budget, you review the information on the following Direct Materials Data Table and enter the units to be produced from the Production Budget. After scanning the direct materials purchases budget (which follows the Direct Materials Data Table), you observe that LearnCo nas omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Materials Data Table, or from the sales budget and production budget you prepared. When required, round your answers to the nearest dollar Direct Materials Data Table Wood Pieces Beads Direct Materials Data Table Wood Places Beads Packages required per unit: Basic abacus 1 2 Deluxe abacus 2 3 Cost per package: Wood pieces $0.25 Beads $0.25 Units to be produced (from Production Budget): Basic abacus 35,950.0 Deluxe abacus 36,900.0 LearnCo Direct Materials Purchases Budget For the Year Ending December 31, 2012 Direct Materials Wood Pleces Beads Total Packages required for production: Basic abacus 35,950.0 71,900.0 Deluxe abacus 73,800.0 110,700. Recent. Denne 21 Packages required for production: Basic abacus 35,950.0 73,800.0 71,900.0 110,700. Deluxe abacus Desired Inventory, December 31, 2012 2,200 5,000 111,950. 187,600, (3,500) 108,450. (4,500) 183,100. Total packages available Estimated Inventory, January 1, 2012 Total packages to be purchased Unit price (per package) Total direct materials to be purchased 18 X X 18 94,705.0 X 197,550. X $72,888 Eerstack Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production. Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Table), you observe that LamCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget distinn hutnat and direct materiale purchased at nananad When rounds to the nat Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Toble), yau observe that tearno has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget. production budget, and direct materials purchases budget you prepared. When required, round your answers to the nearest dallar. Direct Labor Data Tabla Gluing Assembly Hours required per unit: Besic abacus 0.10 0.10 Deluxe abacus 0.10 0.20 $11 Labor hourly rate: Gluing Assembly Units to be produced (from Production Budget): $17 Basic abacus Deluxe abacus LearnCo Direct Labor Cost Budget Units to be produced (from Production Budget): Basic abacus Deluxe abacus Learnca Direct Labor Cost Budget For the Year Ending December 31, 20Y2 Gluing Assembly Hours required for production: Total Basic abacus Deluxe abacus Total Hourly rate Total direct labor cost $266,710 Feedback Factory Overhead Cost Budget The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may mnitor and events in the ear Forcimintirilaamin hac nnt canarater once in this manner Factory Overhead Cost Budget The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearnCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that LearnCo has completed the budget with the exception of one amount. Fill in the missing amount LearnCo Factory Overhead Cost Budget For the Year Ending December 31, 20Y2 Indirect factory wages $5,400 Power and light Depreciation of plant and equipment 1,450 Total factory overhead cost $18,100 Feedback Cost of Goods Sold Budget The cost of goods sold budget integrates the direct materials purchases budget direct labor cost budget, and factory overhead cost budget. Estimated and desired inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget. Complete the preparation of the cost of goods sold budget for Learnco, using information that follows provided by the controller, and using the previous budgets you have prepared. budgets you have prepared. 59,870 $2,010 LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 2012 Finished goods inventory, January 1, 2012 Work in process inventory, January 1, 2002 Direct materials: Direct materials inventory, January 1, 20Y2 $2,000 Direct materials purchases Cost of direct materials available for use Direct materials inventory, December 31, 2012 (1,800) Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period (1,250) Work in process inventory, December 31, 2022 Cost of goods manufactured Cost of finished goods available for sale Cost of goods manufactured Cost of Inished goods available for sale Finished goods Inventory, December 31, 2012 (1,500) Cost of goods sold Feedback Selling/Admin. Expenses Budget The sales budget is often used as the starting point for the selling and administrative expenses budget. For example, a budgeted increase in sales may require more advertising expenses. Learco has prepared its selling and administrative expenses budget as follows. This budget is merely reviewed by you for use on the budgeted income statement Learnco Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses: Sales salaries expense $45,000 15,000 5,400 Advertising expense Travel expense Total selling expenses Administrative expenses $65,400 mirare palarie A ERS 565,400 565,400 Total selling expenses Administrative expenses Oricerssalaries expense Orice salaries expense Orice rent expense $85,000 35,000 26,000 6,400 1,600 Orice supplies expense Miscellaneous administrative expenses Total administrative expenses Total selling and administrative expenses 154,000 $219,400 Budgeted Income Statement The budgeted income statement is prepared by integrating the sales budget, cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are on the following Budgeted Income Statement Data Table Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the nearest whole dollar. Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1,500 LearnCo's income tax rate 40% LearnCo Budgeted Income Statement LearnCo Budgeted Income Statement For the Year Ending December 31, 2012 Revenue from sales Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Operating income Other revenue and expense: Interest revenue DD DIE Interest expense Income before income tax Income tax Net income Final Questions Budgeting affects the planning, directing, and controlling functions of management. LearnCo wishes to determine the senutivity of some of its budget values to changes in the economy. Using the information on the completed budgets, answer the following questions. Consider ench question separately, assuming that all other data remains the same, including the level of production of each model 1. Learco believes that sales of the Deluxe Abacus model may decrease in 2012. If Deluxe abacus sales are nero, what will be the effect on Loco income before Income tax? For simplicity, Ignore any change in Cost of Goods Sold. a. Ir LearnCo sells zero Deluxe Abacus units in 2012, it will break even (1.., the company will have zero Income before income tax) b. LearnCo will have a net loss before income tax if it sells zero Deluxe Abacus units in 2012. c. LearnCo will still have positive Income before income tax if it sells zero Deluxe Abacus units in 2012. b 2. LearnCo's vender for bead packages is expected to double its price per package of beads. If this occurs, what will be the effect on teamco's income before Income tax? a. Ir the price for bead packages doubles, LearnCo will break even (l.e., the company will have zero income before income tax). b. LearnCo will have a loss before income tax if the price for bead packages doubles. c. LearnCo will still have positive income before income tax if the price for bead packages doubles 3. Learnco is aware that its labor prices for the Gluing part of the manufacturing process may increase to $15.00 per hour due to changes in minimum wage laws in its state. If this occurs what will be the effect on Learnco's income before Income tax? DeTord income tax o. If the price for bead packages doubles, LearnCo will break even (I.., the company will have zero income before income tax). b. LearnCo will have a loss before income tax ir the price for bond packages doubles c. LearnCo will still have positive Income before Income tax in the price for bead packages doubles. 3. Learnco is aware that its labor prices for the Gluing part of the manufacturing process may increase to $15.00 per hour due to changes in minimum wage laws in its state. If this occurs, what will be the effect on LearnCo's income before Income tax? a. LearnCo will still have positive income before income tax i Gluing labor costs increase to $15.00 per hour. b. If Gluing labor costs increase to $15.00 per hour, Learn Co will break even (ie, the company will have zero income before income tax). c. LearnCo will have a loss before income tax it Gluing labor costs increase to $15.00 per hour. 4. LearnCo's controller believes that the company can decrease its selling expenses by 10% and its administrative expenses by 15% How much would income before income tax increase if these expense cuts are implemented? Round your answer to the nearest doltar