Sales Budget July August September October November Previous year sales 580 600 650 850 1,000 Increase...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sales Budget July August September October November Previous year sales 580 600 650 850 1,000 Increase in volume by 15% 87 90 98 128 150 Budgeted Sales 667 690 748 978 1,150 Multiply by: Sales price $735 $735 $735 $735 $735 Total budgeted sales 490,245 507,150 549,413 718,463 845,250 Types of Sales Cash sales 49,025 50,715 54,941 71,846 84,525 Credit sales 441,221 456,435 494,471 646,616 760,725 0.1 0.9 490,245 507,150 549,413 718,463 845,250 July August September October November Production budget Unit sales 667 690 748 978 1,150 Plus: Desired ending inventory Total needed 83 90 117 290 0 750 780 865 1,268 1,150 Less: Beginning inventory # of units to produce 55 83 90 117 290 695 697 775 1,150 860 0.12 1.75 $11.00 2.2 $25.00 July August September October November Direct Materal Budget-Silk Units to be produced-production budget 695 697 775 1,150 860 Multiply by: Quantity of DM needed per unit 1.75 1.75 1.75 1.75 1.75 Quality needed for production 1,216 1,220 1,356 2,013 1,505 Plus: Desired ending inventory of DM Total quality needed 183 203 262 266 0 1,399 1,423 1,618 2,279 1,505 Less: Beginning inventory of DM 220 183 203 262 266 Quality to purchase 1,179 1,240 1,415 2,017 1,239 Multiply by: Cost per pound $25.00 $25.00 $25.00 $25.00 $25.00 Total cost of DM purchases 29,473 30,989 35,386 50,421 30,975 Direct Materal Budget- Vicose Fabric Units to be produced-production budget 695 697 775 1,150 860 ultiply by: Quantity of DM needed per ur 2.2 2.2 2.2 2.2 2.2 Quality needed for production 1,529 1,533 1,705 2,530 1,892 Plus: Desired ending inventory of DM 169 188 242 245 0 Total quality needed 1,698 1,721 1,947 2,775 1,892 Less: Beginning inventory of DM 187 169 188 242 Quality to purchase 1,511 1,552 1,759 2,533 245 1,647 Multiply by: Cost per pound $11.00 $11.00 $11.00 $11.00 $11.00 Total cost of DM purchases 16,616 17,074 19,351 27,868 18,117 1. The previous year's sales (2022) for the corresponding period were: 580 jackets July August 600 jackets September 650 jackets October November 850 jackets 1,000 jackets 787250 The company expects the above volume of jacket sales to increase by 15% for the period July 2023 - November 2023. The budgeted selling price for 2023 is $735.00 XXper jacket. The company expects 10% of its sales to be cash (COD) sales. The remaining 90% of sales will be made on credit. Prepare a Sales Budget for H&BClothing. 2. The company desires to have finished goods inventory on hand at the end of each month equal to 12 percent of the following month's budgeted unit sales. Use the @ROUND function to round to the nearest whole number the number of jackets desired in ending inventory. On June 30, 2023, the company expects to have 55 jackets on hand. Use the @ROUND function to round to the nearest whole number the number of jacket units to produce. Prepare a Production budget. (NOTE: an estimate of sales in October is required to complete the production budget for September). 3. The jackets require two direct materials: silk fabric and viscose fabric for lining. Silk Silk fabric is purchased by the yard. 1.75 yards of silk fabric are required for each jacket produced. Management desires to have materials on hand at the end of each month equal to 15 percent of the following month's jacket production needs. Use the @ROUND function to round to the nearest whole number the number of yards 1 of silk desired in ending inventory. The beginning inventory of silk fabric, July 2023, is expected to be 220 yards. Silk fabric is expected to cost $25.00 per yard. Use the @ROUND function to round to the nearest whole number the number of yards of silk to purchase (DM to purchase). (NOTE: budgeted production in October is required in order to complete the direct materials budget for September.) Viscose for lining Viscose fabric is purchased by the roll of 10 yards. 2.2 yards of viscose fabric are required for each jacket produced. Management desires to have viscose fabric on hand at the end of each month equal to 11 percent of the following month's production needs. Use the @ROUND function to round to the nearest whole number the number of viscose yards desired in ending inventory. The beginning inventory, July 2023, is expected to be 187 yards. The roll of 10 yards is expected to cost $110. Use the @ROUND function to round to the nearest whole number the number of viscose fabric yards to purchase (DM to purchase). (NOTE: budgeted production in October is required to complete the direct materials budget for September.) Prepare a Direct Materials budget. Also, because two direct materials are required for production - silk and viscose fabric - you will need a separate schedule for each direct material. Sales Budget July August September October November Previous year sales 580 600 650 850 1,000 Increase in volume by 15% 87 90 98 128 150 Budgeted Sales 667 690 748 978 1,150 Multiply by: Sales price $735 $735 $735 $735 $735 Total budgeted sales 490,245 507,150 549,413 718,463 845,250 Types of Sales Cash sales 49,025 50,715 54,941 71,846 84,525 Credit sales 441,221 456,435 494,471 646,616 760,725 0.1 0.9 490,245 507,150 549,413 718,463 845,250 July August September October November Production budget Unit sales 667 690 748 978 1,150 Plus: Desired ending inventory Total needed 83 90 117 290 0 750 780 865 1,268 1,150 Less: Beginning inventory # of units to produce 55 83 90 117 290 695 697 775 1,150 860 0.12 1.75 $11.00 2.2 $25.00 July August September October November Direct Materal Budget-Silk Units to be produced-production budget 695 697 775 1,150 860 Multiply by: Quantity of DM needed per unit 1.75 1.75 1.75 1.75 1.75 Quality needed for production 1,216 1,220 1,356 2,013 1,505 Plus: Desired ending inventory of DM Total quality needed 183 203 262 266 0 1,399 1,423 1,618 2,279 1,505 Less: Beginning inventory of DM 220 183 203 262 266 Quality to purchase 1,179 1,240 1,415 2,017 1,239 Multiply by: Cost per pound $25.00 $25.00 $25.00 $25.00 $25.00 Total cost of DM purchases 29,473 30,989 35,386 50,421 30,975 Direct Materal Budget- Vicose Fabric Units to be produced-production budget 695 697 775 1,150 860 ultiply by: Quantity of DM needed per ur 2.2 2.2 2.2 2.2 2.2 Quality needed for production 1,529 1,533 1,705 2,530 1,892 Plus: Desired ending inventory of DM 169 188 242 245 0 Total quality needed 1,698 1,721 1,947 2,775 1,892 Less: Beginning inventory of DM 187 169 188 242 Quality to purchase 1,511 1,552 1,759 2,533 245 1,647 Multiply by: Cost per pound $11.00 $11.00 $11.00 $11.00 $11.00 Total cost of DM purchases 16,616 17,074 19,351 27,868 18,117 1. The previous year's sales (2022) for the corresponding period were: 580 jackets July August 600 jackets September 650 jackets October November 850 jackets 1,000 jackets 787250 The company expects the above volume of jacket sales to increase by 15% for the period July 2023 - November 2023. The budgeted selling price for 2023 is $735.00 XXper jacket. The company expects 10% of its sales to be cash (COD) sales. The remaining 90% of sales will be made on credit. Prepare a Sales Budget for H&BClothing. 2. The company desires to have finished goods inventory on hand at the end of each month equal to 12 percent of the following month's budgeted unit sales. Use the @ROUND function to round to the nearest whole number the number of jackets desired in ending inventory. On June 30, 2023, the company expects to have 55 jackets on hand. Use the @ROUND function to round to the nearest whole number the number of jacket units to produce. Prepare a Production budget. (NOTE: an estimate of sales in October is required to complete the production budget for September). 3. The jackets require two direct materials: silk fabric and viscose fabric for lining. Silk Silk fabric is purchased by the yard. 1.75 yards of silk fabric are required for each jacket produced. Management desires to have materials on hand at the end of each month equal to 15 percent of the following month's jacket production needs. Use the @ROUND function to round to the nearest whole number the number of yards 1 of silk desired in ending inventory. The beginning inventory of silk fabric, July 2023, is expected to be 220 yards. Silk fabric is expected to cost $25.00 per yard. Use the @ROUND function to round to the nearest whole number the number of yards of silk to purchase (DM to purchase). (NOTE: budgeted production in October is required in order to complete the direct materials budget for September.) Viscose for lining Viscose fabric is purchased by the roll of 10 yards. 2.2 yards of viscose fabric are required for each jacket produced. Management desires to have viscose fabric on hand at the end of each month equal to 11 percent of the following month's production needs. Use the @ROUND function to round to the nearest whole number the number of viscose yards desired in ending inventory. The beginning inventory, July 2023, is expected to be 187 yards. The roll of 10 yards is expected to cost $110. Use the @ROUND function to round to the nearest whole number the number of viscose fabric yards to purchase (DM to purchase). (NOTE: budgeted production in October is required to complete the direct materials budget for September.) Prepare a Direct Materials budget. Also, because two direct materials are required for production - silk and viscose fabric - you will need a separate schedule for each direct material.
Expert Answer:
Related Book For
Accounting And Finance For Non Specialists
ISBN: 9781292334691
12th Edition
Authors: Peter Atrill, Eddie McLaney
Posted Date:
Students also viewed these accounting questions
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
What are some viewpoints on the Cleveland Clinic expanding, reducing, or maintaining its presence while using strategic alliances, joint ventures, franchises, acquisitions, and greenfield investments?
-
Which of the following accounts does not have a normal credit balance? Service Revenue Sales Discounts Unearned Service Revenue Sales Revenue
-
What is the pOH of a solution when [OH] is 6.22 107 M?
-
Interdepartment Services: Direct Method Wilhelm Manufacturing Company has five operating departments, two of which are producing departments (P1 and P2) and three of which are service departments...
-
Calculate the level of interests accrued in a year if a loan of $200,000 is taken at the beginning of the year and of it is repaid on September1. The cost of the debt is 12 percent per year.
-
In froth flotation, air is bubbled through an aqueous solution or slurry to which a foaming agent (soap) has been added. The air bubbles carry finely dispersed solids and hydrophobic materials such...
-
1. How much work is required to stop an electron that is moving with a speed of 1.90 x 10 6 m/s? 2. A baseball with a mass of 140 grams is traveling at 32.0 m/s when it strikes a fielder's glove. It...
-
Which of the following companies would be most attractive to buy: A. MV/BV = 6 PEG Ratio = 4 Buffett Ratio = 4 B. MV/BV = 5 PEG Ratio = 2 Buffett Ratio = 2 C. MV/BV = 3 PEG Ratio = 2 Buffett Ratio =...
-
Larme SA wishes to expand its facilities. The company currently has 10 million shares outstanding and no debt. The equity sells for 50 per share, but the book value per share is 40. Net income for...
-
Fill in the blanks to make the following statements correct. a. A regional trade agreement, such as the NAFTA, or a common market, such as the European Union, allows for ___________ , whereby trade...
-
Suppose you currently earn $60,000 a year. You are considering a job that will increase your lifetime earnings by $600,000 but that requires an MBA. The job will mean also attending business school...
-
A dressmaker can sew 800 garments with 160 bolts of fabric and 3,000 hours of labor. Another dressmaker can sew 800 garments with 200 bolts of fabric and 2,000 hours of identical labor. Fabric costs...
-
A major survey conducted by economists David Levine and Laura Tyson found that in most reported cases the introduction of substantive shop floor participation (job redesign and participatory work...
-
Identify several factors that you think would be particularly effective in motivating managers and professionals. Explain your reasoning.
-
Complete the following acid-base reactions: (a) HCCH + NaH
-
If the liquid has a high thermal conductivity, the heat transfer coefficient depends on \(\mathrm{Pr}^{1 / 2}\). What is the root cause of the increase dependence on \(\mathrm{Pr}\) ?
-
In laminar flow, why does the heat transfer coefficient decrease as the boundary layer thickness grows?
-
How does the hydrodynamic boundary layer thickness depend upon the Reynolds number?
Study smarter with the SolutionInn App