Shalom Company prepared its production plan for each quarter of 2023: Units 24,000 Quarter 1 2...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Shalom Company prepared its production plan for each quarter of 2023: Units 24,000 Quarter 1 2 30,000 32,000 4 42,000 Five units of materials are needed to produce each unit of product. Each unit of material costs PO.60. Shalom Company wants to maintain ending inventory at 25% of production requirements for the next quarter. Total materials needed for production of 28,000 units in the first quarter of 2024 is estimated at 35,000 units of materials. 60% of the total purchases of each quarter are estimated to be paid during the quarter while the balance will be paid in the next quarter. Accounts payable at the beginning of quarter 1 is P38,400. Amounts must be in whole numbers. Example: 88,000 or (88,000) 3 How much is the balance of the accounts payable at the end of quarter 3? Tim Shalom Company is preparing its merchandise purchases budget. Budgeted sales are P480,000 for April, P400,000 for May, P520,000 for June, and P600,000 for July. Cost of goods sold is expected to be 60% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold. Amounts must be in whole numbers. Example: 88,000 or (88,000) What are the total purchases in May? Shalom Company prepared its 2023 direct labor budget to produce Product Peace. Producing each unit requires 1.5 direct labor hours and the company estimates that the hourly rate for wage for each quarter are P280, P290, P300, P305, respectively. Month Units January February March April May June July August September October November December 500 1,000 600 800 1,400 900 800 1,200 500 900 700 3,000 Amounts must be in whole numbers. Example: 88,000 or (88,000) How much is the total direct labor budget? For second half of 2023 Shalom Company expects credit sales for April, May, and June to be P200,000, P260,000, and P300,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Amounts must be in whole numbers. Example: 88,000 or (88,000) Calculate cash collections from customers for each month. MAY Shalom Company prepared its production plan for each quarter of 2023: Units 24,000 Quarter 1 2 30,000 32,000 4 42,000 Five units of materials are needed to produce each unit of product. Each unit of material costs PO.60. Shalom Company wants to maintain ending inventory at 25% of production requirements for the next quarter. Total materials needed for production of 28,000 units in the first quarter of 2024 is estimated at 35,000 units of materials. 60% of the total purchases of each quarter are estimated to be paid during the quarter while the balance will be paid in the next quarter. Accounts payable at the beginning of quarter 1 is P38,400. Amounts must be in whole numbers. Example: 88,000 or (88,000) 3 How much is the balance of the accounts payable at the end of quarter 3? Tim Shalom Company is preparing its merchandise purchases budget. Budgeted sales are P480,000 for April, P400,000 for May, P520,000 for June, and P600,000 for July. Cost of goods sold is expected to be 60% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold. Amounts must be in whole numbers. Example: 88,000 or (88,000) What are the total purchases in May? Shalom Company prepared its 2023 direct labor budget to produce Product Peace. Producing each unit requires 1.5 direct labor hours and the company estimates that the hourly rate for wage for each quarter are P280, P290, P300, P305, respectively. Month Units January February March April May June July August September October November December 500 1,000 600 800 1,400 900 800 1,200 500 900 700 3,000 Amounts must be in whole numbers. Example: 88,000 or (88,000) How much is the total direct labor budget? For second half of 2023 Shalom Company expects credit sales for April, May, and June to be P200,000, P260,000, and P300,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Amounts must be in whole numbers. Example: 88,000 or (88,000) Calculate cash collections from customers for each month. MAY
Expert Answer:
Answer rating: 100% (QA)
Lets break down the calculations step by step for each of the questions Question 1 Balance of Accounts Payable at the End of Quarter 3 Given information Beginning accounts payable P38400 60 of total p... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
FRZN Rubber Inc. has hired your employer to provide some professional consulting. Your group has been assigned to advise the management of FRZN Rubber on some alternative strategies for their coming...
-
Tylenol Ltd. is a small-scale contract producer of antiviral drugs. The master budget will detail each quarters activity and the activity for the year in total Tylenol will base its 2022 budget on...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
What is the wavelength of light if its frequency is 1.009 106 Hz?
-
This problem provides another derivation of the structure for the coupled-form oscillator by considering the system y(n) = ay(n 1) + x(n), for a = ej0. Let x(n) be real. Then y(n) is complex. Thus,...
-
Consider your own view of leadership. How does understanding leadership as a vocation inform your understanding of the personal and moral commitments required of leaders? If leadership is not a job,...
-
KABU Enterprises Ltd. buys a building for the purpose of investment. It issues 1,00,000 equity shares of its company, which are quoted on the day of the deal at Rs. 155 per share at the NSE. The...
-
The Johnson Machine Tool Company is thinking of acquiring Lansing Gear Works Inc. Lansing is a stable company that produces cash flows of $525,000 per year. That figure isnt expected to change in the...
-
Reliability and validity are cornerstone concepts in quantitative research, while credibility plays a similar foundational role in qualitative research. Understanding these concepts helps to assess...
-
Reconstruct the following syllogistic forms and use the five rules for syllogisms to determine if they are valid from the Boolean standpoint, conditionally valid from the Aristotelian standpoint, or...
-
POK Pty Ltd (POK) operates an investment counselling business specialising in advising its clients on how to invest their retirement benefits. While attending a conference, Adam, one of POK's...
-
A three-year long forward contract is entered into when the spot price of an investment asset is $30 and the risk free rate for all maturities. (With continuous compounding is 10%. the asset provides...
-
Using Java Language make the following 1. Create a class Person to represent a person according to the following requirements: A person has two attributes: id name. a) Add a constructer to initialize...
-
Rauf Ahmad, a junior research analyst and a candidate in the CFA Program, has been recently hired to cover the mining industry. Ahmad has been asked to go over the firm's compliance procedures...
-
What are the structural and functional characteristics of organelles such as the endoplasmic reticulum, Golgi apparatus, and lysosomes, and how do their specialized roles contribute to cellular...
-
Indirect addressing mode in assembly language is similar to pointers in C. Answer the following questions: 1. What are the names of the three indirect addressing SFR used to store the addresses of...
-
The chemical formula of the ionic compound formed by strontium and phosphorus is Sr3P2. Draw the Lewis structure for Sr3P2. In the Lewis structure Sr3P2, Sr has dots and P has dots (Enter the...
-
What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?
-
The Northern Furniture Company produces dining tables in a three- stage process: Sawing, Assembly, and Staining. Costs incurred in the Sawing Department during September are summarized as follows:...
-
Refer to the data in E11- 22A. Hull Guard, which used a standard cost accounting system, manufactured 220,000 boat fenders during the year, using 1,590,000 feet of extruded vinyl purchased at $ 1.15...
-
Fun Time Industries manufactures custom- designed playground equipment for schools and city parks. Fun Time expected to incur $ 586,600 of manufacturing overhead cost, 41,900 of direct labor hours,...
-
True or False: Engineers seldom have an opportunity to influence the recovery period for expenditures.
-
A lumber company purchases and installs a wood chipper for \(\$ 200,000\). The chipper is classified as MACRS 7-year property. Its useful life is 10 years. The estimated salvage value at the end of...
-
True or False: Straight-line depreciation is the most popular depreciation method used in financial reporting.
Study smarter with the SolutionInn App