mules ols ces Slides, Inc., manufactures and sells snowboards. Slides manufactures a single model, the Pipex....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
mules ols ces Slides, Inc., manufactures and sells snowboards. Slides manufactures a single model, the Pipex. In late 2020, Slides's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the materials and labor requirements) (Click the icon to view the additional information) (Click the icon to view the direct materials inventories) (Click the icon to view the additional information) Requirement 1. Prepare the January 2021 revenues budget (in dollars) Revenue Budget For January 2021 Units Selling price Total revenues Snowboards Other data include (Click the icon to view the other data.) Question Help C The inventoriable unit cost for ending finished goods inventory on December 31, 2020, is $200.00. Assume Slides uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations Read the requirements hs ry 202 dget 2021 price i Data Table Direct materials Wood Materials and Labor Requirements Fiberglass Direct manufacturing labor Ids and then click Check Answer. Print 13 board feet (b.f.) per snowboard 11 yards per snowboard 7 hours per snowboard Done - X Clear All th ve TJ i More Info Slides's CEO expects to sell 3,400 snowboards during January 2021 at an estimated retail price of $1,000 per board. Further, the CEO expects 2021 beginning inventory of 700 snowboards and would like to end January 2021 with 800 snowboards in stock. me edit fields and then click Check Answer. Print Print Done Done - Clear All X i Data Table Wood Fiberglass Direct Materials Inventories Beginning Inventory January 1, 2021 fields and then click Check Answer. 2,060 b.f. 1,060 yards Print Done Ending Inventory January 31, 2021 1,560 b.f. 2,060 yards K Variable manufacturing overhead is $16 per direct manufacturing labor-hour. There are also $98,000 in fixed manufacturing overhead costs budgeted for January 2021. Slides combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $310 per sales visit. The marketing plan calls for 40 sales visits during January 2021. Finally, there are $37,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done additiona Vari in fi and Var 40 Cos Data Table Wood Fiberglass Direct manufacturing labor me edit fields and then click Check Answer. $ $ $ 2020 Unit Price 34.00 per b.f. 10.00 per yard 30.00 per hour Print Done $ $ $ m 2021 Unit Price 36.00 per b.f. 11.00 per yard 31.00 per hour 00 for ng) X ells lide s fo ate ddit irec addit i Val 865955 in Va i Requiren 1. Prepare the January 2021 revenues budget (in dollars). 2. Prepare the January 2021 production budget (in units). 3. 4. 5. Prepare the direct material usage and purchases budgets for January 2021. Prepare a direct manufacturing labor costs budget for January 2021. Prepare a manufacturing overhead costs budget for January 2021. What is the budgeted manufacturing overhead rate for January 2021? What is the budgeted manufacturing overhead cost per output unit in January 2021? 6. 7. 8. 68 9. 10. 11. Calculate the cost of a snowboard manufactured in January 2021. Prepare an ending inventory budget for both direct materials and finished goods for January 2021. Prepare a cost of goods sold budget for January 2021. Prepare the budgeted operating income statement for Slides, Inc., for January 2021. 12. What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. 13. How does preparing the budget help Slides's management team better manage the company? edit fields and then click Check Answer. Print Done d go O inv proc 00 for ng) > mules ols ces Slides, Inc., manufactures and sells snowboards. Slides manufactures a single model, the Pipex. In late 2020, Slides's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the materials and labor requirements) (Click the icon to view the additional information) (Click the icon to view the direct materials inventories) (Click the icon to view the additional information) Requirement 1. Prepare the January 2021 revenues budget (in dollars) Revenue Budget For January 2021 Units Selling price Total revenues Snowboards Other data include (Click the icon to view the other data.) Question Help C The inventoriable unit cost for ending finished goods inventory on December 31, 2020, is $200.00. Assume Slides uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations Read the requirements hs ry 202 dget 2021 price i Data Table Direct materials Wood Materials and Labor Requirements Fiberglass Direct manufacturing labor Ids and then click Check Answer. Print 13 board feet (b.f.) per snowboard 11 yards per snowboard 7 hours per snowboard Done - X Clear All th ve TJ i More Info Slides's CEO expects to sell 3,400 snowboards during January 2021 at an estimated retail price of $1,000 per board. Further, the CEO expects 2021 beginning inventory of 700 snowboards and would like to end January 2021 with 800 snowboards in stock. me edit fields and then click Check Answer. Print Print Done Done - Clear All X i Data Table Wood Fiberglass Direct Materials Inventories Beginning Inventory January 1, 2021 fields and then click Check Answer. 2,060 b.f. 1,060 yards Print Done Ending Inventory January 31, 2021 1,560 b.f. 2,060 yards K Variable manufacturing overhead is $16 per direct manufacturing labor-hour. There are also $98,000 in fixed manufacturing overhead costs budgeted for January 2021. Slides combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $310 per sales visit. The marketing plan calls for 40 sales visits during January 2021. Finally, there are $37,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done additiona Vari in fi and Var 40 Cos Data Table Wood Fiberglass Direct manufacturing labor me edit fields and then click Check Answer. $ $ $ 2020 Unit Price 34.00 per b.f. 10.00 per yard 30.00 per hour Print Done $ $ $ m 2021 Unit Price 36.00 per b.f. 11.00 per yard 31.00 per hour 00 for ng) X ells lide s fo ate ddit irec addit i Val 865955 in Va i Requiren 1. Prepare the January 2021 revenues budget (in dollars). 2. Prepare the January 2021 production budget (in units). 3. 4. 5. Prepare the direct material usage and purchases budgets for January 2021. Prepare a direct manufacturing labor costs budget for January 2021. Prepare a manufacturing overhead costs budget for January 2021. What is the budgeted manufacturing overhead rate for January 2021? What is the budgeted manufacturing overhead cost per output unit in January 2021? 6. 7. 8. 68 9. 10. 11. Calculate the cost of a snowboard manufactured in January 2021. Prepare an ending inventory budget for both direct materials and finished goods for January 2021. Prepare a cost of goods sold budget for January 2021. Prepare the budgeted operating income statement for Slides, Inc., for January 2021. 12. What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. 13. How does preparing the budget help Slides's management team better manage the company? edit fields and then click Check Answer. Print Done d go O inv proc 00 for ng) >
Expert Answer:
Answer rating: 100% (QA)
1 January 2021 revenues budget Revenues Selling Price Units Revenues 3400 1000 3400000 2 January 2021 production budget Total requirements Budgeted Unit SalesTarget Ending Finished Goods Inventory Tot... View the full answer
Related Book For
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
Students also viewed these accounting questions
-
Suppose the free cash flow to the firm is expected to be $1 mil for year 1 and $2 mil for year 2. Then it is expected to grow at a rate of 5% per year. Assume WACC = 11%. If 500,000 shares of stock...
-
A physical inventory on December 31 shows 4200 units on hand. Sheffield sells the units for $11 each. The company has an effective tax rate of 18%. Sheffield uses the periodic inventory method. If...
-
Hansell Companys management wants to prepare budgets for one of its products, Duraflex, for July 2019. The firm sells the product for $91 per unit and has the following expected sales (in units) for...
-
Using atomic weight, crystal structure, and atomic radius data tabulated inside the front cover of the book, compute the theoretical densities of aluminum (Al), nickel (Ni), magnesium (Mg), and...
-
Why is the polysaccharide chitin a suitable material for the exoskeleton of invertebrates such as lobsters? What other sort of material can play a similar role?
-
Answer the following questions: a. Assuming a rate of 10% annually, find the FV of $1,000 after 5 years. b. What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? c....
-
If the probability of event A is p, then the odds that it will occur are given by the ratio of p to 1p. Odds are usually given as a ratio of two positive integers having no common factor, and if an...
-
A company preparing for a Chapter 7 liquidation has the following liabilities: Note payable A of $90,000 secured by land having a book value of $50,000 and a fair value of $70,000. Note payable B...
-
. An urn has 10 balls that are identical except that7are white and 3 are red. A sample of 8 is selected randomly without replacement. What is the probability that exactly 6 are white and2are red?...
-
Julie and Gordon Stephens have been tenants for two years at 17 Acacia Avenue Elksville, which they rent from Ace Lettings. Living with them are their 19-year-old son Bill, their 5-year-old daughter...
-
Paula works as a safety engineer for a large petroleum-processing company. She is always willing to look at possible dangerous situations, talk to employee groups about developing safety habits, and...
-
A 16-wheeler Tesla EV long haul truck has a total mass 371onnes and the wheels each weigh 61kg with a radius of gyration of 860mm. The wheel radius is 1250mm. The total resistance to motion is...
-
3-60. A 1 cm-thick slab of hard rubber, initially at 15C, is heated by saturated steam at 140C. As soon as the center temperature reaches 125C, the slab is removed and allowed to cool in 25C air...
-
I) II) Many damped physical systems found in engineering may have their behaviour expressed by second-order non-homogeneous ordinary differential equations (ODEs.) This type of problem involves...
-
3. Consider the solidification of a 10-micron rod based on the alloy indicated for each student in the table below. For the given alloy, draw the solid concentration curve that will occur in the...
-
Question 3 a) A mass of 10500grams is attached to a beam at B. The beam is of negligible mass and is pivoted at 0 in order to undergo simple harmonic motion (SHM). The spring attached at A has a...
-
Accounting is more than simply calculating the net profit or loss from business operations. Accounting is actually a process that involves: options: assigning responsibility for collecting financial...
-
Using Gauss-Jordan elimination, invert this matrix ONLY 0 0 0 0 1
-
Kathy Snow wishes to purchase shares of Countdown Computing, Inc. The companys board of directors has declared a cash dividend of $0.80 to be paid to holders of record on Wednesday, May 12. a. What...
-
Sam and Suzy Sizeman need to prepare a cash budget for the last quarter of 2013 to make sure they can cover their expenditures during the period. Sam and Suzy have been preparing budgets for the past...
-
Using a 14% cost of capital, calculate the net present value for each of the independent projects shown in the following table, and indicate whether each isacceptable. Project A Project B Project C...
-
Using a financial calculator, solve for the unknowns in each of the following situations. a. On June 1, 2024, Holly Golightly purchases lakefront property from her neighbor, George Peppard, and...
-
Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed \($1,000\) to cancel the two-year lease he had signed. Ed subsequently began renting the unit to...
-
In 2017, Harry and Mary purchased Series EE bonds, and in 2023 redeemed the bonds, receiving \($500\) of interest and \($1,500\) of principal. Their income from other sources totaled \($30,000.\)...
Study smarter with the SolutionInn App