Soprano Company is in the process of preparing the second quarter budget for 2022, and the...

Transcribed Image Text:

Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March April May 12,000 units 14,000 units 20,000 units June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. 16,000 units 18,000 units 12,000 units • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022 b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Required A Complete this question by entering your answers in the tabs below. Required B Required C Required D Required E Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. April Expected sales in units Selling price per unit Total sales May < Required A June Total Required B > Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units 14,000 units 20,000 units April May June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. 16,000 units 18,000 units 12,000 units • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Beginning inventory of raw materials Purchases of raw materials Required A Required B Required C Required D Required E Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. April Raw materials available for use Desired ending inventory of raw materials Quantity of raw materials to be used in production < Required C 20,400 May Required E > June Total Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: . March 12,000 units April 14,000 units May 20,000 units June July August All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022. • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Cash payments for: Required A Required B Required D Required E Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Note: Round your final answers to the nearest whole dollars. April May March purchases April purchases May purchases June purchases Total cash payments Required C < Required D June Total Required E > Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units 14,000 units 20,000 units April May June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20.400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022 b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Required A Required B Required C Beginning inventory of finished goods Units to be produced Goods available for sale Desired ending inventory of finished goods Quantity of goods sold Required D Prepare a production budget in units, by month and in total, for the second quarter of 2022. April Required E < Required B 7,000 14,000 May 20,000 June Required D > 16,000 Total 50,000 Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units April 14,000 units May 20,000 units June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Cash collections from: Required A Required B Required C Required D Required E Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. May June March sales April sales May sales June sales Total cash collections April < Required A Total Required C > Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March April May 12,000 units 14,000 units 20,000 units June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. 16,000 units 18,000 units 12,000 units • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022 b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Required A Complete this question by entering your answers in the tabs below. Required B Required C Required D Required E Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. April Expected sales in units Selling price per unit Total sales May < Required A June Total Required B > Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units 14,000 units 20,000 units April May June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. 16,000 units 18,000 units 12,000 units • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Beginning inventory of raw materials Purchases of raw materials Required A Required B Required C Required D Required E Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. April Raw materials available for use Desired ending inventory of raw materials Quantity of raw materials to be used in production < Required C 20,400 May Required E > June Total Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: . March 12,000 units April 14,000 units May 20,000 units June July August All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022. • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Cash payments for: Required A Required B Required D Required E Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Note: Round your final answers to the nearest whole dollars. April May March purchases April purchases May purchases June purchases Total cash payments Required C < Required D June Total Required E > Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units 14,000 units 20,000 units April May June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20.400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022 b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Required A Required B Required C Beginning inventory of finished goods Units to be produced Goods available for sale Desired ending inventory of finished goods Quantity of goods sold Required D Prepare a production budget in units, by month and in total, for the second quarter of 2022. April Required E < Required B 7,000 14,000 May 20,000 June Required D > 16,000 Total 50,000 Soprano Company is in the process of preparing the second quarter budget for 2022, and the following data have been assembled: • The company sells a single product at a selling price of $50 per unit. The estimated sales volume for the next six months is as follows: March 12,000 units April 14,000 units May 20,000 units June July August • All sales are on account. The company's collection experience has been that 40% of a month's sales are collected in the month of sale, 55% are collected in the month following the sale, and 5% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $330,000 on March 31, 2022. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 50% of the next month's budgeted sales. The finished goods inventory on March 31, 2022, is expected to be 7.000 units. 16,000 units 18,000 units 12,000 units • To make one unit of finished product, three pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 20,400 pounds on March 31, 2022 • The cost per pound of raw material is $7.50, and 80% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $65,700 on March 31, 2022. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2022. b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. c. Prepare a production budget in units, by month and in total, for the second quarter of 2022. d. Prepare a materials purchases budget in pounds, by month and in total, for the second quarter of 2022. e. Prepare a schedule of cash payments for materials, by month and in total, for the second quarter of 2022. Complete this question by entering your answers in the tabs below. Cash collections from: Required A Required B Required C Required D Required E Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2022. May June March sales April sales May sales June sales Total cash collections April < Required A Total Required C >