XYZ Manufacturing Company is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
XYZ Manufacturing Company is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales (Number of Units) September October November December January Additional Information - 200,000 300,000 400,000 500,000 600,000 Selling Price per unit OMR 1. 40% of the sales are cash sales. 40% of the credit sales are collected during the same month of sale. 55% of credit sales are collected in the second month of sale, and 5% are uncollectible. Account receivable at the end of September is OMR40,000 which will be collected in October. - The company wants to keep an ending inventory of goods equal to 20% of the next month's sales. The total ending inventory of finished goods at the end of September is 40,000 units. Each of the units requires 2 Kg of raw materials. The cost of raw materials equals 0.200 Baiza per Kg. The company wants to maintain an ending inventory of raw materials equal to 30% of the next month's production needs. (Assume that the raw materials needs of December will be 300,000 units). Raw materials available in stock at the end of September are 100,000 units. Account payable as at the end of September is OMR10,000 which will be paid in October Using the provided information, prepare the following budgets and schedules for XYZ Manufacturing Company for October, November, and December. 1. Sales Budget 2. Cash Collection Schedule 3. Production Budget 4. Materials Budget 5. Cash Payment Schedule Please provide the budgets and schedules in the required format for each item. XYZ Manufacturing Company is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales (Number of Units) September October November December January Additional Information - 200,000 300,000 400,000 500,000 600,000 Selling Price per unit OMR 1. 40% of the sales are cash sales. 40% of the credit sales are collected during the same month of sale. 55% of credit sales are collected in the second month of sale, and 5% are uncollectible. Account receivable at the end of September is OMR40,000 which will be collected in October. - The company wants to keep an ending inventory of goods equal to 20% of the next month's sales. The total ending inventory of finished goods at the end of September is 40,000 units. Each of the units requires 2 Kg of raw materials. The cost of raw materials equals 0.200 Baiza per Kg. The company wants to maintain an ending inventory of raw materials equal to 30% of the next month's production needs. (Assume that the raw materials needs of December will be 300,000 units). Raw materials available in stock at the end of September are 100,000 units. Account payable as at the end of September is OMR10,000 which will be paid in October Using the provided information, prepare the following budgets and schedules for XYZ Manufacturing Company for October, November, and December. 1. Sales Budget 2. Cash Collection Schedule 3. Production Budget 4. Materials Budget 5. Cash Payment Schedule Please provide the budgets and schedules in the required format for each item.
Expert Answer:
Answer rating: 100% (QA)
To prepare the budgets and schedules for XYZ Manufacturing Company for October November and December we need to create the following 1 Sales Budget 2 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
PT BEGIN has just started its first operations in 2021. To obtain funding the Company decided to create 2 schemes through the issuance of shares and applying for a loan to the Bank. The following are...
-
Electro Works Co. ("EW") is preparing its quarterly budget for 2021 and 2022. EW manufactures and sells electric cars. The following information is available: Each unit requires 150 hours of direct...
-
Tatra Treats, Inc. is a candy manufacturer that makes and distributes various chocolate and peanut butter candies. Recently the companys accountant has taken a job at a competitor. Tatra is asking...
-
Which of the following quadratic equations is in standard form? (a) x 2 7x = 5 (b) 9 = x (c) (x + 5)(x - 4) = 0 (d) 0 = 5x - 6x - 1
-
Show that if and U x in Equation 39-18a are both less than c, then u x is less than c. u +V 1+Vulc? , 39-18a
-
Give five examples of the types of adjustments that states make to a taxpayer's federal tax base.
-
Xie Company identified the following activities, costs, and activity drivers for 2017. The company manufactures two types of go-karts: deluxe and basic. Required 1. Compute a single plantwide...
-
Jill has decided that the BackPack Company must have very good customer service. She has asked you to develop a level aggregate plan using inventories but not back orders. All demand must be met each...
-
Sketch the following set (shade the region inside the set): {x R | ||Ax b|| 1}, where b = H and A = [ ]
-
Stanley Manufacturing Company, which sold 16,000 units of product at $20 per unit, collected the following information regarding three different levels of production. Required a. Construct a...
-
In the Business Associations context, what is the difference between a Limited Liability Partnership (LLP) and a Limited Liability Limited Partnership (LLLP), why would someone want to choose one...
-
During 2023, CMA Co. was experiencing financial difficulty and elected to restructure their debt. CMA Co. reported debt of $17M and interest payable of $3M at December 31, 2023. The lender, Mom...
-
The Assembly Department of the Long - Distance Golf Club Super Driver Company, has the following production and cost data at the end of March, 2 0 2 1 . Production: 1 2 , 6 0 0 units started into...
-
The 1,500 m3 concrete loading ramp is redesigned from a concrete strength of 35MPa to the lower strength of 25MPa (cost changed from $215 per m3 to $190 per m3). What is the net adjustment for the...
-
3. Here is an image of the communication between the three processes according to their local clocks: pl p2- p3- m local time local time local time Which x y communications require time compensation...
-
If the manufacturer began the month with $ 3 , 1 0 0 in raw materials inventory, compute the ending balance in the Raw Materi Inventory account at the end of the period.
-
One of the requirements that must be met in order to defer recognition of income for advance payments for goods is A) the goods are on the taxpayer's premises on the last day of the tax year. B) the...
-
Does log 81 (2401) = log 3 (7)? Verify the claim algebraically.
-
a. Prepare an analysis of the financial impact of the exhibition on the Rothmueller Museum, assuming attendance is 10,000. Does offering the exhibition appear to be a good decision from a financial...
-
What are differential costs and revenues?
-
In a multiproduct setting, when would it not be appropriate to focus on a weighted average contribution margin per unit?
-
Are there any potential problems with devoting most compensation dollars to rewarding top performers, even if this means neglecting investments to improve the welfare of all employees (such as day...
-
In examples of profit-sharing with employees, once the total pool is established, the business needs to develop a methodology for providing individual rewards that are clear, logical, and fair. If...
-
Class is divided into two groups. One group must defend and support the awarding of bonuses on the basis of annual financial targets. The second group needs to support a more complex range of goals,...
Study smarter with the SolutionInn App