Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

> - 740 = Question 1 of 4 View Policies Current Attempt in Progress On January 1, 2020, the Hardin company budget committee has reached

image text in transcribed
image text in transcribed
image text in transcribed
> - 740 = Question 1 of 4 View Policies Current Attempt in Progress On January 1, 2020, the Hardin company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020 Sales units Ending raw materials inventory Ending finished goods inventory Third quarter production First quarter 5,300 second quarter 6.300 third quarter 7.000 40% of the next quarter's production requirements 25% of the next quarter's expected sales units, 7,730 units The ending raw materlals and finished goods inventories at December 31, 2019 follow the same percentage relationships to production and sales that occur in 2020. 3 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $6 per pound, (a) Prepare a production budget by quarters for the 6-month period ended June 30, 2020 HARDIN COMPANY Production Budget Quarter Question 2 of 4 > ./15 E View Policies Current Attempt in Progress 1 Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first months of 2020, the following data are available Sates: 20,400 units quarter 1: 22.800 units quarter 2. Variable costs per dollar of sales: sale.commissions 5%, delivery expense 2% and advertising 3% Fixed costs per quarter: sales salaries $10,400, office salaries $6.290, depreciation $4,780, insurance $1,790, utilities $850, and repairs expense $630, 2. 3 4. Unit selling price: $24 Prepare a selling and administrative expense budget by quarters for the first 6 months of 2020. (List variable expenses before fixed expense.) KIRKLAND COMPANY Selling and Administrative Expense Budget Quarter 2 Six Months Question 3 of 4 -/40 E View Policies Current Attempt in Progress Moorcroft Company's budgeted sales and direct materials purchases are as follows: April Budgeted Sales Budgeted D.M. Purchases $287,000 $40,000 308,000 55,000 348,000 64,000 May June Moorcroft's sales are 40% cash and 60% credit, Credit sates are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale: 4% are uncollectible. Moorcroft's purchases are 50% cash and 50% on account Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase. (a) Prepare a schedule of expected collections from customers for June. Moorcroft Company Schedule of Expected Collections from Customers April Sales May Jun $ April $ $ $ May June Total Callion $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Kermit D. Larson, William W. Pyle

4th Edition

0256067813, 978-0256067811

More Books

Students also viewed these Accounting questions

Question

Describe a typical technical skills training program

Answered: 1 week ago