A)

B)

C)

Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses $275,000 Manufacturing supplies 15,070 Power and light 44,950 Sales commissions 307,460 Factory insurance 26,180 Production supervisor wages 132,210 Production control wages 34,370 Executive officer salaries 280,290 Materials management wages 37,820 Factory depreciation 21,420 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Sweet Tooth Candy Company Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs: Manufacturing supplies Power and light Production supervisor wages Production control wages Materials management wages Total variable factory overhead costs Fixed factory overhead costs: Factory insurance Factory depreciation Total fixed factory overhead costs Total factory overhead costs Cost of Goods Sold Budget P1 Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 30,600 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $242,700 for June. Factory overhead was budgeted at $336,000 during June. The inventories on June 1 were estimated to be: Oil $17,000 11,400 P2 9,700 Work in process 14,100 The desired inventories on June 30 were: Oil $18,700 P1 10,400 P2 9,200 Work in process 14,600 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $166,600 April 156,600 May 142,500 Depreciation, insurance, and property taxes represent $36,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. . Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May. Excel Learning Systems Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March 91,420 Paid in April April expenses: : Paid in April Paid in May May expenses: Paid in May $ Total cash payments $