CC241 Uses of Accounting Info ll - Online/Course - Smr 3 2020 Afnan Aluwaill & 07/31/20 2:56 AM Save HW Score: 93.99%, 8.46 of 9 pts Homework: Chapter 9 Homework (required) bore: 0.46 of 1 pt 9 of 99 complete BP9-57A (similar to) Derry Manufacturing is preparing is master budget for the first quarter of the upcoming year. The following dito pertanto Derry Man's persone (Click the icon to view the data) Read the requirements More Info Question Help Requirement 1. Prepare a schedule of cash Derry Manufactu 2.Actual sales in December were $70,000. Selling price per unit is projected to remain stable et $10 per hout a budget period. Sales for the first five months of the upcoming yew websted to be follows: Cash Collections January $ 80,000 For the Quarter Ended February $ 92,000 Mon March 3.000 Fabre April S97000 Cashes $ 24,000 27 May $ 5.000 40.000 Credits Sales we 30cash and 70% Allerede sales are collected in the morning the sale Total cash collections 73.000 6.Derry Manufacturing has a policy that states that each monending invertory of Fished 20% of the following monissa on units) d. Of each montis direct material purchas, 20% we paid for in the month of purchase. While the remander is paid for in a month Requirement 2. Prepare a production budget foliowing purchase. Two pounds of direct material is needed per unit 52.00 per pound Erding inventory of direct materias Derry Manut should be 10% of remont's production neede . Most of the labor at the manufacturing facility is indirect, but there is some decor incurred. The direct labor hours per Production 0.01. The direct labore per hour is 512 per hour. Aldrect laboris paid for in the month in which the work is performed The director cost for each of the upcoming three months is as folows: For the Quarter End January 5 996 January February 5 1.125 March S 8.000 Unit Sales . Monthly manufacturing overhead costs we 56.000 for factory rent, $3.000 for the feed dating expenses and 51.20 per unit for variatie man acturing overhead. No depreciation is included in these for Alexpenses are paid in the month in which Enter any number in the edities and then they are incred Computer and for the adminive offices will be purchased in the upcoming out in Jawy, Derry Manufacturing wil hasa wash hehehe parts Check Answer MacBook Air ore: 0.46 of 1 pt 9 of 9 (9 complete) P9-57A (similar to) zerry Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Derry Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) ead the requirements. $ 4,500 $ Cequirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total Derry Manufacturing i Data Table Cash Collections Budget For the Quarter Ended March 31 Month Current Assets as of December 31 (prior year): January February March Quarter Cash Cash sales $ 24,000 $ 27,600 $ 29,700 $ 81,30 Accounts receivable, net Credits sales 49,000 56,000 64,400 169,40 Inventory Total cash collections $ 73,000 $ 83,600 S 94,100 $ 250.70 Property, plant, and equipment, net Accounts payable Requirement 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Capital stock Derry Manufacturing Retained earnings Production Budget For the Quarter Ended March 31 Done Month January February March Quarter Unit sales 8,000 9.200 27.100 $ $ 48,000 15,400 121,500 42,400 126,500 23,100 $ $ $ Print 9.900 Enter any number in the field then click Chark new Save HW Score: 93.99%, 8.46 of 9 pts Ein Help Homework: Chapter 9 Homework (required) Score: 0.48 of 1 pt of complete P9-57A (similar to) Derry Manufacturing is preparing ts master budget for the first quarter of the upcoming year. The following data pertain to Denny Manufacturing's operations click the icon to view the data) Click the icon to view additional data) Read the rements Requirement 1. Prepare a schedule of cash collections for January February, and March, and for the quarter in total Derry Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month January February March Quarter Cash sales $ 24,000 $ 27.500 5 20.700 $ 81300 Credits sales 49.000 58.000 54400 160 400 73.000 $ 83.500 5 Totalcash collections 94,100 $ 250.700 Requirement 2. Prepare a production budget. (Hint: Unitsales Sales in dolar/Selling price per unit) Derry Manufacturing Production Budget For the Quarter Ended March 31 Month January February March Quarter Unit sales 3000 9200 27.100 Enter any number in the fields and then click Check Answer Cho Answer Clear All parts remaining Work (required) 02.57 AM Save HW Score: 93.99%, 8.46 of 9 pts orec 0.46 of 1 pt 9 of 9 19 complete P9-57A (similar to) erry Manufacturing is preparing to master budget for the first quarter of the upcoming year. The following data pertain to Derry Manufacturing operations Click the loon to view the data) (Click the icon to view additional data) ead the requirements Production Budget For the Quarter Ended March 31 Question Help 0 Month January February March Quarter Jnit les 8.000 9.200 9,000 27.100 Plus Desired ending inventory 2.300 2.475 2425 2425 Total needed 10300 11.675 12.325 20.525 oss Beginning inventory 2.000 2.300 2,475 2,000 Units to produce 8.300 9.375 9,850 27.525 Requirements. Prepare a direct materiais budget found your awwers to the nearest whole dar) Derry Manufacturing Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter Units to be produced 9.375 9.850 27.525 2 Multiply by: Quantity pounds) of DM needed per unit nter any number in the edit fields and then click Check Answer Clear All - parts remaining MeWork! Chapter 9 Homework (required) Score: 0.48 of 1 pt Save 4 of 99 completely P9-57A (similar to) HW Score: $3.99%, 8.46 of 9 pts One Derry Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following dole portain to Derry Manufacturing's operations O Click the icon to view the data) (Click the loon to view additional data) Read the recent Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dolar) Derry Manufacturing Direct Materials Budget For the Quarter Ended March 31 Mouth January February March Units to be produced 3.300 9.375 90 27 525 Multiply by Quantity pounds)of Meeded per unit 2 Quantity Cound) needed for production 16.000 19.700 55.050 1,875 1 70 1.850 TED Plus Desired ending inventory of OM 18.475 Total Quantity pounds) needed 21.580 5830 1875 1970 1660 Les Beginning inventory of DM 16 15 18.45 10.610 55210 Quay pounds) to purchase S 2.00 $ 2005 2.00 Multiply by cost per pound 5 300 S30 220 5 110.540 Total cost of purchases Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirements (see counts pay balance at December 31 year or the primary and the near whole dolar) 1750 Enter wy number in the edited and then click Check Answer CA parts Se P9-57A (similar to) 9 of 99 complete HW Score: 93.99%, 8.46 of 9 o arry Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Derry Mantings aperations Question Help Click the icon to view the data) Click the icon to view additional data) and the requirements upy by Cosperound tal cost of DM purchases 33.6305 37.600 $ 31.220 $110540 Cequirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3 (Use the accounts payable balance December 31 of prior year for the prior month payment in January) Round your own the arest Whole dollar) Derry Manufacturing Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter 20% of current month DM purchases $ 6.725 $ 7,538 $ 7.45 22.108 42.400 25 904 30.152 99,456 80% of last month's DM purchases $ 49.126 5 Total cash payments Requirements. Prepare a cash payments budget for direct labor Derry Manufacturing Cash Payments for Direct Labor Budget For the Quarter Ended March 31 Month Enter any number in the edit fields and then click Check Answer Clear All 7 parts remaining Uses of Accounting Info II - Online Course - SmrB 2020 Homework: Chapter 9 Homework (required) Afnan Airwal 7/31/20257 HW Score 98.99%, 8.48 of Question Score: 0.46 of 1 pt 9 of 99 complete P9-57A (similar to) Derry Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertanto Dery Marangoperations Click the icon to view the data) (Click the icon to view additional data) Read the requirements Total cash payments Requirement 5. Prepare a cash payments budget for direct laber Derry Manufacturing Cash Payments for Direct Labor Budget For the Quarter Ended March 31 Month January February March Quarter Total cost of direct labor 996 $ 1.125 $ 1,182 $ 3.303 Requirement 6. Prepare a cash payments budget for manufacturing overhead con (Round your answers to the nearest whole dolar) Derry Manufacturing Cash Payments for Manufacturing Overhead Budget For the Quarter Ended March 31 Month February March Quarter 5000 5000 5000 15000 Variable manufacturing overhead costs 3000 3000 9000 Rent (fxed 2000 3000 1000 Other Fored MOH S000 Enter any number in the edit fields and then click Check Answer Clear to) gits master budg More Info Derry Mar ash Payments for For the Quarter Jani ash payments budod month's sales (in units). d. Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 10% of next month's production needs. e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.01. The direct labor rate per hour is $12 per hour. All direct labor is paid for in the month in which the work is performed. The direct labor total cost for each of the upcoming three months is as follows: January $ 996 February 1,125 March 1,182 f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and $1.20 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month which they are incurred g.Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Derry Manufacturing will purchase equipment for $5,000 (cash), while February's cash expenditure will be $12,000 and March's cash expenditure will be h. Operating expenses are budgeted to be $1.00 per unit sold plus foed operating expenses of $1,000 per month. All operating 1. Depreciation on the building and equipment for the general and administrative offices is budgeted to be 54,800 for the entire quarter, which includes depreciation on new acquisitions. J. Derry Manufacturing has a policy that the ending cash balance in each month must be at least $4,000. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $150,000. The interest rate on these loans is 1% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter k. The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,000 cash at the end of February in estimated taxes. Derry h Payments for Ma For the Quar head costs acturing overhead dit fields and then Print Done llections for Requirements - X Euring Budget ad March 31 onth ruary 27,600 $ 56,000 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Selling price per unit.) 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January) 5. Prepare a cash payments budget for direct labor. 6. Prepare a cash payments budget for manufacturing overhead costs. Prepare a cash payments budget for operating expenses. 8. Prepare a combined cash budget 9. Calculate the budgeted manufacturing cost per unit (assume that fixed manufacturing overhead is budgeted to be $0.70 per unit for the year). 10. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing one unit x Number of units sold.) 83,600 $ 7. (Hint: Unit sal ufacturing on Budget Ended March Month Februar Print Done y 000 9.200 9.900 27.100 en click Check