class was cancled, need help on completed homework problem

10 10 complete) > Comp24-1 (similar to) The Tinted Toy Company manufactures toy building block sets for children Tinted is planning for 2019 by developing a master budget by quarters Tinted's balance sheet for December 312015, ows m (Click the icon to view the balance sheet) Other budget data for Tinted Toy Company (Click the icon to view the other data) Read the requirements Requirement 1. Prepare Tinted's operating budget and cash budget for 2019 by Quarter Required schedules and budgets include sales budget production budget direct mana budget direct laborbu budget, sehing and administrative expense budget, schedule of cash receipts, schedule of cash payments and cash budget Manufacturing overhead costs are allocated based on decor hours (Roun Begin by preparing the sales budget Tinted Toy Company Sales Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Budgeted sets to be sold Sales price per unit Total sales Enter any number in the edit fields and then click Check Answer A parts 34 remaining DELL 019 by developing a master budget by quarters. Tinted's balance sheet for December 31, 2018, follows: Data Table ed schedul ayments Tinted Toy Company Balance Sheet December 31, 2018 Assets budget, man pund all calcu Current Assets Cash Accounts Receivable Raw Materials Inventory 60,000 18,000 3,300 19,250 $ Total 100,550 188,000 (39,000) 149.000 249,550 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings 16,000 180,000 53,550 Print Done DELL Ramiro G Problem 1 of 1 (0 complete) a for * More Info quire ash ring s tot (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 100 sets per quarter Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account Sets are budgeted to sell for $90 per set b. Finished Goods Inventory on December 31, 2018, consists of 550 sets at $35 each c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 1,900 sets. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 3,300 pounds. Direct materials requirement is 6 pounds per set. The cost is $1 per pound e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production, desired ending inventory for December 31, 2019, is 3,300 pounds, indirect materials are insignificant and not considered for budgeting purposes f. Each set requires 0 20 hours of direct labor, direct labor costs average $10 per hour. . Variable manufacturing overhead is $200 per set h. Fixed manufacturing overhead includes $4,000 per quarter in depreciation and $9,240 per quarter for other costs, such as utilities, insurance, and property taxes i. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $3,000 per quarter for rent $1,800 per quarter for insurance, and $1,000 per quarter for depreciation j. Variable selling and administrative expenses include supplies at 1% of sales k. Capital expenditures include $10,000 for new manufacturing equipment to be purchased and paid for in the first quarter I. Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter following the sale, Accounts Receivable balance on December 31, 2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter, Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019 n. Direct labor manufacturing overhead and selling and administrative costs are paid in the quarter Print Done Print Done 1 of 1 (0 complete) 019 by dev 0 Requirements ed schedules payments, an Total 1. Prepare Tinted's operating budget and cash budget for 2019 by quarter Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing manu overhead costs are allocated based on direct labor hours (Round all calcu calculations to the nearest dollar) 2. Prepare Tinted's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet 3. Tinted sold 7,300 sets in 2019, and its actual operating income was as follows: PER (Click the icon to view the actual income statement) Prepare a flexible budget performance report through operating income for 2019. Show product costs separately from selling and administrative costs. To simplify the calculations due to sets in beginning inventory having a different sed cost than those produced and sold in 2019, assume the following product costs pounds PER (Click the icon to view the product costs.) 4. What was the effect on Tinted's operating income of selling 700 sets more than It's direct the static budget level of sales? 300 pour 5. What is Tinted's static budget variance for operating income? rage $10 6. Explain why the flexible budget performance report provides more useful information to Tinted's managers than the static budget performance report What insights can Tinted's managers draw from this performance report? reciation 7. During 2019, Tinted recorded the following cost data arter for se (Click the icon to view the standard cost data.) for deprec (Click the icon to view the actual cost data) % of sales Compute the cost and efficiency variances for direct materials and direct labor pment to be 8. For manufacturing overhead, compute the variable overhead cost and efficiency Ano and the fired urhout cost and nume variances ale and 40 expected to ht and not a Print Done and 30% ir Accounts Payable balance on December 31, 2018 is expected to be paid in to DOLL 119- Jork: CH 22-24 Comprehensive Problem pts (similar to) 1 of 1 (0 complete Co Data Table X l Requirements con Tem 1.pl and $ 657,000 aring 140,725 Tinted Toy Company Income Statement For the Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold Variable 89,465 51.260 Fixed Gross Profit Selling and Administrative Expenses Variable 6,570 63 200 Fixed Operating Income Other Income and (Expenses) 516,275 1. Prepare Tinted's op Required schedules direct materials budg cost of goods sold b of cash receipts, sch overhead costs are a calculations to the ne 2. Prepare Tinted's anr statement and budg 3. Tinted sold 7,300 se (Click the icon to Prepare a flexible bu 2019. Show product simplify the calculati cost than those prod (Click the icon to 4. What was the effect the static budget leve 5. What is Tinted's stati 6. Explain why the flexi information to Tinted What insights can Tin 7. During 2019, Tinted (Click the icon to (Click the icon to Compute the cost an 8. For manufacturing ou wariances and the fiv 69 770 s to 446,505 (300) Interest Expense Income Before Income Taxes 446,205 16,000 Income Tax Expense 430,205 Net Income Print Done amber in the edit fields and then click Check Answer ning OCH 22-24 Comprehensive Probler ilar to) Data Table Tinted Toy Company Income Statement For the Year Ended December 31, 2019 Mat Sales R DA 657.000 1 x - Data Table Static budget Flexible budget Variable $ 75,190 $ 88,415 Fixed 52,960 $ 52,960 Total 128,150 141,375 Print [Done] Interest Expense Income Before Income Taxes Income Tax Expense Net Income (300) 446,205 16,000 430,205 $ Print Done * Data Table Standard Cost Information Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Static budget amount: $52.960 Quantity Cost 6 pounds per set $ 100 per pound 0.20 hours per set $ 10.00 per hour 0 20 hours per set $ 10.00 per hour 0.20 hours per set $ 40.00 per hour Data Table Actual Cost Information Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead 43,500 pounds @ 1,450 hours @ 1,450 hours @ $ 1.40 per pound) $ $ 10.10 per hour) $ 9.60 per hour) 60,900 14,645 13,920 51.260 ( Print Done Enter any number in the edit fields and then click Check Answer. 34 Pertaining nsive Problem 1 of 1 (0 complete) > Requirements Cost $ 100 per pound $ 1000 per hour $ 1000 per hour $ 4000 per hour ons to the 2019. Show product costs separately from selling and administrative costs To Simplify the calculations due to sets in beginning inventory having a different cost than those produced and sold in 2010 asume the following product costs Click the icon to view the product costs) 4. What was the offect on Tinted's operating income of selling 700 sets more than the state budget level of sales? 5. What is Tinted's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Tinted's manager than the state budget performance report What insights can Tinted's managers draw from this performance report? 7. During 2019, Tinted recorded the folowing cost data Click the icon to view the standard cost data) Click the icon to view the actual cost data) Compute the cost and efficiency variances for direct materials and direct labor 8. For manufacturing overhead compute the variable overhead cost and efficiency variances and the fored overhead cost and volume variances 9. Prepare the standard cost Income statement for 2019 10. Calculate Tinted's ROI for 2019 To caute average total assets, use the December 31, 2018, balance sheet for the beginning balance and the budgeted balance sheet for December 31, 2019 for the ending balance Round all of your answers to four decimal places 11. Calculate the profit margin ratio for 2019 Interpret your results 12. Calcule Tiles asset tumover at for 2019 interpret your results 13. Use the expanded Room to confirm your results from Requirement 10 interpret your results 14. Tinted's management has specified a 10% banget rate of return Calculate Tinted's RI for 2019. Interpret your results Directa materials ng Ind's indirect 140 per pound) $ $ 10 10 per hour) 59 60 per hour) 60,000 14,645 13,520 51.200 P por hour and 59.240 b be purchase Print Done 40% in the d to be receive It considered Cle m . Det material purchases are pad 70% in the purchased and 30% in the follow Accounts Payable balance on December 31, 2018 is expected to be paid in the best DOLL F5 FO F10 F11 F12