e Homework: Chapter 6 - Problem 6-43 Question 1, P6-43 (similar to) Part 1 of 7 HW Score: 0%, 0 of 100 points Points: 0 of 100 Save Skors, Inc., manufactures and sells snowboards, Skors manufactures a single model, the Pipex In late 2020 Skors's management accountant gathered the Score following data to prepare budgets for January 2021 Click the icon to view the budgeted balances and additional information pertaining to the cash budget) bmiss Click the icon to view the additional variable and fixed manufacturing cost Information) Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information) (Click the icon to view the following selected January 2021 budgets Revenue, Direct material purchases, Direct manufacturing labor cost Variable manufacturing overhead and Ending inventory) Read the requirements 43 (sim Requirement 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable and for disbursements for food manufacturing and operating (nonmanufacturing) overhead Begin by preparing the supporting schedule for the calculation of collection of receivables Start Schedule of Cash Collections From December 2020 Sales From January 2021 sales urse ACC 24 Total collections olem 6-43 - Google Chrome nt/PlayerHomework.aspx?homeworkld=621016345&questionId=1&flushed=false&cd=6884174¢erwi Moustapha Ndiaye 03/02/22 ing it points Question 1. P6-43 (similar - X Data table Jor requir Story info 2 Budgeted balances at January 31, 2021 are as follows: Cash Accounts receivable January ufacturin ventory) 2 2 S 855.000 Inventory Property, plant and equipment (net) Accounts payable Long-term liabilities Stockholders' equity B 183,000 2 yments of are arsel Be su Schd 20 sal Selected budgeted information for December 2020 follows: Cash balance December 31, 2020 $ 15.000 Budgeted sales 1690.000 Budgeted materials purchases 640,000 Customer invoices are payable within 30 days From past experience, Slatts's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month Accounts payable relates only to the purchase of direct materials Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase sales Print Done Check CTETIT solve this GATCUTUT sructor Question 1. P6-43 (similar Data table - X lor Long-term liabilities Stockholders' equity 183,000 ? story Var Jufac Vento Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ Budgeted sales Budgeted materials purchases 15,000 1,690,000 640,000 pyments Customer invoices are payable within 30 days. From past experience, Slatts's accountant projects 45% of invoices will be collected in the month invoiced and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase Fixed manufacturing overhead costs include $12,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $6.000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly All property, plant and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020. Slatts's board of directors voted to pay a $135 000 dividend to stockholders on January 31, 2021 Data table Materials and Labor Requirements Direct materials Wood Fiberglass Direct manufacturing labor 12 board feet (bf.) per snowboard 10 yards per snowboard 6 hours per snowboard Slatts CEO expects to sell 3.100 snowboards during January 2021 at an estimated retail price of $850 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 700 snowboards in stock Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2.050 b.f 1 $50 bf 1,050 yards 2,050 yards Wood Fiberglass Other data include: 2020 Unit Price 2021 Unit Price Wood $ 33.00 per bf $ 35.00 per bf Direct manufacturing labor 6 hours per snowboard Slatts' CEO expects to sell 3,100 snowboards during January 2021 at an estimated retail price of $850 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 700 snowboards in stock. Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,050 bf 1,550 b.f. Wood Fiberglass 1.050 yards 2,050 yards Other data include: 2020 Unit Price 2021 Unit Price Wood $ 33.00 per bf $ 35.00 per b.f. Fiberglass 9.00 per yard $ 10.00 per yard Direct manufacturing labor $ 29.00 per hour $ 30.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $300.00. Assume Slatts uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations $ erence Revenue Budget For January 2021 Units Selling price Total revenues 3,100 $ 850 $ 2,635,000 Snowboards Total Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Physical Units Budget To be used in production 38,400 b.f. 32,000 yards Add target ending inventory 2,050 yards IN Total requirement 39,950 b.f. 34,050 yards Deduct beginning inventory Purchases to be made 37 900 b. 33,000 yards Cost Budget 1,550 b. 2,050 bf 1,050 yards Print Done Reference Output Units Produced DMLH Total Hours per Unit Snowboards 3,200 Hourly Wage Rate $ 30 Total 6 19.200 Total labor hours $ 576,000 X 19.200 Variable manufacturing overhead rate 15 Variable manufacturing overhead costs 288.000 Ending Inventories Budget For January 2021 Quantity Cost per unit Direct materials Total Wood 1.550 Fiberglass 35 $ 2,050 10 54 280 20.500 Finished goods Snowboard 700 Total ending inventory S 796 557 200 631.950 Print Done e Homework: Chapter 6 - Problem 6-43 Question 1, P6-43 (similar to) Part 1 of 7 HW Score: 0%, 0 of 100 points Points: 0 of 100 Save Skors, Inc., manufactures and sells snowboards, Skors manufactures a single model, the Pipex In late 2020 Skors's management accountant gathered the Score following data to prepare budgets for January 2021 Click the icon to view the budgeted balances and additional information pertaining to the cash budget) bmiss Click the icon to view the additional variable and fixed manufacturing cost Information) Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information) (Click the icon to view the following selected January 2021 budgets Revenue, Direct material purchases, Direct manufacturing labor cost Variable manufacturing overhead and Ending inventory) Read the requirements 43 (sim Requirement 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable and for disbursements for food manufacturing and operating (nonmanufacturing) overhead Begin by preparing the supporting schedule for the calculation of collection of receivables Start Schedule of Cash Collections From December 2020 Sales From January 2021 sales urse ACC 24 Total collections olem 6-43 - Google Chrome nt/PlayerHomework.aspx?homeworkld=621016345&questionId=1&flushed=false&cd=6884174¢erwi Moustapha Ndiaye 03/02/22 ing it points Question 1. P6-43 (similar - X Data table Jor requir Story info 2 Budgeted balances at January 31, 2021 are as follows: Cash Accounts receivable January ufacturin ventory) 2 2 S 855.000 Inventory Property, plant and equipment (net) Accounts payable Long-term liabilities Stockholders' equity B 183,000 2 yments of are arsel Be su Schd 20 sal Selected budgeted information for December 2020 follows: Cash balance December 31, 2020 $ 15.000 Budgeted sales 1690.000 Budgeted materials purchases 640,000 Customer invoices are payable within 30 days From past experience, Slatts's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month Accounts payable relates only to the purchase of direct materials Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase sales Print Done Check CTETIT solve this GATCUTUT sructor Question 1. P6-43 (similar Data table - X lor Long-term liabilities Stockholders' equity 183,000 ? story Var Jufac Vento Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ Budgeted sales Budgeted materials purchases 15,000 1,690,000 640,000 pyments Customer invoices are payable within 30 days. From past experience, Slatts's accountant projects 45% of invoices will be collected in the month invoiced and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase Fixed manufacturing overhead costs include $12,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $6.000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly All property, plant and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020. Slatts's board of directors voted to pay a $135 000 dividend to stockholders on January 31, 2021 Data table Materials and Labor Requirements Direct materials Wood Fiberglass Direct manufacturing labor 12 board feet (bf.) per snowboard 10 yards per snowboard 6 hours per snowboard Slatts CEO expects to sell 3.100 snowboards during January 2021 at an estimated retail price of $850 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 700 snowboards in stock Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2.050 b.f 1 $50 bf 1,050 yards 2,050 yards Wood Fiberglass Other data include: 2020 Unit Price 2021 Unit Price Wood $ 33.00 per bf $ 35.00 per bf Direct manufacturing labor 6 hours per snowboard Slatts' CEO expects to sell 3,100 snowboards during January 2021 at an estimated retail price of $850 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 700 snowboards in stock. Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,050 bf 1,550 b.f. Wood Fiberglass 1.050 yards 2,050 yards Other data include: 2020 Unit Price 2021 Unit Price Wood $ 33.00 per bf $ 35.00 per b.f. Fiberglass 9.00 per yard $ 10.00 per yard Direct manufacturing labor $ 29.00 per hour $ 30.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $300.00. Assume Slatts uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations $ erence Revenue Budget For January 2021 Units Selling price Total revenues 3,100 $ 850 $ 2,635,000 Snowboards Total Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Physical Units Budget To be used in production 38,400 b.f. 32,000 yards Add target ending inventory 2,050 yards IN Total requirement 39,950 b.f. 34,050 yards Deduct beginning inventory Purchases to be made 37 900 b. 33,000 yards Cost Budget 1,550 b. 2,050 bf 1,050 yards Print Done Reference Output Units Produced DMLH Total Hours per Unit Snowboards 3,200 Hourly Wage Rate $ 30 Total 6 19.200 Total labor hours $ 576,000 X 19.200 Variable manufacturing overhead rate 15 Variable manufacturing overhead costs 288.000 Ending Inventories Budget For January 2021 Quantity Cost per unit Direct materials Total Wood 1.550 Fiberglass 35 $ 2,050 10 54 280 20.500 Finished goods Snowboard 700 Total ending inventory S 796 557 200 631.950 Print Done
