enheducation.com 0 + 0 Men Mal Homework 10 Chapter 13 How.car- He saved Saba 3 Managers are bited to clients at a rate of $920 per hour and staff at a rate of $460 per hour Managers we paid $245 per hout worked including nonbillable time) and staff we paid $135 per hour. The current plan calls for managers to bl220 hours in May and 770 hours in Jure Staff are expected to bill 6.440 hours in May and 4.540 hours in Ane, Managers will work a total of 2.440 hours in both months and staff will work a total of 9.640 houts in both months Other monthly costs al fede $551000 SG&A $226.000 in depreciation, and $351000 in marketing Required: Prepare a budgeted income statement for Executive Solutions for Mary and June repente, 25 soves OR EXECUTIVE SOLUTIONS Budgeted Income June bo $ 0 to Reven Managers Sot Totale Expense Manager compensa Stall competion Totalcompensation SOLA Depreciation Marketing Total expenses nome) 05 $ In question in the previous attempt 7 Brighton, Inc., manufactures Kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month bank loan of $500,000 starting May 1. The bank would charge interest at the rate of 0.75 percent per month and require the company to repay interest and principal on May 31 in considering the loan, the bank requested a projected income statement and cash budget for May The following information is available 01:0903 The company budgeted sales at 600,000 units per month in April, June, and July and at 450.000 units in May. The selling price is $4 per unit The inventory of finished goods on April 1 was 150,000 units. The finished goods inventory at the end of each month equals 25 percent of sales anticipated for the following month. There is no work in process. . The inventory of raw materials on April 1 was 70,313 pounds. At the end of each month, the raw materials inventory equals no less than 50 percent of production requirements for the following month. The company purchases materials in quantities of 67,500 pounds per shipment Selling expenses are 10 percent of gross sales, Administrative expenses, which include depreciation of $2,000 per month on office furniture and fixtures, total $165,000 per month The manufacturing budget for tiles, based on normal production of 500,000 units per month follows: Punt forces Materials 0.25 pound per tile, 125,000 pounds. $4 per pound> Labor Variable overhead Fixed overhead (includes depreciation of $200,000) Total $500,000 400.000 200,000 420,000 $1,520,000 Required: a 1. Prepare schedules computing inventory budgets by month for production in units for April May, and June a 2. Prepare schedules computing inventory budgets by months for raw materials purchases in pounds for April and May b. Prepare a projected income statement for May Cost of goods sold should equal the variable manufacturing cost per unit times the number of units sold plus the total fixed manufacturing cost budgeted for the period. When calculating net sales assume cash discounts of 1 percent and bad debt expense of 0.50 percent. You skipped this question in the previous attempt. 4 Materials (0.25 pound per tile, 125,000 pounds, 54 per pound) Labor Variable overhead Fixed overhead (includes depreciation of $200,000) Total $ 500,000 400,000 200,000 420,00 $1,520,000 30 points 010900 Required: a-1. Prepare schedules computing Inventory budgets by months for production in units for April, May, and June 2. Prepare schedules computing inventory budgets by months for raw materials purchases in pounds for April and May. b. Prepare a projected income statement for May. Cost of goods sold should equal the variable manufacturing cost per unit times the number of units sold plus the total fixed manufacturing cost budgeted for the period. When calculating net sales assume cash discounts of 1 percent and bad debt expense of 0.50 percent ebook Complete this question by entering your answers in the tabs below. Print Reg Ai Reg A2 Req Prepare schedules computing inventory budgets by months for production in units for April, May, and June BRIGHTON, INC Schedule Computing Production Budget (Units) For April, May, and June April May June + Total needs 0 0 0 Budgeted production - Units 0 0 Mc Total $1,520,000 4 Required: a.1. Prepare schedules computing inventory budgets by months for production in units for April, May, and June. a-2. Prepare schedules computing inventory budgets by months for raw materials purchases in pounds for April and May. b. Prepare a projected income statement for May. Cost of goods sold should equal the variable manufacturing cost per unit times number of units sold plus the total fixed manufacturing cost budgeted for the period. When calculating net sales assume cash discounts of 1 percent and bad debt expense of 0.50 percent 30 points 8 D101.22 Complete this question by entering your answers in the tabs below. elook Reg A1 Reg A2 Req Prepare a projected Income statement for May. Cost of goods sold should equal the variable manufacturing cost per unit times the number of units sold plus the total fixed manufacturing cost budgeted for the period. When calculating net sales assume cash discounts of 1 percent and bad debt expense of 0.50 percent. (Do not round intermediate calculations.) Print References BRIGHTON, INC Projected Income Statement For the Month of May 0 $ 0 Net Sales Cost of Sales