for preparing gets for rene for the est a 2020 te Problem 10.33 1-6 Tiger Farm Supply Company manufactures and sea fertise and share. The fooing data are for $1.50 1. Sales: Quarter 1, 28,000 bags; quarter 2. 42.000 bags. Sering price is 14 per bag 2. Direct mater Each bag of share s of Gumma per gram and 6 3. Desired inventory levels Study Type of Inventory Snare (bag) Gumm (9) January 1 8,000 8,000 13.000 April July 1 11.000 18.000 9,000 15,000 20,000 25.000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12 per hour 5. The company expects selling and administrative expenses to be 15 of sales plus 5176,000 per quarter 6. It expects income taxes to be 30% of income from operations Your assistant has prepared two budgets (1) The manufacturing overhead budget shows expected costs to be 150% of direct bour cost (2) Theorect mana budget for furthe the cost of Tart purchases to be $294,000 in quarter 1 and 443.000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Cassify items as variable and in the selling and a r e expenses ) Do not the man overhead budget or the direct materials budget for at Your answer is correct. Prepare the sales budget by quarters. TILGER FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2020 Quarter 42000 Expected sales in units Unit selling price 2268000 Total sales SHOW ANSWER T RESOURCES Prepare the production budget by quarters. TELGER FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2020 Quarter 42000 70000 Add Desired ending finished goods Total required units Less Dening feshed goods inventory Total required units Your answer is correct. Prepare the direct labour budget by Quarters. (Round direct labour hours per unit to 2 decimal places, eg: 0.15.) TILGER FARM SUPPLY COMPANY Direct Labour Budget For the Six Months Ending June 30, 2020 Quarter Months 31000 4900 Units to be produced Direct labour hours per unit Total required for production SO-0- Direct labour cost per hour Total cost of direct labour NT RESOURCES Your answer is correct. 10.12 10.20 1031 alat 10.39 Prepare the direct materias budget by Quarters TILGER FARM SUPPLY COMPANY Direct Materials Budget Gumm For the Six Months Ending June 10, 2020 Quarter ults by Study 31000 Units to be produced Direct materials per unit Total required for production Add Desired ending inventory 335000 Total materials required Less Beginning inventory Direct materials purchases Cost per kilogram 130B0DO S00000 Total cost of materials purchases LINK TO TEXT Your answer is correct. Prepare the selling and administrative expense budget by quarters TILGER FARM SUPPLY COMPANY SOURCES SHOW ANSWER Your answer is correct. by Study Prepare the selling and administrative expense budget by quarters. TILGER FARM SUPPLY COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 Quarter Months 1512000 226800 3780000 Expected sales 567000 226800 Variable costs 352000 176000 Fixed costs 402800 Total selling and admin costs SHOW SOLUTION SHOW ANSWER LINK TO TEXT decimal pla Your answer is partially correct. Try again. Prepare the budgeted Income statement for the first six months. (Round per unit calculations to 2 decimal places, e.g. 0.25 and final answers to TILGER FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2020 3780000 Sales 919000 Study SHOW SOLUTION LINK TO TEXT Your answer is partially correct. Try again. Prepare the budgeted income statement for the first six months. (Round per unit calculations to 2 decimal places, e.g. 0.25 and final answers to o decil TILGER FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2020 3780000 Sales cost of goods sold 2320000 1460000 Gross profit 919000 Selling and administrative expense 541000 Income before income taxes 162300 Income tax expense 378700 Net income REPEAT Question Attempts: 1 of 2 used