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P9-1A ? Prepare budgeted income statement and supporting budgets

P10-1A ? Prepare flexible budget and budget report for manufacturing overhead

Name: Course: Date: P9-1A - Prepare budgeted income statement and supporting budgets Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel Pimer on Using Microsoft Excel in Accounting by Rex A Schildhouse Problem P9-1A Glendo Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2014. 1. Sales: Quarter 1 bags; Quarter 2 bags. Selling price is 30,000 42,000 per bag. 2. Direct materials: Each bag of Snare requires pounds of Gumm at a cost of 4 per pound and pounds of Tarr at $1.50 per pound. 6 3. Desired inventory levels: Type of inventory January 1 April 1 July 1 Snare (bags) 8,000 15,000 18,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000 4. Direct labor: Direct labor time is 0.25 hours (15 minutes) per bag at an hourly rate of per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $175,000 quarter. 6. Income taxes are expected 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 labor cost. (2) The direct materials budget for Tarr shows that cost of Tarr purchases to be $297,000 in quarter 1 and $439,500 in quarter 2. Instructions: Prepare the budgeted income statement for the first 6 months and all required operating budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr. Title Title Title GLENDO FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2014 Quarter 1 2 6 Months Number Number Formula Amount Amount Amount Formula Formula Formula FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 1 of 10, 05/11/2016, 01:25:04 Name: Course: Date: Title Title Title Title Title GLENDO FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2014 Quarter 1 Amount Amount Formula Amount Formula 2 6 Months Amount Formula Amount Formula Formula Formula Amount Formula Formula Formula Title Title Title Title Title Title Title Title Title GLENDO FARM SUPPLY COMPANY Direct Materials Budget - Gumm For the Six Months Ending June 30, 2014 Quarter 1 Amount Amount Formula Amount Formula Formula Formula Amount Formula 2 6 Months Amount Amount Amount Amount Formula Formula Amount Amount Formula Formula Formula Formula Formula Formula Amount Amount Formula Formula Units to be produced Title Title Title Title GLENDO FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30, 2014 Quarter 1 Amount Amount Formula Amount Formula 2 6 Months Amount Amount Amount Amount Formula Formula Amount Amount Formula Formula FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 2 of 10, 05/11/2016, 01:25:04 Name: Course: Date: GLENDO FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2014 Quarter 1 2 6 Months Budgeted sales in units Amount Amount Formula Title Title Total Formula Amount Formula Formula Amount Formula Formula Amount Formula GLENDO FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2014 Title Title Title Title Title Title Title Cost element Direct materials Title Title Title Title Title 6 Months Formula Formula Formula Amount Formula Formula Formula Quantity Number Number Number Unit Cost Amount Amount Amount Total Formula Formula Formula Formula Formula FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 3 of 10, 05/11/2016, 01:25:04 e. The following $60.00 $3.80 $16.00 per pected costs to be purchases to be s by quarters. (Note: anufacturing FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 4 of 10, 05/11/2016, 01:25:04 FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 5 of 10, 05/11/2016, 01:25:04 FileName: qattachments_cb035a22b9f1927562b200c584fa2721147903a6.xlsx, Tab: Problem P9-1A, Page 6 of 10, 05/11/2016, 01:25:04 Name: Course: Date: P10-1A - Prepare flexible budget and budget report for manufacturing overhead Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse Problem P10-1A Cook Company estimates that 300,000 direct labor hours will be worked during the coming year, 2014, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost data are computed for the year. Fixed Overhead Costs Supervision $96,000 Depreciation 72,000 Insurance 30,000 Rent 24,000 Property taxes 18,000 $240,000 Variable Overhead Costs Indirect labor Indirect materials Repairs Utilities Lubricants It is estimated that direct labor hours worked each month will range from 27,000 hours. During October, 27,000 direct labor hours were worked and the following overhead costs were incurred. Fixed Overhead Costs Variable Overhead Costs Supervision $8,000 Indirect labor Depreciation 6,000 Indirect materials Insurance 2,460 Repairs Rent 2,000 Utilities Property taxes 1,500 Lubricants Instructions: (a) Prepare a monthly manufacturing overhead flexible budget for each increment of labor hours over the relevant range for the year ending December 31, 2014. COOK COMPANY Packaging Department Monthly Manufacturing Overhead Flexible Budget For the Year 2014 Activity level Direct labor hours Variable costs Title Title Title Title Title Total variable costs ($1.20) Number Number Number Amount Amount Amount Amount Amount Formula Amount Amount Amount Amount Amount Formula Amount Amount Amount Amount Amount Formula Fixed costs Title Title Title Title Title Total fixed costs Total costs Amount Amount Amount Amount Amount Formula Formula Amount Amount Amount Amount Amount Formula Formula Amount Amount Amount Amount Amount Formula Formula (b) Prepare a flexible budget report for October. COOK COMPANY Packaging Department Manufacturing Overhead Flexible Budget Report For the Month Ended October 31, 2014 Budgeted at Actual Costs Difference Direct labor hours (DLH) Amount Amount Favorable - Fav Unfavorable - Unf Variable costs DLH DLH Title Amount Amount Formula Title Amount Amount Formula Title Amount Amount Formula Title Amount Amount Formula Title Amount Amount Formula Total variable costs ($1.20) Formula Formula Formula Fixed costs Title Title Title Title Title Total fixed costs Total costs Amount Amount Amount Amount Amount Formula Formula Amount Amount Amount Amount Amount Formula Formula Formula Formula Formula Formula Formula Formula Formula (c) Comment on management's efficiency in controlling manufacturing overhead costs in October. Enter text answer here. uring overhead rect labor hours will be worked he following budgeted Overhead Costs $126,000 90,000 54,000 72,000 18,000 $360,000 to 36,000 ng overhead costs were incurred. Overhead Costs $12,432 7,680 4,800 6,840 1,920 3,000 dget Number Amount Amount Amount Amount Amount Formula direct Amount Amount Amount Amount Amount Formula Formula port Difference Favorable - Fav Unfavorable - Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf head costs in October