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Hello, I need a step-by-step process and calculations for each problem. I am confused. ACC 311 Project Two Scenario You are the cost accountant at

Hello, I need a step-by-step process and calculations for each problem. I am confused.

ACC 311 Project Two Scenario

You are the cost accountant at Poseys Pet Emporium tasked with preparing quarterly budgets that determine the cash effects of the companys sales and production-related expenditures. The company uses a calendar year, and it is time to prepare the third-quarter budget. You have the following information:

1. The budgeted selling price for the year is $4.99 per unit. Sales volumes are budgeted as follows for the last month of quarter two, for all of quarter three, and for part of quarter four.

June July August September October

33,500 32,000 35,200 35,000 34,000

2. Historically, 20% of Poseys sales are cash sales. Of the remaining credit sales, 45% are collected in the month of sale, while 52% are collected the following month. The remainder is deemed uncollectible.

3. Management sets its ending finished goods inventory goal at 15% of the following months sales volume. The accounting team expects this policy will be met at the beginning of the second quarter.

4. The target ending inventory for Poseys primary direct material is 20% of the following months production needs. Each completed unit requires five pounds of direct materials at an expected cost of $0.25 per pound. The budgeted production for October is 34,000.

5. Poseys pays for 40% of its purchases in the month of purchase and 60% the month after purchase. Total budgeted purchases in June are $20,000.

6. Poseys ending cash balance on June 30 was $57,950.

7. Poseys non-production cash disbursements are estimated at $80,000 per month.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed We've opened your file for quick and easy viewing right in Microsoft Edge. Choose Download file if you want to use it later. Excel ACC 311 Project Two Workbook Template - View-only Insert Search (Alt + Q) Download file Download file HB \begin{tabular}{l|l|} \hline & \multicolumn{1}{|c|}{} \\ \hline 1 & \\ \hline 2 & \\ \hline 3 & \\ \hline 4 & \\ \hline 5 & B \\ \hline & A \\ 6 & in \\ 7 & T \\ \hline 8 & in \\ \hline \end{tabular} Posey's Pet Emporium Production Budget Budgeted sales volume Add: Target ending FG inventory Total units needed Less: Beginning FG inventory Budgeted units to be 9 produced 10 11 12 DM Purchases Budget Budgeted units to be 13 14 Pounds of DM per unit Total production needs 15 (pounds) Add:Target ending DM 16 inventory (pounds) Total DM inventory 17 needs (pounds) Less: Beginning DM 18 Budgeted pounds of DM 19 to be purchased DM cost per pound Total budgeted cost of 1 > Budget Data 1 Sales Forecast\& Cash Receipts 3 Cash Disbursements Budget Workbook Statistics \begin{tabular}{l|l|l} C & D & E \end{tabular} G General 0 .00 ZR G H Quarter [Insert formula] [insert formula] July August September Quarter \begin{tabular}{|r|r|r|r|} \hline [insert formula] & [Insert formula] & [Insert formula] & [Insert formula] \\ \hline [Insert formula] & [Insert formula] & [Insert formula] & [Insert formula] \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] [Insert formula] [Insert formula] & [Insert formula] \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] & [Insert formula] & [Insert formula] \\ [Insert formula] \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] [Insert formula] [Insert formula] & [Insert formula] \end{tabular} \begin{tabular}{|lll} \hline [Insert formula] & [Insert formula] [Insert formula] [Insert formula] \end{tabular} [Insert formula] [Insert formula] [Insert formula] [Insert formula] a] 3 Cash Disbursements Budget 4 COGS Give Feedback to Microsoft 100%+ fx Workbook Statistics We've opened your file for quick and easy viewing right in Microsoft Edge. Choose Download file if you want to use it later. Excel ACC 311 Project Two Workbook Template - View-only Insert Search (Alt + Q) Download file Download file HB \begin{tabular}{l|l|} \hline & \multicolumn{1}{|c|}{} \\ \hline 1 & \\ \hline 2 & \\ \hline 3 & \\ \hline 4 & \\ \hline 5 & B \\ \hline & A \\ 6 & in \\ 7 & T \\ \hline 8 & in \\ \hline \end{tabular} Posey's Pet Emporium Production Budget Budgeted sales volume Add: Target ending FG inventory Total units needed Less: Beginning FG inventory Budgeted units to be 9 produced 10 11 12 DM Purchases Budget Budgeted units to be 13 14 Pounds of DM per unit Total production needs 15 (pounds) Add:Target ending DM 16 inventory (pounds) Total DM inventory 17 needs (pounds) Less: Beginning DM 18 Budgeted pounds of DM 19 to be purchased DM cost per pound Total budgeted cost of 1 > Budget Data 1 Sales Forecast\& Cash Receipts 3 Cash Disbursements Budget Workbook Statistics \begin{tabular}{l|l|l} C & D & E \end{tabular} G General 0 .00 ZR G H Quarter [Insert formula] [insert formula] July August September Quarter \begin{tabular}{|r|r|r|r|} \hline [insert formula] & [Insert formula] & [Insert formula] & [Insert formula] \\ \hline [Insert formula] & [Insert formula] & [Insert formula] & [Insert formula] \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] [Insert formula] [Insert formula] & [Insert formula] \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] & [Insert formula] & [Insert formula] \\ [Insert formula] \end{tabular} \begin{tabular}{|l|l|l|} \hline [Insert formula] [Insert formula] [Insert formula] & [Insert formula] \end{tabular} \begin{tabular}{|lll} \hline [Insert formula] & [Insert formula] [Insert formula] [Insert formula] \end{tabular} [Insert formula] [Insert formula] [Insert formula] [Insert formula] a] 3 Cash Disbursements Budget 4 COGS Give Feedback to Microsoft 100%+ fx Workbook Statistics

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