I have attached a few questions in the word doc. If you need any additional information please let me know thank you!

Buttermilk Bakery has provided the following cost data for the last year when 103,000 loaves of bread were produced and sold. Raw materials Direct labor Manufacturing overhead Selling and administrative costs $227,630 71,070 200,070 150,100 All costs are variable except for $115,610 overhead and $75,940 selling and administrative. The sales price was $10 per loaf. How many units must be sold to meet a target operating income of $359,446? Must be sold loaves If Buttermilk desires a target operating income of $142,000, what is the amount of sales dollars needed to reach this target? (Round answer to 0 decimal places, e.g. 16,405.) $ Sales dollars A manufacturer of potting soil has the following financial data: Pounds produced and sold Sales Less: Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative costs Fixed selling and administrative costs Net operating income 25,400 $192,700 132,900 9,200 32,000 15,600 $3,000 What is the company's unit contribution margin? (Round answer to 2 decimal places, e.g. 1.64.) $ Unit contribution margin What is the company's degree of operating leverage? (Round answer to 2 decimal places, e.g. 1.64.) Degree of operating leverage Milsaps Company produces sportsmen's digital scales. In preparing the current budget, Milsaps' controller estimates a total of $310,000 in direct materials cost, $217,000 in direct labor cost, and $279,930 in manufacturing overhead costs. Since much of the production process requires skilled workers to assemble the scales, direct labor cost is used as the overhead application base. At the end of the period, Milsaps reported actual results as follows: direct materials cost of $297,000, direct labor cost of $191,000, and manufacturing overhead cost $240,850. What is Milsaps' predetermined overhead rate for the year? Milsaps' predetermined overhead rate % Megan Industries manufactures several products including a basic case for a popular smart phone. The company is considering adopting an activity-based costing approach for setting its budget. The company's production activities, budgeted activity costs, and cost drivers for the coming year are as follows. Activity Machine setup Inspection Materials receiving Activity overhead $ $184,690 191,950 196,560 Cost driver # of setups # of quality tests # of purchase orders The budgeted data for smart phone case production are as follows. Direct materials Direct labor Number of setups Number of quality tests $2.40 per unit $0.62 per unit 92 367 Cost driver quantity 730 550 1,820 Number of purchase orders Production 65 18,830 units Calculate the activity rate for each cost pool. $ Machine setup per setup $ Inspection per test $ Materials receiving per PO Stockin Company produces Tablets and Books. Total overhead costs traditionally have been allocated on the basis of direct labor hours. After implementing activity-based costing, managers determined the following cost pools and cost drivers. They also decided that general costs should no longer be allocated to products. Activity Pool Binding Printing Product design General Total overhead costs Department Costs $252,843.75 773,647.00 217,782.00 352,777.25 Cost driver Number of units Machine hours Change orders None $1,597,050.00 Other information is as follows: Units Direct materials cost per unit Direct labor cost per unit Direct labor hours Machine hours Change orders Tablets 77,500 $4.00 $5.00 27,300 139,900 1,962 Books 19,375 $12.00 $10.00 13,650 104,925 3,924 (a) Determine the unit product cost for Tablets using the traditional costing system. (Round answer to 2 decimal places, e.g. 1.64.) $ Unit product cost for Tables Problem 5-35 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $909,000 $1,006,600 $909,000 $1,152,600 $1,257,100 $1,405,000 Month July August Septembe r October November December Sales $1,506,100 $1,506,100 $1,609,500 $1,609,500 $1,506,100 $1,708,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,564,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits Advertising Property taxes Insurance Utilities Depreciation $ 320,900 379,100 137,600 192,800 184,000 349,600 Total $ 1,564,000 Operating income for the first quarter of the coming year is projected to be $327,400. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,600. Don't show me this message again for the assignment Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May June $ $ $ $ $ $ April COGS May COGS June COGS July COGS Totals Don't show me this message again for the assignment Link to Text Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ $ June $ March purchases April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ Ending Cash Balance $ $ $ Problem 5-35 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $909,000 $1,006,600 $909,000 $1,152,600 $1,257,100 $1,405,000 Month July August Septembe r October November December Sales $1,506,100 $1,506,100 $1,609,500 $1,609,500 $1,506,100 $1,708,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,564,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits Advertising Property taxes Insurance Utilities Depreciation $ 320,900 379,100 137,600 192,800 184,000 349,600 Total $ 1,564,000 Operating income for the first quarter of the coming year is projected to be $327,400. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,600. Don't show me this message again for the assignment Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May June $ $ $ $ $ $ April COGS May COGS June COGS July COGS Totals Don't show me this message again for the assignment Link to Text Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ $ June $ March purchases April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ Ending Cash Balance $ $ $ Bill Thomas, Bates & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation $ 37,200 36,270 30,380 4,687 186,000 (46,500 ) Total Assets $248,037 Accounts Payable Income Tax Payable Common Stock Retained Earnings $ 11,160 46,661 62,000 128,216 Total Liabilities & Owners Equity Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable Direct materials Finished goods Acounts payable Notes payable $248,037 Quarter $874,200 165,168 2,096 19,081 622,089 84,630 3,447 36,589 20,584 25,420 Additional Information: Bates & Hill plans to declare and pay dividends totaling $30,380 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $44,640. Bates & Hill plans to purchase equipment in March at a cost of $37,200. Depreciation for manufacturing overhead $18,600 per month and for selling and administrative $6,200 per month. The company expects a 19% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. Prepare Bates & Hill's pro-forma income statement for the first quarter. Pro-forma Income Statement $ $ 2) Strum Enterprises is a boutique guitar manufacturer. The company produces both acoustic and electric guitars for rising and established professional musicians. Claire Strum, the company's sales manager, prepared the following sales forecast for 2015. The forecasted sales prices include a 5 percent increase in the acoustic guitar price and a 10 percent increase in the electric guitar price, to cover anticipated increases in raw materials prices. Sales Price Acoustic guitar sales Electric guitar sales 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $1,340 400 600 340 660 $2,690 250 90 110 120 Don't show me this message again for the assignment (a) Prepare Strum's sales budget for 2015. Sales Budget st 2nd Quarter 3rd Quarter 4th Quarter $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1 Quarter Annual Acoustic: Electric: Total revenue 3) Lexi Belcher picked up the monthly report that Irvin Santamaria left on her desk. She smiled as her eyes went straight to the bottom line of the report and saw the favorable variance for operating income, confirming her decision to push the workers to get those last 250 cases off the production line before the end of the month. But as she glanced over the rest of numbers, Lexi couldn't help but wonder if there were errors in some of the line items. She was puzzled how most of the operating expenses could be higher than the budget since she had worked hard to manage the production line to improve efficiency and reduce costs. Yet the report, shown below, showed a different story. Actual 10,250 Budget 10,000 $1,947,500 $1,870,000 Direct material 561,000 550,000 Direct labor 267,650 260,000 Variable manufacturing overhead 285,012 280,000 Variable selling expenses 93,130 90,000 Variable administrative expenses 41,740 40,000 Contribution margin 698,968 650,000 Fixed manufacturing overhead 111,000 110,000 Fixed selling expenses Fixed administrative expenses 69,500 129,800 70,000 130,000 $388,668 $340,000 Cases produced and sold Sales revenue Operating income Variance 250 Favorable $77,500 Favorable Unfavorabl 11,000 e Unfavorabl 7,650 e Unfavorabl 5,012 e Unfavorabl 3,130 e Unfavorabl 1,740 e 48,968 Favorable Unfavorabl 1,000 e 500 Favorable 200 Favorable $48,668 Favorable Lexi picked up the phone and called Irvin. \"Irvin, I don't get it. We beat the budgeted operating income for the month, but look at all the unfavorable variances on the operating costs. Can you help me understand what's going on?\" \"Let me look into it and I'll get back to you,\" Irvin replied. Irvin gathered the following additional information about the month's performance. Direct materials purchased: 102,000 pounds at a total of $561,000 Direct materials used: 102,000 pounds Direct labor hours worked: 26,500 at a total cost of $267,650 Machine hours used: 40,950 Irvin also found the standard cost card for a case of product. Direct materials Direct labor Variable overhead Fixed overhead Total standard cost per case Standard Price $5.5 per pound $10 per DLH $7 per MH $2.75 per MH Standard Quantity 10 pounds 2.60 DLH 4 MH 4 MH Standard Cost $55 26.00 28.00 11.00 $120.00 Don't show me this message again for the assignment (a-g) (a-b) Calculate the direct material price variance and direct material quantity variance for the month. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct material price variance $ Direct material quantity variance (c-d) Calculate the direct labor rate variance and direct labor efficiency variance for the month. (Round answers to 0 decimal places, e.g. 1525. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct labor rate variance $ Direct labor efficiency variance (e-f) Calculate the variable overhead spending variance and variable overhead efficiency variance for the month. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Variable overhead spending variance $ Variable overhead efficiency variance (g) Calculate the fixed overhead spending variance for the month. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) Fixed overhead spending variance $ 4) Sandoval Furniture builds high-end hand-made dining tables. Mackenzie Sandoval, the company's owner, has developed the following sales forecast for 2015. Forecasted sales (tables) 1st Quarter 2,519 2nd Quarter 2,785 3rd Quarter 2,975 4th Quarter 1,835 Because of the time needed to create each table, Sandoval maintains an ending Finished Goods Inventory of 20 percent of the following quarter's budgeted sales. Sandoval has been following this inventory policy for several years. The company ended 2014 with 504 tables on hand. The standard cost card for a table is as follows: American cherry wood American cherry turning square (legs) Direct labor Variable overhead Fixed overhead Standard Quantity 25 board feet Standard Price $4/board foot 4 squares Total Standard Cost $100 $8/square 32 $16/DLH $56/DLH $9/DLH 192 672 108 12 DLH 12 DLH 12 DLH $1,104 Don't show me this message again for the assignment (a) Prepare Sandoval's production budget for 2015. Assume that the desired ending inventory for 2015 is 546 tables. (Round answers to 0 decimal places, e.g. 5,250.) Production Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annual Don't show me this message again for the assignment 5) Barnes Entertainment Corporation prepared a master budget for the month of November that was based on sales of 158,100 board games. The budgeted income statement for the period is as follows. Sales Revenue Variable expenses Direct materials Direct labor Variable overhead $2,371,500 $664,020 268,770 411,060 Total variable expenses Contribution margin Fixed overhead Fixed selling and administrative expenses 1,343,850 1,027,650 251,200 507,500 Total fixed expenses 758,700 Operating income $268,950 During November, Barnes produced and sold 186,500 board games. Actual results for the month are as follows. Sales Revenue Variable expenses Direct materials Direct labor Variable overhead $2,786,300 $772,300 333,750 495,700 Total variable expenses 1,601,750 Contribution margin Fixed overhead Fixed selling and administrative expenses 1,184,550 Total fixed expenses Operating income 275,500 507,500 783,000 $401,550 Don't show me this message again for the assignment (a-b) (a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to 0 decimal places, e.g. 125.) Unit 186,500 games $ : $ : $ $ (b) Calculate Barnes's static budget variance for November. (Round answers to 0 decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) Static Budget Variance Actual Results Static Budget Unit Sales $ $ : : $ $ $ $ Problem 5-35 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $909,000 $1,006,600 $909,000 $1,152,600 $1,257,100 $1,405,000 Month July August Septembe r October November December Sales $1,506,100 $1,506,100 $1,609,500 $1,609,500 $1,506,100 $1,708,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,564,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits Advertising Property taxes Insurance Utilities Depreciation $ 320,900 379,100 137,600 192,800 184,000 349,600 Total $ 1,564,000 Operating income for the first quarter of the coming year is projected to be $327,400. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,600. Don't show me this message again for the assignment Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May June $ $ $ $ $ $ April COGS May COGS June COGS July COGS Totals Don't show me this message again for the assignment Link to Text Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ $ June $ March purchases April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 Don't show me this message again for the assignment Link to Text Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ Ending Cash Balance $ $ $