Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price

i need help image text in transcribed
Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 9,500 , 26,000,28,000, and 29,000 units, respectively. All sales are on crecit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 25% of the following month's unit sales. d. The ending raw materials inventory equals 15% of the following month's raw materiais production needs. Each unit of finished goods requires 4 pounds of raw materiais. The raw moterials cost $2.40 per pound. e. Forty percent of raw materials purchases are paid for in the month of purchase and 60% in the following month. 1. The direct labor wage rate is $12 per hout. Each unit of tinished goods requires two direct labor-hours. 9. The variable selling and administrative expense per unit sold is $1.50. The fixed seling and administrotive expense per month is $65,000. 9. If 113,000 pounds of raw materiais are needed to meet production in August, what is the estimated raw materiais inventary balance at the end of July

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tax Accounting

Authors: Greg Shields

1st Edition

163716128X, 978-1637161289

More Books

Students also viewed these Accounting questions

Question

Show that formula (3.7a) is equivalent to formula (3.7) (p. 175).

Answered: 1 week ago

Question

Did you include a prominent, attention-grabbing headline?

Answered: 1 week ago

Question

Did you follow BANGPP design checklist to review the layout?

Answered: 1 week ago