Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with G, H, and I. I have attached A-F to help you find the solutions for the ones I am stuck on.

I need help with G, H, and I. I have attached A-F to help you find the solutions for the ones I am stuck on.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribed Jones Corporation has the following budgeted sales for the selected four-month period: Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. There were 4,000 units in beginning inventory on July 1 . Three pounds of materials are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30 percent of the needs for th Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20,700 pounds of material. Each unit requires 0.6 hours of direct labor and the average wage rate is $16 per hour. Variable overhead rate is $3.50 per direct labor hour. There is also fixed overhead of $22,000 per month. The company pays a 3% commission on sales. The Company has fixed selling and administrative expenses as follows: H. Prepare a cost of goods sold budget for the quarter. Jones Corporation Cost of goods sold Budget I. Prepare a budgeted income statement for the quarter-the company falls into the 35 percent tax bracket for income taxes. Jones Corporation Budgeted Income Statement F. Prepare a selling and administrative expenses budget for July, August, and September and in total for the quarter. Jones Corporation Selling and Administrative Budget E. Prepare an overhead budget for July, August, and September and in total for the quarter. Jones Corporation Overhead Budget D. Prepare a direct labor budget in hours and total cost for July, August and September and in total for the quarter. Jones Corporation Direct Labor Budget C. Prepare a direct materials purchases budget in pounds and dollars for July, August, and September and in total for the quarter. Jones Corporation Direct Materials Budget Required: If required, round your answers to two decimal places. A. Prepare a sales budget for July, August, and September and in total for the quarter. Jones Corporation Sales Budget B. Prepare a production budget for July, August, and September and in total for the quarter. Jones Corporation Production Budget G. Prepare an ending finished goods inventory budget for the quarter. (Hint: You have already calculated the desired ending finished goods inventory quantity. Assume a stable per-unit rate and round the per-unit fixed factory overhead rate to two decimal places.) Jones Corporation

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

Step: 3

blur-text-image

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

Modern Portfolio Theory and Investment Analysis

Authors: Edwin Elton, Martin Gruber, Stephen Brown, William Goetzmann

9th edition

9781118805800, 1118469941, 1118805801, 978-1118469941

More Books

Students also viewed these Finance questions

Question

how to implement captcha,

Answered: 1 week ago

Question

1. Why is the term knowledge so difficult to define?

Answered: 1 week ago