Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i only need help worh number 8 to 10, 11, & 12 please and thank you Problem 22-4A (Algo) Manufacturing: Preparation of a complete master
i only need help worh number 8 to 10, 11, & 12
Problem 22-4A (Algo) Manufacturing: Preparation of a complete master budget LO P1, P2, P3 Trowanadement of Zigby Manufacturing prepared the following balance sheet for March 31. To prepare a master budget for Aprii, May, and June, management gathers the following information. Q. Sales for March total 20,800 units. Budgeted sales in units follow: Apri, 20,800: May, 21,600: June, 20,900: and July. 20.800. The product's selling price is $26.00 per unit and its total product cost is $21.00 per unit. b. Raw materials itiventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventocy to equal 50% of the next month's direct materiais tequirements. The March 31 raw materials inventory is 5.360 pounds. The budgeted June 30 ending raw materials inventoty is 4.200 pounds. Each finished unit requires 0.50 pound of direct materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80%6 of the next month's budgeted unit sales. The March 31 finished goods inventory is 16.640 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of 517 per hout: e. The predetermined variable overhead rate $3,00 pef difect labor hout Depreciation of $21:00 per month is the only fixed factory overhead item. 1. Sales commissions of 8% of sales are paid in the month of the sa es, the sales manager's monthiy salary is $3.200. 9. Monthly general and administrative expenses include $14,000 fot administrative salaries and 07% monthly interest on the longterm note payable. h. The company budgets 30% of sales to be for cash and the cemaining 70% on credit Credit sales are collected in full in the month following the sale (no credit sales are coilected in the montn of sale). L. All raw materials purchases are on credit, and accounts payable arefoley tied to ravmaterials purchases. Raw materials purchases are fully paid in the next month inone are paid in the month of purchasel 1. The minimum ending cash balance for al months/5 \$42,000 In necessary. the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 08 ot fach month-end (betore any repayment) if the month-end preliminary cash balance exceeds the minimum, the excess Wil pe ysed to repay any ioans. k. Dividends of $12,000 are budgeted to be declared and paid hi Mey. 1. No cash payments foe income taxes are budgeted nh the second cale der quarten income tax will be assessed at 35% in the querter and budgeted to be paid in the third calendar quattes m. Equipment purchases of $100.000 are oudgeted for the last day of June. Requlred: 1. Sales budget. 2. Production budget. 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials.. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Sales budget. Production budget. Direct materials budget. Note: Round per unit values to 2 decimal places. Complete this question by entering your answers in the tabs below. Direct labor budget. Note: Round per unit valuos to 2 decimal places. Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Selling expense budget. Complete this question by entering your answers in the tabs below. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar. Budpeted balance sheet at June 30 . Note: Round your final answers to the nearest whole dollar please and thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started