Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I pay good money for this. Yall keep answering the same thing to this question when its wrong. If you dont know it then dont

I pay good money for this. Yall keep answering the same thing to this question when its wrong. If you dont know it then dont answer it with made up stuff when youre unsure. The chart in this questioned needs answered. Only give me the answers that I need. The spots that look gray is where there should be on page three. The first two pages is all the information needed to answer the chart. Everything is totaled together as a whole. Not separate. Thank you. Its do tomorrow. Just a college kid trying to pass her Accounting for Managers class cause she doesnt know the first thing about accounting. image text in transcribed
image text in transcribed
image text in transcribed
Hall Diamond Brokers is preparing their budgets for 2013. based on the information below, prepare budgets for the following: t. Sales Budget. ntes retail ales of 172 carat solitaires at 100 units locally is $1,000 b. Management estimates retail sales of 1 carat diamond clusters at 200 units locally and 2.000 units via internet. Retail sales price is $800 2. Direct Materials Purchases Budget. Hall buys the findings (rings unset) and sets the stones themselves. a. Price of solitaire findings are $100 each b. Price of the solitaire diamonds are $300 each. c. Hall wants to have findings a d. Hall expects to 100 solitaire findings and diamonds on hand as of December 31, 2019. have 50 solitaire findings and diamonds on hand as of January 01, 2019. e. Price of the cluster findings are $100 each. f. Price of the cluster diamonds are $300 per ring 9. Hall wants to have 200 h. cluster findings and diamonds on hand as of December 31, 2019. Hall expects to have 100 cluster findings and diamonds on hand as of Januray 01, 2019. 3. Production Budget Calculate units of each ring type to be produced based upon previous data 4. Direct Labor Cost Budget. required to set solitaires is 0.50 hour each b. Time required to set clusters is 1 hour each. c. Time required to polish solitaires is 0.25 hour each. d. Time required to polish clusters is 0.50 hour each e. Hourly rate for setting is $25.00 per hour f. Hourly rate for polishing is $12.00 per hour. 5. Factory Overhead Budget. a. Indirect Factory Wages b. Supervisor Wages c. Power and Light d. Depreciation of Plant Equipment e. Indirect Materials f. Maintenance 20,000.00 50,000.00 24,000.00 0,000.00 30,000.00 2,000.00 14,000.00 g. Insurance and Property Taxes Cost of Goods Sold Budget a. Beginning Finished Goods inventory 150 completed solitaire rings and 150 completed cluster rings Calculate total beginning inventory costs. b. There was no Work in Process as of January 01, 2019. c. There will be no Work in Process as of December 31, 2019

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

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

Develop successful mentoring programs. page 418

Answered: 1 week ago