Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

im just trying to figure this out, please help me. B Part 1: Prepare a Revenue Budget. Thompson Inc. Revenues Budget For the Month of

image text in transcribedimage text in transcribed

im just trying to figure this out, please help me.

B Part 1: Prepare a Revenue Budget. Thompson Inc. Revenues Budget For the Month of March Selling Price 130 S 350 Units Total Revenues 45,500 S Part 2: Prepare a Production Budget in (units). Thompson Inc. Production Budget (units) For the Month of March Units Budgeted Unit Sales Add: Desired Ending Finished Goods Inventory Total Requirements Deduct: Beginning Finished Goods Inventory Units to Be Produced Part 3: Prepare a Direct Materials Usage budget. Thompson Inc. Direct Materials Usage Budget For the Month of March Wool Patches - Physical Units Budget Wool Patches To Be Used in Production Cost Budget Available from Beginning Inventory Wool Patches To Be Used From Purchases this Period Wool Patches Total Cost of Direct Materials to be used Part 4: Prepare a Direct Materials Purchases Budget Patches Thompson Inc. Direct Materials Purchases Budget For the Month of March Wool Production Usage Add: Target Ending Inventory 1 Total Requirements | Deduct: Beginning Inventory Purchases Thompson Inc. makes blankets. The company has provided the following information. Please complete the master budget using the information provided. S 130 units 350 dollars 12 blankets 22 blankets $ S 120.00 per blanket 212.00 per blanket 4 yards 1 patches per blanket per blanket Expected Sales for March Expected Selling Price Beginning Finished Goods Inventory Desired Ending Finished Goods Inventory - Materials Requirements Wool Logo Patch 1 Direct Materials Inventory 2 Wool 03/01/2019 3 Logo Patches 03/01/2019 4 Wool 03/31/2019 Logo Patches 01/31/2019 5 Direct Manufacturing Labor 7 Variable Manufacturing Overhead 3 Fixed Manufacturing Costs 9 Budgeted Total Manufacturing Cost Per Unit o Variable Marketing Costs 1 Fixed Selling and Administrative Costs 2 FIFO Inventory Method 35 yards 45 patches 25 yards $ 25 patches 3 hours per blanket $ $ S $ 38 visits $ $ 9.00 per board blanket 7.00 per patch 10.00 per yard 7.00 per patch 27.00 per hour 16.00 per direct labor hour 14.640 66.00 120.00 per visit 4,500 m

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

Auditing Information Systems A Comprehensive Reference Guide

Authors: Jack J. Champlain

1st Edition

0471168904, 978-0471168904

More Books

Students also viewed these Accounting questions

Question

Why is stock-based compensation added to net income?

Answered: 1 week ago

Question

d. What language(s) did they speak?

Answered: 1 week ago