Managerial Accounting Homework Questions help

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Rucker Company manufactures drinking glasses. One unit is a package of eight glasses, which sells for $28. Rucker projects sales for April will be 2,400 packages, with sales increasing by 300 packages per month for May, June, and July. On April 1, Rucker has 225 packages on hand but desires to maintain an ending inventory of 10% of the next month's sales. Prepare a sales budget and a production budget for Rucker for April, May, and June. Begin by preparing a sales budget for April, May, and June. Rucker Company Sales Budget April, May, and June April May June Total Budgeted packages to be sold 2,400 2,700 3,000 8, 100 28 Sales price per package $ 28 $ 28 $ 28 $ 67,200 $ 75,600 $ 84,000 $ 226,800 Total salesNow prepare a production budget for April, May, and June. Plus: Total packages needed Less: Budgeted packages to be produced More Info Direct materials are six ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignicant and are not included in the budgeting process. Beginning Raw Materials Inventory is 880 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Preston desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $22 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.90 per kit, and xed overhead is $175 per quarter. Preston, Inc. manufactures model airplane kits and projects production at 300, 330, 200, and 700 kits for the next four quarters. Click the icon to view the manufacturing information.) Prepare Preston's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Preston's direct materials budget. Fourth Quarter First Second Third Quarter Quarter Quarter 300 330 200 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases = = = = = Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.) Budgeted kits to be produced Direct labor hours per unit - 0-75 Direct labor hours needed for production 1,141.50 Direct labor cost per hour 22 25 245 Budgeted directlaboroost = = = = =' Prepare the manufacturing overhead budget. (Enter all costs and hours as a decimal to two places, X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = xed manufacturing overhead.) First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Mi Mi Predeten'nined overhead allocation rate Reference First Second Third Fourth Quarter Quarter Quarter Quarter Total 450 120 650 400 Budgeted kits to be produced 1,620 Direct materials (ounces) per kit 3 3 3 3 Direct materials needed for production 1.350 360 1.950 1.200 4.860 Plus: Desired direct materials in ending inventory 36 'F95 120 280 280 Total direct materials needed 1,386 555 2,070 1,480 5,140 Less: Direct materials in beginning inventory 900 36 195 120 900 Budgeted purchases of direct materials 486 519 1,875 1,360 4,240 Direct materials cost per ounce $ 1 $ 1 $ 1 $ 1 $ 1 $ 486 $ 519 $ 1,875 $ 1,360 $ 4,240 Budgeted cost of direct materials purchases = = = = = Reference First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted kits to be produced 450 120 650 1.620 Direct labor hours per unit ' ' ' ' 0'75 Direct labor hours needed for production 1.215-00 35 Direct labor cost per hour Reference IEIEIEIEI First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 450 120 650 400 1,620 $ 0.25 $ 0.25 VOH cost per kit Budgeted VOH $ 112.50 $ 30.00 Budgeted FOH 130.00 130.00 Budgeted manufacturing overhead costs Direct labor hours 337.50 90.00 . . 1,215.00 Budgeted manufacturing overhead costs 925.00 0.76 Predetermined overhead allocation rate Austin, Inc. manufactures model airplane kits. Direct materials are three ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignicant and are not included in the budgeting process. Each kit rei uires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: Click the icon to view the budgets.) Austin projects sales of 400, 100. 450, and 300 kits for the next four quarters. Austin has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal laoes. D r) Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX.) Direct materials cost per kit 5 3.00 Direct labor cost per kit 26.25 Manufacturing overhead cost per kit 0'57 $ 29.82 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input elds. Enter "D" for zero balances.) |:|: Kits produced and sold Total budgeted cost of goods sold More Info 70% in the month of the sale 20% in the month after the sale 8% two months after the sales 2% never collected Yoder expects total sales of $368,000 in January and $416,000 in February. Assume that Yoder's sales are collected as follows: i (Click the icon to view the collections.) November sales totaled $280,000, and December sales were $250,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Total cash receipts from customersData Table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on ofce Utilities for office Property taxes on office Office salaries January February March $ 4,000 $ 3,000 600 550 140 300 650 110 6,500 3,600 $ 3,700 600 550 140 300 650 110 6,500 4,900 3,800 600 550 140 300 650 110 6,500 All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. Carmen Company has the following projected costs for manufacturing and selling and administrative expenses: Click the icon to view the projected costs.) Prepare a schedule of cash payments for Carmen for January, February, and March. Determine the balances in Prepaid Property Taxes. Accounts Payable, and Utilities Payable as of March 31. (If an input eld is not used in the table leave the input eld empty; do not enter a zero.) Total Cash Payments Direct Materials: JanuaryDirect material purchases paid in Febmary Total payments for direct materials Dlrect Labor: Total payments for dlrect labor