mouter.ee + signments/625282 $ Update Assignments Chapter 22 HOMEWORK MEWORK Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm S Helo 1 System Announcements CALCULATOR PRINTER VERSION BACK Problem 22-01A Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020 1. Selest quarter 1, 29,800 bags, quarter 2, 42,400 bap Selling price is $62 per bag 2. Direct materials: each bag of Snare require 5 pounds of Gumm at a cost of 83.80 per pound and 6 pounds of Tart at 1.50 per pound 3. Desired Inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 8,100 12,100 18,100 Gumm (pounds) 9,500 10,300 13,100 Tarr (pounds) 14,100 20.000 25,200 4. Direct labor direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $179.000 per quarter 6. Interest expense is $100,000 7. Income taxes are expected to be 30% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials buopet for Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $422.500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) ger Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $422,500 i (Note: Do not prepare the manufacturing overhead budget or the direct materials Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget Quarter 1 Six Months 2 $ Prepare the production budget COOK FARM SUPPLY COMPANY Droduction Budget Kimmel, Accounting, 7e Help System Announcements repare the production budget. COOK FARM SUPPLY COMPANY Production Budget Quarter 1 2 Six Months 1 Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.). COOK FARM SUPPLY COMPANY Help System Announcements Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) COOK FARM SUPPLY COMPANY Direct Materials Budget --Gumm Quarter Six Months 1 2 I > > > Dhimet lahar buddet. Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportior $ Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for COOK FARM SUPPLY COMPANY Direct Labor Budget Quarter Six Months 2 $ S S $ Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget Quarter 1 Six Months 2 $ Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculation places, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement PLUS Kimmel, Accounting, 7e , 7e Help System Announcements COURCES EWORK Prepare the budgeted multiple-step income statement for the first 6 months. (R places, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement A 3A a-b. by Study > s Click if you would like to Show Work for this question: Open Show Work MARKUS mouter.ee + signments/625282 $ Update Assignments Chapter 22 HOMEWORK MEWORK Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm S Helo 1 System Announcements CALCULATOR PRINTER VERSION BACK Problem 22-01A Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020 1. Selest quarter 1, 29,800 bags, quarter 2, 42,400 bap Selling price is $62 per bag 2. Direct materials: each bag of Snare require 5 pounds of Gumm at a cost of 83.80 per pound and 6 pounds of Tart at 1.50 per pound 3. Desired Inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 8,100 12,100 18,100 Gumm (pounds) 9,500 10,300 13,100 Tarr (pounds) 14,100 20.000 25,200 4. Direct labor direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $179.000 per quarter 6. Interest expense is $100,000 7. Income taxes are expected to be 30% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials buopet for Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $422.500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) ger Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $422,500 i (Note: Do not prepare the manufacturing overhead budget or the direct materials Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget Quarter 1 Six Months 2 $ Prepare the production budget COOK FARM SUPPLY COMPANY Droduction Budget Kimmel, Accounting, 7e Help System Announcements repare the production budget. COOK FARM SUPPLY COMPANY Production Budget Quarter 1 2 Six Months 1 Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.). COOK FARM SUPPLY COMPANY Help System Announcements Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) COOK FARM SUPPLY COMPANY Direct Materials Budget --Gumm Quarter Six Months 1 2 I > > > Dhimet lahar buddet. Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportior $ Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for COOK FARM SUPPLY COMPANY Direct Labor Budget Quarter Six Months 2 $ S S $ Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget Quarter 1 Six Months 2 $ Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculation places, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement PLUS Kimmel, Accounting, 7e , 7e Help System Announcements COURCES EWORK Prepare the budgeted multiple-step income statement for the first 6 months. (R places, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement A 3A a-b. by Study > s Click if you would like to Show Work for this question: Open Show Work MARKUS