Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Name: ACC213 winter 2019 in-ass (Take Home) #3 Vinal Corporation makes one product and has provided the following Information to help prepare the master budget

image text in transcribed
Name: ACC213 winter 2019 in-ass (Take Home) #3 Vinal Corporation makes one product and has provided the following Information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit Budgeted unit sales (all on credit) 585 July 9,400 11,700 10,300 11,200 September Raw materials requirement per unit of output 2 pounds 52.00 per pound Raw materials cost Direct labor requirement per unit of output 2.1 direct labor-hours $25.00 per direct labor-hour Direct labor wage rate Credit sales are collected: 30% in the month of the sale 70% in the following month Raw materials purchases are paid 20% in the month of purchase 80% in the following month The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 20% of the following month's raw materials production needs. Required: a. What are the budgeted sales for August? b. What are the expected cash collections for August? c. According to the production budget, how many units should be produced in August? d. If 20,960 pounds of raw materials are needed for production in September, how many pounds of raw materials should be purchased in August? e. If the cost of raw material purchases in July is $40,688, then in August what are the total estimated cash disbursements for raw materials purchases? a) b) d)

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

Internal Audit In Higher Education

Authors: Alison Holmes, Sally Brown

1st Edition

0749433000, 978-0749433000

More Books

Students also viewed these Accounting questions

Question

How many moles of water are there in 1.000 L? How many molecules?

Answered: 1 week ago