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Need to know how to do number 6,7 in excel?? Dolphin Corporation was established to manufacture two types of die casts, Gidgets and Widgets. The
Need to know how to do number 6,7 in excel??
Dolphin Corporation was established to manufacture two types of die casts, Gidgets and Widgets. The manufacturing process involves molding the fittings and then smoothing them The firm was initially capitalized with $600,000 as an S Corporation. The firm purchased equipment for $450,000 with cash of $150,000 and a note payable of $300,000. It also acquired a furniture for $150,000 with cash of $60,000 and a note payable of $90,000 Management is now preparing the master budget for the first year of operations. Sales Budget Management expects to meet established market prices for its die casts of $50 for Gidgets and $40 for Widgets. Sales representatives have estimated that total sales of Gidgets casts will be 4,800 units and sales of Widgets will be 12,000 units. Production Budget Management has expressed a desire to have 1,000 units of Gidgets and 3,000 units of Widgets in ending inventory Material Acquisition Budget The firm's industrial engineer has prepared standards that call for 0.6 pounds of material per Gidgets casting and 0.4 pounds per Widgets casting. Both products require the same material. Management also desires to end the period with 1,000 pounds of material irn raw materials inventory. The purchasing agent anticipates that the metal can be purchased at an average cost of $6 per pound Direct Labor Budget The standards for a unit of Gidgets call for 0.5 hours of direct labor in Molding and 0.3 hours in Smoothing. The standards for a unit of Widgets call for 0.4 hours in Molding and 0.2 hours in Smoothing. Management's anticipated average cost for labor is $16 per hour. Required Prepare the following budgets: 1. Beginning balance sheet 2. Sales budget 3. Production budget in units 4. Materials acquisition budget 5. Direct labor budget 6. Factory overhead budget 7. Cost of goods sold and finished goods budget 8. Budgeted selling and administration expenses 9. Pro forma income statement 10. Budgeted quarterly cash receipts and disbursements 11. Pro forma balance sheet 13.Operating budget for the smoothing department Assets Cash Equiptment Furniture Total Assets 390,000 450,000 150,000 990,000 Liabilities Notes Payable Stockholder's Equity Capital Stock Total Liabilities and Equity990,000 390,000 600,000 MoldingSmooting Toa Cost 1740 3000 4740 74240 9000144000 13640218240 Gidgets Widgets 2900 6000 8900 4640
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