Please answer the following questions below.

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $920. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 275 Units sold 260 Units in ending inventory 15 Variable costs per unit: Direct materials $ 110 Direct labor $ 320 Variable manufacturing overhead $ 40 Variable selling and administrative $ 15 Fixed costs: Fixed manufacturing overhead $ 77,000 Fixed selling and administrative $ 33,000 ' The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 239,200 Cost of goods sold 195,000 Gross margin 44,200 Selling and administrative expense 36,900 Net operating income $ 7:300 [ Required: 1. Under absorption costing, how much xed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for last year using variable costing. Required information [The following information applies to the questions displayed below.] Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Year 1 Year 2 Year 3 Inventories Beginning (units) 220 160 190 Ending (units) 160 190 230 Variable costing net operating income $300 , 000 $269 , 000 $260, 000 The company's fixed manufacturing overhead per unit was constant at $570 for all three years. Required: 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.) X Answer is complete but not entirely correct. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Year 3 Variable costing net operating income $ 300,000 $ 269,000 $ 260,000 Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under 34,200 X (17, 100) X (22,800) X absorption costing Absorption costing net operating income $ 334,200 x $ 251,900 x $ 237,200 XDown Under Products, Ltd.. of Australia has budgeted sales of its popular boomerang for the next four months as follows: Unit 53.163 April 86,000 May 90,000 June 126.000 July 98,000 I The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 8,600 units. Required: Prepare a production budget by month and in total, for the second quarter. 9 Answer is complete but not entirely correct. Budgeted unit sales 36,000 a 90,000 a 126,000 a 302,000 a Add: Desired units of ending nished goods o o e ,1 a Total needs 95,000 102,600 135,300 333,400 Less: Units of beginning nished goods inventory a (8,600) a (9,000) a (12,600) a (30,200) 0 Required production in units 86,400 93,600 123,200 303,200 Four grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $2.20 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3: Year 2 Year 3 First Second Third Fourth First Budgeted production, in bottles 100,000 130,000 190,000 140,000 110,000 The inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 80,000 grams of musk oil will be on hand to start the rst quarter of Year 2. Required: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. Q Answer is complete but not entirely correct. Required production in units of nished goods 0 100,000 0 4 0 400,000 Add: Desired units of ending raw materials inventory 0 104,000 0 504,000 0 (80,000) 0 424,000 0 130,000 0 4 0 520,000 152,000 0 672,000 0 (104,000) 0 568,000 0 190,000 0 4 0 760,000 112,000 0 872,000 0 (152,000) 0 720,000 0 140,000 0 560,000 0 4 0 4 0 560,000 2,240,000 456,000 9 648,000 0 2,696,000 6 (112,000) 0 (448,000) 9 536,000 0 2,248,000 0 2.20 o $ 2.20 o $ 1,179,200 $ 4,945,600 Units of raw materials needed per unit of nished goods Units of raw materials needed to meet production Total units of raw materials needed Less: Units of beginning raw materials inventory 0 Units of raw materials to be purchased Unit cost of raw materials Cost of raw materials to purchased Weller Company's budgeted unit sales for the upcoming scal year are provided below: lst Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 23,000 24,000 21,000 21,000 [ The company's variable selling and administrative expense per unit is $2.20. Fixed selling and administrative expenses include advertising expenses of $8,000 per quarter, executive salaries of $41,000 per quarter, and depreciation of $22,000 per quarter. In addition. the company will make insurance payments of $5,000 in the first quarter and $5,000 in the third quarter. Finally, property taxes of $7,400 will be paid in the second quarter. Required: Prepare the company's selling and administrative expense budget for the upcoming scal year. (Round "Per Unit" answers to 2 decimal places.) 9 Answer is complete but not entirely correct. Budgeted unit sales 0 23,000 0 24,000 0 21,000 0 21,000 0 89,000 0 Variable selling and administrative expense per unit 35 2.20 a $ 2.20 a $ 2.20 o $ 2.20 o $ 2.20 0 Variable selling and administrative expense $ 50,600 0 $ 52,800 0 $ 46,200 0 $ 46,200 0 $195,800 0 Fixed selling and administrative expenses: Advertising 0 8,000 0 8,000 0 8,000 9 8,000 0 32,000 0 Executive salaries 0 41,000 0 41 ,000 0 41,000 0 41 ,000 9 164,000 0 Depreciation 0 22,000 0 22,000 0 22,000 0 22,000 0 88,000 0 Insurance 0 5,000 0 o 0 5,000 o 0 0 10,000 0 Property taxes 0 7,400 6 7,400 a 7,400 9 7,400 Q 29,600 6 Total xed selling and administrative expenses 83,400 9 78,400 0 83,400 9 78,400 9 323,600 Q Total selling and administrative expenses 134.000 0 131,200 0 129.600 9 124,600 9 519,400 9 Less: Depreciation a (22,000) a (22,000) a (22,000) 0 (22,000) 0 (88,000) a Cash disbursements for selling and administrative expenses $112,000 6 $ 109,200 0 $107,600 0 $102,600 9 $431,400 6 Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 660 Selling price per unit 5 2,050 Cost per unit $ 1,480 Variable selling and administrative expense (per unit) $ 85 Fixed selling and administrative expense (per year) $ 245,000 Interest expense for the year 5 21,000 Required: Prepare the company's budgeted income statement for the year. 0 Answer is complete but not entirely correct. $ 1,353,000 a 0 (976,800) a 376,200 9 Cost of goods sold Gross margin 0 Net income Selling and administrative expenses 0 (56,100) 0 Net operating income 9 (245,000) 6 Interest expense 9 (21,000) a o $ 54,100 9 The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 9 , 700 Supplies inventory $ 3 , 800 Equipment $ 42 , 000 Accumulated depreciation $ 17 , 000 Accounts payable $ 3 , 400 Common stock $ 5,000 Retained earnings ? l The beginning balance of retained earnings was $33,000, net income is budgeted to be $16,900, and dividends are budgeted to be $a500 Required: Prepare the company's budgeted balance sheet. [Amounts to be deducted should be indicated by a minus sign.) 0 Answer is complete but not entirely carrect. Assels Current assets: 0 Accounts receivable Supplies inventory Total current assets 3; 36,250 m en 9150 CON or: occur: 0000 Total liabilities and stockholders -$ 54 300 e ui ' A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $10,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.) X Answer is not complete. Quarter (000 omitted) (000 omitted) 1 2 3 4 Year Cash balance, beginning $ 7 CA 10 $ 10 $ 10 $ 37 X Add collections from customers 65 V 104 113 109 391 Total cash available 72 114 123 119 428 X Less disbursements: Purchase of inventory 52 62 53 28 195 Selling and administrative expenses 10 45 30 23 X 106 Equipment purchases 15 9 27 10 61 Dividends 2 2 2 2 8 V Total disbursements 79 118 112 63 X 372 X Excess (deficiency) of cash available over (7) 11 56 X 56 X disbursements (4) Financing: Borrowings 17 14 31 V Repayments (including interest) * (0) (0) V (1) V (31) (33) X Total financing 17 14 V (1) (31) (1) Cash balance, ending $ 10 $ 10 $ 10 $ 25 X *Interest will total $1,000 for the year