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PLEASE PROVIDE SOLUTIONS TO REQUIREMENTS 7,8,9,10. I HAVE ANSWERED REQUIREMENTS 1,2,3,4,5,6. Additional data Cranston Manufacturing is preparing its master budget for the first quarter of

PLEASE PROVIDE SOLUTIONS TO REQUIREMENTS 7,8,9,10. I HAVE ANSWERED REQUIREMENTS 1,2,3,4,5,6.

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Additional data Cranston Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Cranston Manufacturing's operations: 2 (Click the icon to view the data.) Click the icon to view additional data.) Requirements Requirement 1. Prepare a sc ers to the nearest whole dollar.) Requirements i Data Table Requirements 1 - 6 are completed and posted here. Cash sales Please provide solutions to requirements 7,8,9,10. Current Assets as of December 31 (prior year) Credits sales Cash 5 4.480 Total cash collections Accounts receivable, nel 5 49,000 Requirement 2. Prepare a pre 7. Prepare a combined cash budget. Inventory 5 15,600 8. Calculate the budgeted manufacturing cost per unit. (Assume that foed manufacturing overhead is budgeted to be $0.70 per unit for the year.) 5 Property, plant, and equipment, net 122,500 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of Accounts payable S 44,000 goods sold = Budgeted cost of manufacturing each unit x Number of units sold.) 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Capital stock 123.500 Tax Payable Retained earnings 22,900 Unit sales Plus: Desired ending inventory Print Done Total needed Less: Beginning inventory Print Done Units to produce Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar. For cost per kg, round your answers to the nearest cent. Abbreviation used: DM = direct material.) Cranston Manufacturing Direct Materials Budget a. Actual sales in December were $78,000. Seing price per unit is projected to remain stable a: S9 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows January $ 80,100 February $ 89.100 March $ 82,800 April $ 85,500 May 5 77.400 b. Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale c. Cranston Manufacturing has a policy that states that each month's ending inventory of finished goods should be 10% of the following month's sales (in units) d. Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two kilograms of direct material is needed per unit at $1.40/kg. Ending inventory of direct materials should be 20% of next month's production needs. e. Monthly manufacturing conversion costs are $8.500 for factory rent. $2.900 for other fored manufacturing expenses, and $1.40 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. f. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Cranston Manufacturing will purchase equipment for $5.800 (cash), while February's cash expenditure will be $11,000 and March's cash expenditure will be $15,800. g. Operating expenses are budgeted to be S1.20 per unit sold plus fixed operating expenses of $1,400 per month. All operating expenses are paid in the month in which they are incurred. h. Depreciation on the building and equipment for the general and administrative offices is budgeted to be 55,600 for the entire quarter, which includes depreciation on new acquisitions. Cranston Manufacturing has a policy that the ending cash balance in each month must be at least 54,400. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $110.000. The interest rate on these loans is 1% per month simple interest (not compounded). Cranston Manufacturing pays down on the line of credit balance if it has excess funds at the end of the quarter. The company also pays the accumulated interest at the end of the quarter on the funds borrowed during the quarter. . The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,800 cash at the end of February in estimated taxes Requirement 1. Prepare a schedule of cash collections for January, February, and March and for the quarter in total. (Round your answers to the nearest whole dollar.) Cranston Manufacturing Cash Collection Budget January February March Quarter Cash sales 24030 28730 24840 75800 Credits sales 53200 56070 62370 1716401 Total cash collections 77230 82800 87210 247240 Requirement 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Seing price per unit. Cranston Manufacturing Production Budget January February March Quarter Unit sales 8900 9900 9200 28000 920 990 950 Plus: Desired ending inventory 2860 Total needed 9890 10820 10150 308801 890 990 920 2800 Less: Beginning inventory 90001 9830 9230 Units to produce 28060 3784 Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar. For cost per kg, round your answers to the nearest cent. Abbreviation used: DM = direct material.) Cranston Manufacturing Direct Materials Budget January February March Quarter Units to be produced 9000 9830 9230 28060 2 * kg of DM needed per unit Quantity (kg) needed for production 180001 19660 18480 58120 Plus Desired ending inventory of DM 3932 3692 11388 Total quantity (kg) needed 21932 23352 22224 67508 Less: Beginning inventory of DM 3600 39321 38921 11224 Quantity (kg) to purchase 18332 19420 18532 58284 1.40 1.401 Cost per kg 1.40 1.40 258851 27188 259451 Total cost of DM purchases 78798 Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Leave any unused cells blank. Round your answers to the nearest cent) Cranston Manufacturing Cash Payments for Direct Material Purchases Budget January February March Quarter December purchases (from Accounts Payable) 44000 44000 January purchases 51331 20532 25866 February purchases 5438 21750 27188 5189 5189 March purchases Total disbursements 49133 25970 26939 102042 Requirements. Prepare a cash payments budget for conversion costs. (Round your answers to the nearest whole dollar.) Cranston Manufacturing Cash Payments for Conversion Costs Budget January February March Quarter Variable conversion costs 12600 13762 12922 39284 Rent (foxed 8500 8500 85001 19500 2900 2900 2900 8700 Other fixed MOH 22000 23162 22322 67484 Total payments for conversion costs Requirement 6. Prepare a cash payments budget for operating expenses. (Round your answers to the nearest whole dollar.) Cranston Manufacturing Cash Payments for Operating Expenses Budget January February March Quarter Variable operating expenses 10680 11880 11040 33600 1400 1400 1400 4200 Fixed operating expenses 12080 13280 12440 37800 Total payments for operating expenses Requirement 7. Prepare a combined cash budget (Leave any unused cells blank. Use parentheses or a minus sign for negative cash balances and financing payments. Round your answers to the nearest cent.) Cranston Manufacturing Combined Cash Budget January February March Quarter Cash balance, beginning Add cash collections Total cash available Less cash disbursements: Direct material purchases Conversion costs Operating expenses Equipment purchases Tax payment Total cash payments Excess deficiency) of cash Financing Borrowings Repayments Interest payments Total financing Ending cash balance Requirement 3. Calolate the budgeted manufacturing cost per un asume that manufacturing overhead is budged to be 50.70 per unit for the year) (Round your answers to the nearest cent) Cranston Mansturing Rudigstad Manufacturing Cost per Unit Direct materials per un Conversion cost per un Fixed manufacturing omad per unit Budited cost of manutdung och Requirement B. Prawa budontod income statement for the quarter ending March 31. (Hint Cost of goods sold =B_donted cost of martacuring each unt Number of units sold. (Round your answers to the nearest whole dollar) Cranston Manufaturing Budgeted Income Statement For the Octor Ending March 21 Sales Cost of goods and Gospelt Operating expenses Doprodation Operating income Les nostres LOSS provision for me to Maine Requirement 10. Prepare a porta budgod balance sheet for March 31. Include Loans Payable and Income Tax Rayabi. (Round your answers to the nearest whole dollar) Cranston Manfroturing Partial Budgeted Baiano statement Mar 21 Cash Inventory Frporty, plant and coupant, nat Accounts payable income tax payable Financing payadi Capital sok Retained earnings

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