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Homework: Chapter 6 - Problem 6-43 Question 1, P6-43 (similar to) Part 4 of 7 Snows, Inc., manufactures and sells snowboards. Snows manufactures a single model, the Pipex. In late 2020 Snows's management accountant gathered the following data to prepare budgets for January 2021 (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the additional variable and fixed manufacturing cost information) (Click additional (Click purchases Read the Question 1, P6-43 (similar to) HW Data table ? ? ? Budgeted balances at January 31, 2021 are as follows: Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity $ 853,000 ? 181,000 ? Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ 13,000 Budgeted sales 1,655,000 Budgeted materials purchases 660,000 Question 1, P6-43 (similar to) HW Score Data table Cash balance, December 31, 2020 $ 13,000 Budgeted sales 1,655,000 Budgeted materials purchases 660,000 Customer invoices are payable within 30 days. From past experience, Snows's accountant projects 35% of invoices will be collected in the month invoiced, and 65% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 30% of direct materials purchases paid during the month of the purchase, and 70% paid in the month following purchase. Fixed manufacturing overhead costs include $31,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $15,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Snows's board of directors voted to pay a $150,000 dividend to stockholders on January 31, 2021 Question 1, P6-43 (similar to) HW Score: 18% Data table Materials and Labor Requirements Direct materials Wood 10 board feet (b.f.) per snowboard Fiberglass 8 yards per snowboard Direct manufacturing labor 5 hours per snowboard Snows' CEO expects to sell 2,000 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 300 snowboards and would like to end January 2021 with 500 snowboards in stock Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,030 b.f. 1,530 b.f. 1,030 yards 2,030 yards Wood Fiberglass Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,030 b.f. 1,530 b.f. 1,030 yards 2,030 yards Wood Fiberglass Other data include: 2020 Unit Price 2021 Unit Price Wood $ 31.00 per b.f. $ 33.00 per b.f. Fiberglass $ 7.00 per yard $ 8.00 per yard Direct manufacturing labor 27.00 per hour $ 28.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $300.00 Assume Snows uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations Question 1, P6-43 (similar to) HW Score: 1 Reference Revenue Budget For January 2021 Units Selling price Total revenues 2,000 $ 650 $ 1,300,000 Snowboards Total Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Physical Units Budget To be used in production 22.000 b.f. 17,600 yards Add target ending inventory Total requirement 23,530 b. 19,630 yards 1,530 b. 2,030 yards Question 1.P6-43 (similar to) HW Score: 1890 Reference 1.530 Add target ending inventory Total requirement Deduct beginning inventory Purchases to be made Cost Budget Purchases 23,5301 2.030 bil 21.500 b 2030 yards 19,630 yards 1.030 yards 18 600 yards $ 709.500 $ 148 800 $ 858300 Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Produced Hours Wage Rate 2.200 5 11 000 $ 28 per Unit Total $ 308.000 Snowboards Total labor hours Vanable manufacturing overhead mite Variable manufacturing and costs Print Done hdl hur to ha - Requirements Jiec an 1. 2. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. Snows is interested in maintaining a minimum cash balance of $80,000 at the end of each month. Will Snows be in a position to pay the $150,000 dividend on January 31? Why do Snows's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Prepare a budgeted balance sheet for January 31, 2021 by calculating the January 31, 2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity 3. 4