Requirements 1. 2. 3. 4. 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. Skubas is interested in maintaining a minimum cash balance of $160,000 at the end of each month. Will Skubas be in a position to pay the $135,000 dividend on January 31? Why do Skubas'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. Print Done More info Variable manufacturing overhead is $9 per direct manufacturing labor-hour. There are also $55,000 in fixed manufacturing overhead costs budgeted for January 2021. Skubas combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $280 per sales visit. The marketing plan calls for 37 sales visits during January 2021. Finally, there are $34,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. holders Equity: Print Done Homework Chanter & Problem 6-12 Snows Data table Snows Materials and Labor Requirements Direct materials 9 board feet (b.f.) per snowboard Question 1, P6-43 (similar to) HW Score: 0%, 0 of 100 points Points: 0 of 100 Save (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending inventory.) Read the requirements. Requi (nonm Begin Wood Fiberglass Direct manufacturing labor 7 yards per snowboard 8 hours per snowboard Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Inventories Beginning Inventory January 1, 2021 From From Wood Fiberglass 2,020 b.f. 1,020 yards Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards More info Total Other data include: 2020 Unit Price 2021 Unit Price Wood S 30.00 per b.f. $ 32.00 per b.f. Fiberglass $ 6.00 per yard $ 7.00 per yard Print Done Help me solve this Calculator Ask my instructor Variable manufacturing overhead is $8 per direct manufacturing labor-hour. There are also $20,800 in fixed manufacturing overhead costs budgeted for January 2021. Snows combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $270 per sales visit. The marketing plan calls for 36 sales visits during January 2021. Finally, there are $33,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done Clear all Check answer Question 1, P6-43 (similar to) HW Score: 0%, 0 of 100 points Sav Baintof 100 = Homework: Chapter 6 - Problem 6-43 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.) Requirement 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collect (nonmanufacturing) overhead. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2020 sales From January 2021 sales Total collections Help me solve this Calculator Ask my instructor Data table Fiberglass 7 yards per snowboard Direct manufacturing labor 8 hours per snowboard Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Inventories Beginning Inventory January 1, 2021 Wood 2,020 b.f. Fiberglass 1,020 yards Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards Other data include: 2020 Unit Price 2021 Unit Price Wood $ 30.00 per b.f. S 32.00 per b.f. Fiberglass $ 6.00 per yard S 7.00 per yard Direct manufacturing labor $ 26.00 per hour S 27.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $250.00. Assume Snows uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Print Done Clear an VIOUR anot Data table Materials and Labor Requirements Direct materials Wood Fiberglass 9 board feet (b.f.) per snowboard 7 yards per snowboard Direct manufacturing labor 8 hours per snowboard Reference Snowboards Revenue Budget For January 2021 Units Selling price Total revenues 650 $ 1,300 S Direct Materials Purchases Budget 845,000 Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Inventories Beginning Inventory January 1, 2021 Wood 2,020 b.f. Fiberglass 1,020 yards Other data include: Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards For January 2021 Materials Wood Fiberglass Total Physical Units Budget To be used in production Add target ending inventory Total requirement 11,700 b.f. 1,520 9,100 yards 2,020 b.f. yards 13,220 b.f. 2,020 11,120 yards 2020 Unit Price 2021 Unit Price Deduct beginning inventory Purchases to be made Cost Budget 1,020 b.f. yards 11,200 10,100 b.f. yards Wood S 30.00 per b.f. $ 32.00 per b.f. $ 358,400 $ 70,700 $ 429,100 Purchases Fiberglass S 6.00 per yard $ 7.00 per yard Print Done Help me solve this Calculator Ask my instructor Print Done Clear all Check answer Data table Fiberglass 7 yards per snowboard Direct manufacturing labor 8 hours per snowboard Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Inventories Beginning Inventory January 1, 2021 2,020 b.f. Ending Inventory January 31, 2021 1,520 b.f. Wood Fiberglass 1,020 yards Other data include: 2,020 yards 2020 Unit Price 2021 Unit Price Wood $ 30.00 per b.f. $ 32.00 per b.f. Fiberglass $ 6.00 per yard $ 7.00 per yard Direct manufacturing labor $ 26.00 per hour $ 27.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $250.00. Assume Snows uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Print Done Reference Snowboards Total labor hours 10,400 x x Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Produced per Unit 1,300 8 Hours 10,400 Hourly Wage Rate $ 27 Total $ 280,800 Variable manufacturing overhead rate Direct materials Wood Fiberglass Variable manufacturing overhead costs 83,200 8 = $ Ending Inventories Budget For January 2021 Quantity Cost per unit Total 1,520 2,020 $ 32 $ 48,640 7 14,140 Finished goods 379,800 Snowboard 600 $ 633 Print Done Question 1, P6-43 (similar to) Part 1 of 7 = Homework: Chapter 6 - Problem 6-43 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.) HW Score: 0%, 0 of 100 points Points: 0 of 100 Save (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending Inventory.) Read the requirements. Requirement 1. 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. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2020 sales From January 2021 sales Total collections Help me solve this Calculator Ask my instructor Clear all Check answer 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 the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information.) Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending inventory.) Read the requirements. Requirement 1. 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. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2020 sales From January 2021 sales Total collections 996000 Help me solve this Calculator Ask my instructor Clear all Check answer Ow ent Ib Iv fd ma du Data table 4 Budgeted balances at January 31, 2021 are as follows: - 100 p or requ .) Janua Cash ? cost, Va Accounts receivable ? Inventory ? Property, plant, and equipment (net) $ 852,000 Accounts payable ? Long-term liabilities 180,000 Stockholders' equity Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 Budgeted sales Budgeted materials purchases unts pa $ 12,000 1,660,000 630,000 Customer invoices are payable within 30 days. From past experience, Snows's accountant projects 40% of invoices will be collected in the month invoiced, and 60% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 45% of direct materials purchases paid during the month of the purchase, and 55% paid in the month following purchase. ator ASK my instructor Print Done Clear all ditio More info udg 1 (no sch Ca material purchases, Direct manufacturing labor cost, Variable and Ending inventory.) Variable manufacturing overhead is $8 per direct manufacturing labor-hour. There are also $20,800 in fixed manufacturing overhead costs budgeted for January 2021. Snows combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $270 per sales visit. The marketing plan calls for 36 sales visits during January 2021. Finally, there are $33,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done payable Data table Materials and Labor Requirements Direct materials Wood 9 board feet (b.f.) per snowboard Fiberglass Direct manufacturing labor 7 yards per snowboard 8 hours per snowboard Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Inventories Beginning Inventory January 1, 2021 Wood 2,020 b.f. Fiberglass 1,020 yards Other data include: Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards 2020 Unit Price 2021 Unit Price Wood $ 30.00 per b.f. $ 32.00 per b.f. Fiberglass $ 6.00 per yard $ 7.00 per yard Print Done Direct ma facturing labor 8 hours per snowboard Snows' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Wood Direct Materials Inventories Beginning Inventory January 1, 2021 2,020 b.f. Fiberglass 1,020 yards Other data include: Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards 2020 Unit Price 2021 Unit Price Wood $ 30.00 per b.f. $ 32.00 per b.f. Fiberglass $ 6.00 per yard $ 7.00 per yard Direct manufacturing labor $ 26.00 per hour $ 27.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $250.00. Assume Snows uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Reference Revenue Budget For January 2021 Units Selling price Total revenues Snowboards 1,300 $ 650 $ 845,000 Direct Materials Purchases Budget For January 2021 Physical Units Budget To be used in production Add target ending inventory Total requirement Deduct beginning inventory Purchases to be made Cost Budget Purchases Materials Wood Fiberglass Total 11,700 b.f. 9,100 yards 1,520 2,020 b.f. yards 13,220 b.f. 11,120 yards 2,020 b.f. 1,020 yards 11,200 10,100 b.f. yards $ 358,400 $ 70,700 $ 429,100 Print Done Reference For January 2021 Output Units DMLH Total Produced per Unit Hours Hourly Wage Rate Total Snowboards 1,300 8 10,400 $ 27 $ 280,800 Total labor hours x Variable manufacturing overhead rate = Variable manufacturing overhead costs 10,400 8 = $ 83,200 Ending Inventories Budget For January 2021 Quantity Cost per unit Total Direct materials Wood Fiberglass Finished goods Snowboard Total ending inventory 1,520 $ 32 $ 48,640 2,020 7 14,140 379,800 600 $ 633 $ 442,580 Print Done