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Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2014). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Quarter 2 Auditing 2,430 Tax 3,360 Consulting 1,630 Quarter 3 1,910 Quarter 4 2,210 2,770 2,740 2,110 2,890 1,630 1,630 1,630 Average hourly billing rates are auditing $85, tax $92, and consulting $105. Prepare the service revenue (sales) budget for 2014 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Quarter 1 Quarter 2 Dept. Billable Hours Billable Rate Auditing Total Rev. $ Billable Hours Billable Rate $ Total Rev. $ $ Tax Consultin g $ $ GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Quarter 3 Quarter 4 Dept. Billable Hours Billable Rate Auditing Total Rev. $ Billable Hours Billable Rate $ $ Total Rev. $ Tax Consulting $ GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Year Dept. Billable Hours Billable Rate Auditing $ Total Rev. $ Tax Consultin g $ $ Turney Company produces and sells automobile batteries, the heavyduty HD240. The 2014 sales forecast is as follows. Quarter HD240 1 5,300 2 7,220 3 8,110 4 10,410 The January 1, 2014, inventory of HD240 is 2,120 units. Management desires an ending inventory each quarter equal to 40% of the next quarter's sales. Sales in the first quarter of 2015 are expected to be 25% higher than sales in the same quarter in 2014. Prepare quarterly production budgets for each quarter and in total for 2014. TURNEY COMPANY Production Budget For the Year Ending December 31, 2014 Product HD240 Quarter 1 2 3 4 Year : : Glendo Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2014. 1. Sales: Quarter 1, 29,000 bags; quarter 2, 43,500 bags. Selling price is $61 per bag. Direct materials: Each bag of Snare requires 4 pounds of Gumm at a cost of $4 per pound and 7 pounds of 2. Tarr at $1.75 per pound. 3. Desired inventory levels: Type of Inventory Snare (bags) Gumm (pounds) Tarr (pounds) January 1 April 1 July 1 8,100 12,200 18,300 9,300 10,400 13,200 14,300 20,100 25,300 4. Direct labor: Direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $178,000 per quarter. 6. Income taxes are expected to be 30% of income from operations. Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be 150% of direct labor cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be $301,000 in quarter 1 and $424,000 in quarter 2. Don't show me this message again for the assignment (a) Prepare the sales budget. GLENDO FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2014 Quarter 1 2 Expected unit sales Unit selling price $ $ Total sales $ $ Prepare the production budget. GLENDO FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2014