Skors. lnc., manufactures and sells snowboards. Skors manufactures a single model, the Pipex. In late 2020. Skors's management accountant gathered the following data to prepare budgets for January 2021: a (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) 0 (Click the icon to view the additional variable and xed manufacturing cost information.) 5 (Click the Icon to we labor requirements, the direct materials Inventories, and additional inventory information.) 5 (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 muirements. 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 xed 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 Requirements Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and tar disbursements for xed manufacturing and operating (nonmanufacturing) overhead. Skors is interested in maintaining a minimum cash balance of $160,000 at the end of each month. Will Skors be in a position to pay the $190,000 dividend on January 31? Why do Skors'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. i lear all eck answer Skors, lnc., manufactures and sells snowboards. Skors manufactures a sin management accountant gathered the following data to prepare budgetsf a (Click the icon to view the budgeted balances and additional informati 0 (Click the icon to view the additional variable and fixed manufacturing Requlrement 1. Prepare a cash budget for January 2021. Show supportin (nonmanufacturing) overhead. Begin by preparing the supporting schedule for the calculation of collection Schedule of Cash Collections From December 2020 sales From January 2021 sales Total collections Help me solve this Calculator Ask my instructor Next question Data table Budgeted balances at January 31, 2021 are as follows: Cash 7 Accounts receivable ? Inventory 7 Property, plant, and equipment (net) $ 858,000 Accounts payable 7 Long-term liabilities 186,000 Stockholders' equity ? Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ 18,000 Budgeted sales 1,790,000 Budgeted materials purchases 790,000 Customer invoices are payable within 30 days. From past experience, Skors'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 25% of direct materials purchases paid during the month of the purchase, and 75% paid in the month following purchase. Fixed manufacturing overhead costs include $42,000 of depreciation costs and xed operating (nonmanufacturing) overhead costs include $16,000 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 outow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Skors's board of directors voted to pay a $190,000 dividend to stockholders on January 31, 2021, Skors, Inc., manufactures and sells snowboards. Skors manufact management accountant gathered the following data to prepare (Click the icon to view the budgeted balances and additional Data table i (Click the icon to view the additional variable and fixed manu Materials and Labor Requirements Direct materials Wood 15 board feet (b.f.) per snowboard Fiberglass 13 yards per snowboard Requirement 1. Prepare a cash budget for January 2021. Show Direct manufacturing labor 3 hours per snowboard (nonmanufacturing) overhead. Skors' CEO expects to sell 3,700 snowboards during January 2021 at an estimated retail price of $960 per board. Further, the CEO expects 2021 beginning inventory of Begin by preparing the supporting schedule for the calculation of 500 snowboards and would like to end January 2021 with 800 snowboards in stock. Schedule of Cash Collections Direct Materials Inventories From December 2020 sales Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 From January 2021 sales Wood 2,080 b.f. 1,580 b.f. Total collections Fiberglass 1,080 yards 2,080 yards Other data include: 2020 Unit Price 2021 Unit Price Wood 36.00 per b.f. $ 38.00 per b.f. Fiberglass $ 12.00 per yard $ 13.00 per yard Direct manufacturing labor $ 32.00 per hour $ 33.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $175.00. Assume Skors uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Print Done Help me solve this Calculator Ask my insSkors, Inc., manufactures and sells snowboards. Skors manufactures a single model, the Pipex. In late 2020, Skors's (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional management accountant gathered the following data to prepare budgets (Click the icon to view the budgeted balances and additional informati i (Click the icon to view the additional variable and fixed manufacturing Reference Revenue Budget For January 2021 Units Selling price Total revenues Requirement 1. Prepare a cash budget for January 2021. Show supportin Snowboards 3,700 $ 960 $ 3,552,000 (nonmanufacturing) overhead. Begin by preparing the supporting schedule for the calculation of collection Direct Materials Purchases Budget Schedule of Cash Collections For January 2021 From December 2020 sales Materials Total From January 2021 sales Wood Fiberglass Physical Units Budget Total collections To be used in production 60,000 b.f. 52,000 yards Add target ending inventory 1,580 b.f. 2,080 _ yards Total requirement 61,580 b.f. 54,080 yards Deduct beginning inventory 2,080 b.f. 1,080 _ yards 53,000 Purchases to be made 59,500 - b.f. = yards Cost Budget Purchases $ 2,261,000 $ 689,000 $ 2,950,000 Direct Manufacturing Labor Costs Budget Help me solve this Calculator Ask my instructor Print DoneSkors, Inc., manufactures and sells snowboards. Skors manufactures a single model, the Pipex. In late 2020, Skors's (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional management accountant gathered the following data to prepare budgets (Click the icon to view the budgeted balances and additional informati i (Click the icon to view the additional variable and fixed manufacturing Reference Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Requirement 1. Prepare a cash budget for January 2021. Show supportin (nonmanufacturing) overhead. Produced per Unit Hours Wage Rate Total Begin by preparing the supporting schedule for the calculation of collection Snowboards 4,000 3 12,000 $ 33 $ 396,000 Schedule of Cash Collections Total labor hours x Variable manufacturing overhead rate = Variable manufacturing overhead costs From December 2020 sales 12,000 x 18 = $ 216,000 From January 2021 sales Ending Inventories Budget Total collections For January 2021 Quantity Cost per unit Total Direct materials Wood 1,580 $ 38 $ 60,040 Fiberglass 2,080 13 27,040 Finished goods Snowboard 800 $ 907 725,600 $ 812,680 Total ending inventory Help me solve this Calculator Ask my instructor Print DoneSkors, Inc., manufactures and sells snowboards. Skors manufactures a single model, the Pipex. In late 2020, Skors's (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional management accountant gathered the following data to prepare budgets for January 2021: inventory information.) (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, i (Click the icon to view the additional variable and fixed manufacturing cost information.) 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 - X More info From December 2020 sales From January 2021 sales Variable manufacturing overhead is $18 per direct manufacturing labor-hour. There are also $60,000 Total collections in fixed manufacturing overhead costs budgeted for January 2021. Skors 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 $330 per sales visit. The marketing plan calls for 42 sales visits during January 2021. Finally, there are $39,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done Help me solve this Calculator Ask my instructor Clear all Check