Skulas
Skulas, Inc., manufactures and sells snowboards. Skulas
Skulas manufactures a singlemodel, the Pipex. In late 2017
2017, Skulas
Skulas's management accountant gathered the following data to prepare budgets for January 2018
2018:
@ P6-43 (book/static) is Question Help ' Q Skulas, \"10.. manufactures and sells snowboards. Skulas manufactures a single model. the Pipex. In late 2017' Skulas's E (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory management accountant gathered the followmg data to prepare budgets for January 2018: . . . _ _ _ _ . _ information.) a (Click the Icon to View the budgeted balances and additional Information pertaining to the cash budget.) a (Click the icon to view the following selected January 2018 budgets: Revenue. Direct material purchases, Direct 0 (Click the icon to View the additional variable and xed manufacturing cost information.) manufacturing labor cost Variable manufacturing overhead and Ending inventory.) Read the @uirements. overhead. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2011 sales s 990,000' 754,000' From January 2018 sales Total collections Next prepare the supporting schedule for the payments of accounts payable. Schedule of Cash Payments for Accounts Payable From December 2017 purchases $ 410,000 51 0,800 From January 2018 purchases w Total cash payments for accounts payable Prepare the supporting schedule for disbursements for xed manufacturing and nonmanufacturing overhead. Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead Fixed nonmanufacturing overhead Total cash payments for xed overhead Enter any number in the edit elds and then click Check Answer. Budgeted balances at January 31, 2018 are as follows: Cash Accounts receivable Inventory ? Property, plant, and equipment (net) $ 1,175,600 Accounts payable ? Long-term liabilities 182,000 Stockholders' equity ? Selected budgeted information for December 2017 follows: Cash balance, December 31, 2017 $ 124,000 Budgeted sales 1,650,000 Budgeted materials purchases 820,000 Customer invoices are payable within 30 days. From past experience, Skulas'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 50% of direct materials purchases paid during the month of the purchase, and 50% paid in the month following purchase. Fixed manufacturing overhead costs include $64,000 of depreciation costs and xed nonmanufacturing overhead costs include $10,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outow of cas ... - Materials and Labor Requirements Direct materials Wood 9 board feet (b.f.) per snowboard Fiberglass 10 yards per snowboard Direct manufacturing labor 5 hours per snowboard Skulas' CEO expects to sell 2,900 snowboards during January 2018 at an estimated retail price of $650 per board. Further, the CEO expects 2018 beginning inventory of 500 snowboards and would like to end January 2018 with 200 snowboards in stock. Direct Materials Inventories Beginning Inventory 1I1f2018 Ending Inventory 113112018 Wood 2,040 b.f. 1,540 b.f. Fiberglass 1,040 yards 2,040 yards Other data include: 2017 Unit Price 2018 Unit Price Wood 32.00 per b.f. $ 34.00 per b.f. Fiberglass $ 8.00 per yard $ 9.00 per yard Direct manufacturing labor $ 28.00 per hour $ 29.00 per hour The inventoriable unit cost for ending nished-goods inventory on December 31, 2017, is $374.80. Assume Skulas uses a FIFO inventory method for both direct materials and nished goods. Ignore work in process in your calculations. Print I Dana
