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So one expert here helped me with most of these tables, I only have the last two tables from the first question left to do,
So one expert here helped me with most of these tables, I only have the last two tables from the first question left to do, and, the second question, most of the images up above are there in case you need help for the last two tables and the table in the second question :)
Cook 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 2020. 1. Sales: quarter 1,28,000 bags; quarter 2,43,400 bags. Selling price is $63 per bag. 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 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 $177,000 per quarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 30% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $300,000 in quarter 1 and $424,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) Prepare the sales budget. Prepare the production budget. Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70) Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, es. for 45 minutes the proportion will be 0.75 ) Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, es. for 45 minutes the proportion will be 0.75. ) Prepare the selling and administrative expense budget. Prepare the selling and administrative expense budget. eTextbook and Media Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calaulations to 2 decimal places and final answer to 0 decimol places, es. 1,255.) Prepare the selling and administrative expense budget. Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.) Prepare the selling and administrative expense budget. eTextbook and Media Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimol places and final answer to 0 decimal places, eg. 1,255.) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, es. 1,255.) Current Attempt in Progress Cruises, Inc. has budgeted sales revenues as follows: Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are: Other cash disbursements budgeted: (a) selling and administrative expenses of $48,000 each month, (b) dividends of $108,000 will be paid in July, and (c) purchase of equipment in August for $30,000 cash. The company wishes to maintain a minimum cash balance of $50,000 at the end of each month. The company borrows money from the bank at 6% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $50,000. Assume that borrowed money in this case is for one month. (a) Prepare a cash budget for the months of July and August. (Do not leove any answer feld blank Enter O for amounts) Prepare a cash budget for the months of July and August. (Do not leove any answer field blank. Enter Ofor anounts) repare a cash budget for the months of July and August. (Do not leave arry onswer field blank. Enter O for arnounts)Step by Step Solution
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