Suppose Chef City manufactures cast iron skilletst One model is a 10-inch skillet that sells for $32. Chef City projects sales of 525 10-inch skillets per month The production costs are $5 per skillet for direct materials, $4 per skillet for direct labor, and $6 per skillet for manufacturing overhead. Chef City has 35 10-inch skillets in inventory at the beginning of July but wants to have an ending inventory equal to 20% of the next month's sales. Selling and administrative expenses for this product line are $1,800 per month. How many 10-inch Skillets should Chef City produce in July? O A. 525 Skillets O B. 665 Skillets O C. 595 Skillets O D. 630 Skillets Rucker Company manufactures drinking glasses. One unit is a package of eight glasses, which sells for $28. Rucker projects sales for April will be 2,400 packages, with sales increasing by 300 packages per month for May, June, and July. On April 1, Rucker has 225 packages on hand but desires to maintain an ending inventory of 10% of the next month's sales. Prepare a sales budget and a production budget for Rucker for April, May, and June. Begin by preparing a sales budget for April, May, and June. Rucker Company Sales Budget April, May, and June April May June Total Budgeted packages to be sold Sales price per package Total salesMore Info Direct materials are six ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignicant and are not included in the budgeting process. Beginning Raw Materials Inventory is 880 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Preston desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $22 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.90 per kit, and xed overhead is $175 per quarter. Preston. Inc. manufactures model airplane kits and projects production at 300, 330, 200, and 700 kits for the next four quarters. Click the icon to view the manufacturing information.) Prepare Preston's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Preston's direct materials budget. Fourth Quarter First Second Third Quarter Quarter Quart-r Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce l___l__L Budgeted cost of direct materials purchases Reference Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Second Quarter First Third Fourth Quarter Quarter Quarter Reference First Second Third Fourth Quarter Quarter Quarter Quarter 120 Budgeted kits to be produced 450 650 400 1.620 Direct labor hours per unit J 0'75 Direct labor hours needed for production 1,215.00 35 Direct labor cost per hour Budgeted direct labor cost X Reference Duuycicu UIGUL laVI CUST Austin, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 450 120 650 400 1,620 $ VOH cost per kit 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 Budgeted VOH $ 112.50 $ 30.00 $ 162.50 $ 100.00 $ 405.00 Budgeted FOH 130.00 130.00 130.00 130.00 520.00 $ 242.50 $ 160.00 $ 292.50 $ 230.00 $ 925.00 Budgeted manufacturing overhead costs Direct labor hours 337.50 90.00 487.50 300.00 1,215.00 Budgeted manufacturing overhead costs $ 925.00 $ 0.76 Predetermined overhead allocation rateAustin, Inc. manufactures model airplane kits. Direct materials are three ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignicant and are not included in the budgeting process. Each kit requires 0. hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: Click the icon to View the budgets.) Austin projects sales of 400, 100, 450. and 300 kits for the next four quarters. Austin has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX.) Total projected manufacturing cost per kit More Info 70% in the month of the sale 20% in the month after the sale 8% two months after the sales 2% never collected Yoder expects total sales of $368,000 in January and $416,000 in February. Assume that Yoder's sales are collected as follows: Click the icon to view the collections.) November sales totaled $280,000, and December sales were $250,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Total cash receipts from customersData Table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on ofce Utilities for office Property taxes on office Office salaries January February March $ 4,000 $ 3,000 600 550 140 300 650 110 6,500 3,600 $ 3,700 600 550 140 300 650 110 6,500 4,900 3,800 600 550 140 300 650 110 6,500 All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. Carmen Company has the following projected costs for manufacturing and selling and administrative expenses: lick the icon to view the projected costs.) Prepare a schedule of cash payments for Carmen for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (If an input eld is not used in the table leave the input eld empty; do not enter a zero.) Total Cash Payments Direct Materials: Total payments for direct materials Dlrect Labor: Total payments for direct labor Bashies sells its rock-climbing shoes worldwide. Bashies expects to sell 5,500 pairs of shoes for $165 each in January, and 3,200 pairs of shoes for $200 each in February. All sales are cash only. Prepare the sales budget for January and February. . . . . . Bashies Sales Budget Two Months Ended January 31 and February 28 January February Budgeted pairs of shoes to be sold Sales price per pair Total salesX Data Table Quarter Ended Nine-Month March 31 June 30 September 30 Total Cash sales, 20% $ 22,000 $ 32,000 $ 27,000 $ 81,000 Credit sales, 80% 88,000 128,000 108,000 324,000 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Total salesMore Info In the past, cost of goods sold has been 40% of total sales. The director of marketing and the nancial vice president agree that each quarter's ending inventory should not be below $30,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The January 1 inventory was $17,000. Swenson, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: a (Click the icon to view the budget.) .Click the icon to view additional information.) Prepare an inventory, purchases. and cost of goods sold budget for each of the rst three quarters of the year. Compute cost of goods sold for the entire nine-month period. Quarter Ended March 31 Plus: Less: Data Table Reilly Golf Park Cash Budget Two Months Ended May 31 April May Beginning cash balance $ 16,200 $ ? Cash receipts ? 79,800 Cash from sale of plant assets 0 1,800 Cash available 106,500 ? Cash payments: Purchase of inventory ? 43,000 Selling and administrative expenses 47,700 Interest expense ? Total cash payments 101,700 Ending cash balance before financing ? 26,800Minimum cash balance desired (25,000) (25,000) Cash excess (deficiency) ? Financing: Borrowing Principal repayments Total effects of financing ? Ending cash balanceYou recently began a job as an accounting intern at Reilly Golf Park. Your first task was to help prepare the cash budget Reilly Golf Park eliminates any cash deficiency by borrowing the exact amount needed from First Street Bank, where or April and May. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a the current interest rate is 6% per year. Reilly Golf Park first pays interest on its outstanding debt at the end of each paper copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the month. The company then repays all borrowed amounts at the end of the month with any excess cash above the budget, you may have just enough information to reconstruct the budget. minimum required but after paying monthly interest expenses. Reilly does not have any outstanding debt on April 1. (Click the icon to view the cash budget.) Complete the cash budget. Round interest expense to the nearest whole dollar.(Complete all input fields. Enter a "0" for zero balances. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) Reilly Golf Park Cash Budget Two Months Ended May 31 April Beginning cash balance $ 16,200 Cash receipts Cash from sale of plant assets Cash available 106,500 Cash payments: Purchase of inventory Selling and administrative expenses 47,700 Interest expense Total cash payments 101,700 Ending cash balance before financing Minimum cash balance desired (25,000) Cash excess (deficiency)Financing: Borrowing Principal repayments Total effects of financing Ending cash balanceMore Info Northern Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1 ,000. Northern Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 5% APR interest on the entire unpaid principal. The rst payment occurs three months after the loan. X Requirements 1. Prepare Northern Auto Parts' cash budget for January and February. 2. How much cash will Northern Auto Parts borrow in February if collections from customers that month total $13,500 instead of $14,500?Northern Auto Parts, a family-owned auto parts store, began January with $10,000 cash. Management forecasts that collections from credit customers will be $11,400 in January and $14,500 in February. The store is scheduled to receive $5,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ($11,900 in January and $13,200 in February) and selling and administrative expenses ($3,500 each month). i (Click the icon to view additional information about Northern Auto Parts.) Read the requirements. Requirement 1. Prepare Northern Auto Parts' cash budget for January and February. Prepare the cash budget by entering in the labels, then enter in the amounts for January first and February next. (Complete all input fields. For entries with a $0 balance, make sure to enter "0" in the appropriate cell. Use parentheses or a minus sign when entering a deficiency.)February Cash available Cash payments: Total cash payments Ending cash balance