The Vino Botting Company marads wood baseball sorry pre we your bat, designed for and young and bot designed for the dead aperire good for and all are on account the youth hotels 10h duit but selfs heel als men for more of the person Vineret sheet for December 31, 2016 Mick then to view the wheet) One date for en Balling Company for the 2017 then to view the Read the Requirement reconnue for their garwr of 2017 Vino Botting Company Sai Budget For the Garter Ended March 11, 2017 You Adult Be Tore Bugstedts to be Sales Total Current Assets: Cash $ 35,000 Accounts Receivable 16,700 Raw Materials Inventory 16,000 11,750 Finished Goods Inventory Total Current Assets $ 79,450 Property. Plant, and Equipment: Equipment 150,000 (70,000) Less: Accumulated Depreciation 80,000 Total Assets $ 159,450 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholders' Equity Common Stock, no par $ 100,000 51,450 Retained Earnings Total Stockholders' Equity 151,450 Total Liabilities and Stockholders' Equity $ 159,450 1 More info a. Budgeted sales are 1,400 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31 consists of 250 youth bats at $20 each and 450 adult bats at $15 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 250 adult bats; FIFO inventory costing method is used. d. Direct materials cost is $9 per youth bat and $6 per adult bat. e. Desired ending Raw Materials Inventory is $16,000 (indirect materials are insignificant and not considered for budgeting purposes). f. Each bat requires 0.4 hours of direct labor; direct labor costs average $24 per hour. g. Variable manufacturing overhead is $0.40 per bat. h. Fixed manufacturing overhead includes $700 per quarter in depreciation and $12,580 per quarter for other costs, such as insurance and property taxes. 1. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,500 per quarter for rent; $1,700 per quarter for insurance; and $450 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 4% of sales. Drint Don The Vino Botting Company marads wood baseball sorry pre we your bat, designed for and young and bot designed for the dead aperire good for and all are on account the youth hotels 10h duit but selfs heel als men for more of the person Vineret sheet for December 31, 2016 Mick then to view the wheet) One date for en Balling Company for the 2017 then to view the Read the Requirement reconnue for their garwr of 2017 Vino Botting Company Sai Budget For the Garter Ended March 11, 2017 You Adult Be Tore Bugstedts to be Sales Total Current Assets: Cash $ 35,000 Accounts Receivable 16,700 Raw Materials Inventory 16,000 11,750 Finished Goods Inventory Total Current Assets $ 79,450 Property. Plant, and Equipment: Equipment 150,000 (70,000) Less: Accumulated Depreciation 80,000 Total Assets $ 159,450 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholders' Equity Common Stock, no par $ 100,000 51,450 Retained Earnings Total Stockholders' Equity 151,450 Total Liabilities and Stockholders' Equity $ 159,450 1 More info a. Budgeted sales are 1,400 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31 consists of 250 youth bats at $20 each and 450 adult bats at $15 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 250 adult bats; FIFO inventory costing method is used. d. Direct materials cost is $9 per youth bat and $6 per adult bat. e. Desired ending Raw Materials Inventory is $16,000 (indirect materials are insignificant and not considered for budgeting purposes). f. Each bat requires 0.4 hours of direct labor; direct labor costs average $24 per hour. g. Variable manufacturing overhead is $0.40 per bat. h. Fixed manufacturing overhead includes $700 per quarter in depreciation and $12,580 per quarter for other costs, such as insurance and property taxes. 1. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,500 per quarter for rent; $1,700 per quarter for insurance; and $450 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 4% of sales. Drint Don
