Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this has a lot of information, i only need help finishing numbers 11 & 12 THANK YOU Problem 22-4A (Static) Manufacturing: Preparation of a complete

this has a lot of information, i only need help finishing numbers 11 & 12
THANK YOU image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 22-4A (Static) Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following balance sheet for March 31 To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500: May, 19,500; June, 20,000, and July, 20,500 The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materiais inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materlals inventory is 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales. of direct materials. The March 31 finished goods inventory is 16,400 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixed f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $3.000. factory overhead item. 9. Monthly general and administrative expenses include $12.000 for administrative salaries and 0.9% monthly interest on the long. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month term note payable. following the sale (no credit sales are collected in the month of sale). i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases, Raw materials purchases are fully paid in the next month (none are paid in the month of purchase). j. The minimum ending cash balance for all months is $40,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month.end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $10,000 are budgeted to be declared and paid in May. 1. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $100,000 are budgeted for the last day of June. 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30 . Complete this question by entering your answers in the tabs below. Sales budget. Complete this question by entering your answers in the tabs below. Production budget. Direct materials budget. Note: Round per unit values to 2 decimal places. Complete this question by entering your answers in the tabs below. Direct labor budget. Note: Round per unit values to 2 decimal places. Complete this question by entering your answers in the tabs below. Factory overhead budget. Note: Round variable overhead rate values to 2 decimal places. Complete this question by entering your answers in the tabs below. Selling expense budget. Complete this question by entering your answers in the tabs below. General and administrative expense budget. 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Complete this question by entering your answers in the tabs below. Budgeted income statement for entire second quarter (not monthly). Note: Round your final answers to the nearest whole dollar. Complete this question by entering Budgeted balance sheet at June 30 . Note: Round your final answers to the nearest whole dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Application Of Quantitative Techniques For The Prediction Of Bank Acquisition Targets

Authors: Pasiouras Fotios

1st Edition

9812565183, 9789812565181

More Books

Students also viewed these Accounting questions

Question

1. Critically discuss treatment approaches for violent offenders.

Answered: 1 week ago

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago