Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

XYZ Manufacturing Company is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales (Number of Units) September October November December January

  

XYZ Manufacturing Company is a wholesaler of industrial goods. Data regarding the store's operations follow: Sales (Number of Units) September October November December January Additional Information - 200,000 300,000 400,000 500,000 600,000 Selling Price per unit OMR 1. 40% of the sales are cash sales. 40% of the credit sales are collected during the same month of sale. 55% of credit sales are collected in the second month of sale, and 5% are uncollectible. Account receivable at the end of September is OMR40,000 which will be collected in October. - The company wants to keep an ending inventory of goods equal to 20% of the next month's sales. The total ending inventory of finished goods at the end of September is 40,000 units. Each of the units requires 2 Kg of raw materials. The cost of raw materials equals 0.200 Baiza per Kg. The company wants to maintain an ending inventory of raw materials equal to 30% of the next month's production needs. (Assume that the raw materials needs of December will be 300,000 units). Raw materials available in stock at the end of September are 100,000 units. Account payable as at the end of September is OMR10,000 which will be paid in October Using the provided information, prepare the following budgets and schedules for XYZ Manufacturing Company for October, November, and December. 1. Sales Budget 2. Cash Collection Schedule 3. Production Budget 4. Materials Budget 5. Cash Payment Schedule Please provide the budgets and schedules in the required format for each item.

Step by Step Solution

3.43 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

To prepare the budgets and schedules for XYZ Manufacturing Company for October November and December we need to create the following 1 Sales Budget 2 ... 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

Managerial Accounting

Authors: James Jiambalvo

7th Edition

1119577721, 978-1119577720

More Books

Students also viewed these Accounting questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are differential costs and revenues?

Answered: 1 week ago