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- 1. The following budget estimates are available for Ashton Ltd., manufacturer of a single product:Actual and projected sales: Cash(R) Credit(R)January (actual) 70 800 283 200February (actual) 72 000 288 000March (actual) 71 400 285 600April (budget) 68 400 273 600May (budget) 70 800 283 200June (budget) 72 000 288 000Debtors on average settle their accounts as follows: • 50% pay during the month following the month of sale, and are allowed a discount of 5%,• 47% pay during the second month following the month of sale, and• 3% prove uncollectable. Required production is as follows: Month UnitsMarch 17 900April 17 400May 17 850The inventory policy of the company is to maintain closing stock of raw material at 80% of the following month's production requirements. The company uses 5 kg of raw material at a cost of R1,50 per kg, to manufacture one unit. Raw material stock at…shown below are the totals from 2018 period budgets. Revenue badget P 100,000 Materials usage from production budget 15,000 Labor cost budget 20,000 Manufacturing overhead budget 20,000 General and administrative budget 30,000 Capital Expenditure budget 20,000 Work in progress inventories Beginning of 2018 10,000 End of 2018 5,000 Finished goods inventory Beginning of 2018 15,000 End of 2018 10,000 Tax Rate 40% 1. prepared a forecasts income statement for the year.Prepare a budgeted income statement using the information shown. Sales (units) Sales price per unit Uncollectible expense Direct material per unit Direct labor per unit (hours) Direct labor rate per hour Manufacturing overhead Variable sales and administration expenses per unit Fixed sales and administration expenses 15,000 2$ 40 1%* 2$ 0.5 $ $15,000 $ 2 $20,000 15%** 20 Таxes *of sales **of income before taxes
- a) Why do successful companies tend to use the bottom-up approach to establish a master budget? b) Green Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of…Nana Adom Company Limited is a wholesale company that deals in general goods. Thefollowing information relates to the next budget period.1. Expenses: (in GH¢)October November DecemberSelling & distribution 20,000 30,000 34,000General & administration 15,000 18,000 12,000Bad debts 21,000 15,000 20,000Rate 8,000 6,000 10,000Interest charges 1,600 2,000 2,400Depreciation expenses 30,000 10,000 10,000Expenses are payable in the month of incurrence.2. A contingent liability of GH¢10,000 is expected to mature in November3. Estimated cash balance at the end of September will be GH¢5000. Cash balances shouldnot be less than GH¢10,000. Cash can be borrowed in multiples of GH¢10,000 to financeany deficit at an interest rate of 15% per annum.4. The sales manager's salary, which is GH¢ 7000 per month is expected to increase byGH¢1000 every month after June.5. Motor vehicle will be purchased in November at GH¢240,000. Depreciation for motor vanshould be calculated at 10% in December.6.…Nana Adom Company Limited is a wholesale company that deals in general goods. The following information relates to the next budget period.1. Expenses: (in GH¢)October November DecemberSelling & distribution 20,000 30,000 34,000General & administration 15,000 18,000 12,000Bad debts 21,000 15,000 20,000Rate 8,000 6,000 10,000Interest charges 1,600 2,000 2,400Depreciation expenses 30,000 10,000 10,000Expenses are payable in the month of incurrence.2. A contingent liability of GH¢10,000 is expected to mature in November3. Estimated cash balance at the end of September will be GH¢5000. Cash balances shouldnot be less than GH¢10,000. Cash can be borrowed in multiples of GH¢10,000 to financeany deficit at an interest rate of 15% per annum.4. The sales manager's salary, which is GH¢ 7000 per month is expected to increase byGH¢1000 every month after June.5. Motor vehicles will be purchased in November at GH¢240,000. Depreciation for motor vanshould be calculated at 10% in December.6.…
- 6) Some of the beginning and end of the period information of the production enterprise, which budgets the General Production Expenses on its products according to the Direct Labor Hours, are as follows.Budgeted General Production Expenses 20.000.-₺Actual Activity Volume 3,800 Direct labor hoursActual General Production Expenses 18.000.-₺Overload 1.000.-₺Desired: Calculate the "Budgeted Activity Volume" of the business. A. 4,500 Direct labor hoursB. 4,000 Direct labor hoursC. 2,500 direct labor hoursD. 3,000 Direct labor hoursE. 5,000 Direct labor hoursBickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Bickel Corporation - Comparison of Actual Results to Planning Budget For the Month Ended November 30 Customers served Revenue ($3.504) Expenses: Mages and salaries ($24,200 $1.324) Supplies ($0.729) Insurance ($6,100) Miscellaneous expense (55,100 50.410) Total expense Net operating income Actual Results 43,000 $150,300 80,960 28,840 6,100 20,920 136,820 $ 11,400 Planning Budget 42,000 $147,000 79,640 30,240 6,100 22,320 138,300 $1,700 Variances $3,300 F 1,320 U 1,400 F 0 None 1,400 F 1,480 F $4,780 F Required: Prepare the company's Comprehensive Performance Report for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positive values.)Nana Adom Company Limited is a wholesale company that deals in general goods. The following information relates to the next budget period.1. Expenses: (in GH¢)October November DecemberSelling & distribution 20,000 30,000 34,000 General & administration 15,000 18,000 12,000Bad debts 21,000 15,000 20,000Rate 8,000 6,000 10,000Interest charges 1,600 2,000 2,400Depreciation expenses 30,000 10,000 10,000Expenses are payable in the month of incurrence.2. A contingent liability of GH¢10,000 is expected to mature in November3. Estimated cash balance at the end of September will be GH¢5000. Cash balances should not be less than GH¢10,000. Cash can be borrowed in multiples of GH¢10,000 to finance any deficit at an interest rate of 15% per annum.4. The sales manager's salary, which is GH¢ 7000 per month is expected to increase by GH¢1000 every month after June.5. Motor vehicle will be purchased in November at GH¢240,000. Depreciation for motor van should be calculated at 10% in…
- Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Customers served Revenue ($3.60g) Expenses: Wages and salaries ($25,600+ $1.20g) Supplies ($0.50g) Insurance ($ 7,400) Miscellaneous expense ($6,200 + $0.40g) Total expense Net operating income. Customers served Revenue Expenses: Bickel Corporation Comparison of Actual Results to Planning Budget For the Month Ended November 30 Wages and salaries Supplies Insurance Miscellaneous expense Total expense Required: Prepare the company's flexible budget performance report for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Bickel Corporation Flexible Budget Performance Report For the Month Ended November 30 Actual Results…A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires aminimum cash balance of at least $5,000 to start each quarter.Quarter1 2 3 4 YearCash balance, beginning ............................ $ 6 $ ? $ ? $ ? $ ?Add collections from customers ................. ? ? 96 ? 323Total cash available ................................... 71 ? ? ? ?Less disbursements:Purchase of inventory ............................. 35 45 ? 35 ?Operating expenses ................................ ? 30 30 ? 113Equipment purchases ............................. 8 8 10 ? 36Dividends ................................................ 2 2 2 2 ?Total disbursements .................................... ? 85 ? ? ?Excess (defi ciency) of cash availableover disbursements ................................. (2) ? 11 ? ?Financing:Borrowings .............................................. ? 15 — — ?Repayments (including interest)* ............ — — (?) (17) (?)Total fi nancing…Samcor Limited manufactures tables. The following information was extracted from the budget June 2022: 1. 2. 3. 4. 5. Total production and sales Selling price per table Variable manufacturing costs per table: Direct material Direct labour Overheads Fixed manufacturing overheads Other costs: Fixed marketing and administrative costs Sales commission 2 400 units year R1 200 R288 R192 R96 R216 960 R144 000 5%
