Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work- in -process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $120,000 B. $156,000 OC. $102,000 OD. $138,000
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- Pilsner Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: Pilsner typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.
- Dear Bartleby, can you please help with "calculations for cost of goods sold/operating expenses occured in the following problem, for March, April, May and June, thank you. Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 112,000 $ 136,000 $ 152,000 Cost of goods sold* 76,800 91,200 100,800 Gross profit $ 35,200 $ 44,800 $ 51,200 Operating expenses† 17,600 20,000 21,600 Operating income $ 17,600 $ 24,800 $ 29,600 *Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead).†Includes all period costs (i.e., selling, general, and administrative expenses).The company expects about 40% of sales to be cash transactions. Of sales on account, 65% are expected to be collected in the first month after the sale is made, and 35% are expected to be collected in the second month after sale. Depreciation,…i) Mary's Baskets Company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. There are 4,000 baskets in beginning finished goods inventory with target ending inventory of 9,000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? A) $175,000 B) $150,000 C) $125,000 D) $85,000Oriental Lamp Co. manufactures lamps. The estimated number of lamp sales for the last three months of 2020 are as follows: Units October 10,000 November 14,000 December 13,000 Finished Goods Inventory at the end of September was 3,000 units. Ending Finished Goods Inventory is budgeted to equal 25% of the next month’s sales. REQUIRED: How many lamps should be produced in November?
- Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $7 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work - in- process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $140,000 O B. $119,000 OC. $182,000 OD. $161,000Sunland, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $299200 $289800 $321000 $280300 $209700 Budgeted purchases $144500 $119700 $128000 $132700 $89400 • Customer amounts on account are collected 60% in the month of sale and 40% in the following month. • Cost of goods sold is 70% of sales. • Sunland purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. • Operating expenses are: Salaries, $51000; Depreciation, $12000; Rent, $14400; and Utilities, $14800. • Accounts payable is used only for inventory acquisitions. How much cash will Sunland receive during May from customers? $304720 $192600 $302280 $308520In September 2019, the budget committee of Jason Company assembles the following data: 1. 2 Expected Sales 4. October November December Cost of goods sold is expected to be 60% of sales. 3. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. The beginning inventory at October 1 will be the desired amount. $1,800,000 1,700,000 V 1,600,000 Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule. V M JASON COMPANY Budgeted Income Statement For the Month Ended October 31, 2019 $ $
- The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects sales in 2019 of 205,000 units of desks. Nagiaca’s beginning inventory for 2019 is 10,000 desks and its target ending inventory is 15,000 desks. Required: Compute the number of chairs budgeted for production in 2019. a. 210000 desks b. 217000 desks c. 200000 desks d. 205000 desks The Nagiaca Company expects…Violet Sales Corp, reports the year-end information from 2019 as follows: Sales (35,500 units) $284,000 Cost of goods sold 105,000 Gross margin 179,000 Operating expenses 152,000 Operating income $27,000 Violet is developing the 2019 budget. In 2019 the company would like to increase selling prices by 3.5%, and as a result expects a decrease in sales volume of 14%. All other operating expenses are expected to remain constant. Assume that cost of goods sold is a variable cost and that operating expenses are a fixed cost. What is budgeted sales for 2019? (Round interim calculations to the nearest cent and the final answer to the nearest dollar.) Question 8 options: $335,092 $293,940 $252,788 $284,001The Batting Company manufactures cricket bats which it sells for $80 each. For the first quarter of 2020, the company collected the following information. Budgeted sales, 4,000 bats Finished good inventory on December 31, 2019, 1,000 bats Desired ending inventory of bats at the end of March 2020, 600. Direct materials requirements are 3 feet of lumber, for each bat at a cost of $5.50 per foot. Direct materials inventory on December 31, 2019 was 3,000 feet of lumber at $5.50 per foot. Desired ending inventory of raw materials is 5,000 feet of lumber. Each bat requires 2 hours of direct labor at an average cost of $20 per hour Required: Prepare the following for the Batting Company for the first quarter. The sales budget The production budget The direct materials and the direct labor budgets