Prepare a budgeted income statement for the year. E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022: 1. Sales: 30,000 units; unit selling price $80 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes Instructions a. Prepare a schedule showing the calculation of the cost of goods sold for 2022. b. Prepare a budgeted income statement for 2022.

Prepare a budgeted income statement for the year. E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022: 1. Sales: 30,000 units; unit selling price $80 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes Instructions a. Prepare a schedule showing the calculation of the cost of goods sold for 2022. b. Prepare a budgeted income statement for 2022.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 4P

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Refer to Cornerstone Exercise 8.6. Required: 1. Calculate the total budgeted cost of units produced for Play-Disc for the coming year. Show the cost of direct materials, direct labor, and overhead. 2. Prepare a cost of goods sold budget for Play-Disc for the year. 3. What if the beginning inventory of finished goods was 75,200 (for 16,000 units)? How would that affect the cost of goods sold budget? (Assume Play-Disc uses the FIFO method.) Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: For the coming year, Play-Disc expects to make 300,000 plastic discs, and to sell 285,000 of them. Budgeted beginning inventory in units is 16,000 with unit cost of 4.75. (There are no beginning or ending inventories of work in process.) Required: 1. Prepare an ending finished goods inventory budget for Play-Disc for the coming year. 2. What if sales increased to 290,000 discs? How would that affect the ending finished goods inventory budget? Calculate the value of budgeted ending finished goods inventory.
Nozama.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost of the sales order processing activity is 250,000 and 50,000 sales orders are estimated to be processed. a. Determine the activity rate of the sales order processing activity. b. Determine the amount of sales order processing cost associated with 30,000 sales orders.
Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per unit, direct labor of $3 per unit, and manufacturing overhead of $1 per unit. Fixed costs are $35,000. What would be the budgeted amounts for 20,000 and 25,000 units?
Sales, production, direct materials, direct labor, and factory overhead budgets King Tire Co.s budgeted unit sales for the year 2016 were: The budgeted selling price for truck tires was 200 per tire, and for passenger car tires it was 65 per tire. The beginning finished goods inventories were expected to be 2,000 truck tires and 5,000 passenger tires, for a total cost of 326,478, with desired ending inventories at 2,500 and 6,000, respectively, with a total cost of 400,510. There was no anticipated beginning or ending work-in- process inventory for either type of tire. The standard materials quantities for each type of tire were as follows: The purchase prices of rubber and steel were 2 and 3 per pound, respectively. The desired ending inventories for rubber and steel were 60,000 and 6,000 lb, respectively. The estimated beginning inventories for rubber and steel were 75,000 and 7,000 lb, respectively. The direct labor hours required for each type of tire were as follows: The direct labor rate for each department is as follows: Budgeted factory overhead costs for 2016 were as follows: Required: Prepare each of the following budgets for King for the year ended December 31, 2016: 1. Sales budget. 2. Production budget. 3. Direct material budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Cost of goods sold budget.
Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of 15.9 million and cost of goods sold of 8.75 million. Advertising is a key part of Coral Seas business strategy, and total marketing expense for the year is budgeted at 2.8 million. Total administrative expenses are expected to be 675,000. Coral Seas has no interest expense. Income taxes are paid at the rate of 40 percent of operating income. Required: 1. Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year. 2. What if Coral Seas had interest payments of 500,000 during the year? What effect would that have on operating income? On income before taxes? On net income?
Prepare a budgeted income statement for the year. E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022: 1. Sales: 30,000 units; unit selling price $80 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes Instructions a. Prepare a schedule showing the calculation of the cost of goods sold for 2022. b. Prepare a budgeted income statement for 2022.
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Sunland Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6. Sales: 29,200 units; unit selling price $82 Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $5 per direct labour hour Inventories (raw materials only): beginning, 9,900 kg; ending, 15,700 kg Raw materials cost: $5 per kilogram Selling and administrative expenses: $219,000 Income taxes: 30% of income before income taxes Prepare a schedule showing the calculation of the cost of goods sold for 2022. SUNLAND COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of goods sold Manufacturing overhead Beginning inventory Direct materials Ending inventory Number of units sold Selling and administrative expenses Direct labour Cost of one unit of finished goods eTextbook and Media $ $ $
Automatic Irrigation, Inc. is preparing its manufacturing overhead budget for the 2022 year. Relevant data consist of the following: Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Control Units to be produced (by quarters): 6,000 10,000 12,000 9,000 Direct labor time: 1 hour per unit Variable overhead costs per direct labor hour: Indirect Materials $0.90; Indirect Labor $1.40; and Maintenance $0.50. Fixed overhead costs per quarter: Supervisory salaries $27,600; depreciation $4,000; and maintenance $1,900. Required Prepare the manufacturing overhead budget for the 2022 year showing quarterly data.
Sunland Company has accumulated the following budget data for the year 2027. 1. 2. 3. 4. 5. Sales: 31,450 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. Inventories (raw materials only): beginning, 10,290 pounds; ending, 15,250 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 20% of income before income taxes.
Please help me with the functions for this ! Thank you! Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units 17,000 Sales price per unit $48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) $45,000 Rent Expense (per quarter) $27,000 Depreciation Expense (per quarter) $36,000 Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Total Cost Units Quarter 1 $67,000 12,500 Quarter2 $94,000 21,000 Quarter 3 $89,800 13,800 Quarter 4 $92,600 20,000 2023 Quarter 1 $72,500 13,700 Quarter2 $80,000 14,000 Quarter 3 $84,000 14,300 Quarter…