Rouse Foods produces specialty soup sold in jars. View additional information. Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total. Prepare the production budget by first calculating the total units needed, then calculate the units to produce. Rouse Foods Production Budget For the Quarters in the Upcoming Year Unit sales Plus: Desired ending inventory Total needed Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Additional information The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales Number of jars revenue sold 1st quarter.... $ 189,000 153,500 2nd quarter. $ 211,000 182,500 3rd quarter. S 254,000 213,500
Q: Denger
A: To calculate the revenue and gross profit (loss) for Westgate Construction Company using the…
Q: Skiable Acres operates a Rocky Mountain ski resort. The company is planning its lift ticket pricing…
A: Requirement 1 :Revenue at market price : (680,000 guests * $ 79) = 53,720,000Less : Total cost (…
Q: please answer in text form with introduction , concept , explanation, narrations computation ,…
A: Approach to solving the question: For better clarity of the solution, I have provided the…
Q: ABC Corporation has a total debt of $12,240,000 and their cash balance is equal to 10% of their…
A: Dividends are referred to as the earnings of the company which are distributed to the eligible…
Q: If the transferor of receivables surrenders control over them, the transaction involving receivables…
A: The question is asking whether a transaction involving receivables is treated as a sale and any gain…
Q: ! Required information of 15 The Foundational 15 (Algo) [LO4-1, LO4-2, LO4-3, LO4-4, LO4-5] 17:51 ok…
A: In essence, equivalent units are defined as the smaller number of fully completed units divided by a…
Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…
A: Certainly, let's break down the spreadsheet model in even greater detail:Member Costs (Rows…
Q: Grey's Medical operates three support departments and two operating units, Surgery and ER. The…
A: Let's break down the process of allocating costs to the Surgery department from the supporting…
Q: Question 10 of 15 View Policies Current Attempt in Progress Crane Company reports the following…
A: Step 1:No General JournalDebitCredita.Bad Debit Expense Dr…
Q: Doug Smith Industries purchased warehouses for $121 million (no residual value) at the beginning of…
A: To solve this problem, we need to calculate the depreciation expense for the warehouses using the…
Q: Meman
A: Part 2: ExplanationStep 1: Determine the value of the giftJones wants to gift $4.60 million of…
Q: Problem 22-1A (Static) Responsibility accounting performance reports; controllable and budgeted…
A: Answer information:Step 1:1. Manger of camper departmentResponsibility Accounting Performance…
Q: Case 15-11 Accounting for Employee Stock Option Plans (ESOPs) Growth Corporation offered the…
A: Step 1:a. Under APB Opinion No. 25, Employee Stock Ownership Plans (ESOPs) were typically reported…
Q: Vinubhai
A: The objective of the question is to calculate the net present value (NPV) of the investment and…
Q: Required: Prepare all journal entries until the arrival of the merchandise on 11/1/2018, for the…
A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…
Q: On the first day of the fiscal year, a company issues a $3,000,000, 10%, 8-year bond that pays…
A: The objective of the question is to journalize the first interest payment and the amortization of…
Q: Blossom Company sells office equipment on July 31, 2022, for $20,100 cash. The office equipment…
A: We need to update the accumulated depreciation as of the date of sale: Given are: Depreciation for…
Q: Consider the following data table for Projects A, B and C. Annual Initial Investmen Cash Flow Cash…
A: The objective of the question is to calculate and compare the Net Present Values (NPVs) of three…
Q: 5 Glen Campbell owns a small office building adjacent to an airport. He acquired the property 10…
A: Should Glen Campbell Keep or Sell the Property?This case requires us to analyze two scenarios for…
Q: On August 1, 2022, a US company signed a noncancelable order to purchase inventory from a company…
A: A journal entry is a formal record that documents the financial effects of a business transaction.…
Q: Jackson, Incorporated produces two products (Product 5 and Product Z) using two activities:…
A: Jackson, Incorporated Machining total cost 180,000 multiply: % of Product 5 of total machine…
Q: ADJUSTMENTS a.-b. Merchandise inventory on December 31, 20X1, is $13,321 c. During 20X1, the firm…
A: The objective of the question is to prepare the Trial Balance section of a 10-column worksheet,…
Q: Sagar
A: The objective of the question is to calculate the applied overhead for Byrd for the year. Overhead…
Q: Manji
A: Required 1: Production Department's Planning BudgetSince the planning budget is based on the planned…
Q: ← Chapter 9 Homework Assignment (Graded) Question 3 of 5 View Policies -/1 E Current Attempt in…
A: The objective of the question is to prepare the journal entries for the sale of equipment under…
Q: Vishnu
A: The objective of this question is to calculate the payback period and unadjusted rate of return for…
Q: Management of Mittel Company wants to reduce the elapsed time from when a customer places an order…
A: C. What percentage of the throughput time was spent in non-value-added activities: Non-value-added…
Q: Problem 4. Evans Corporation produces a product that passes through two departments. For March, the…
A: Step 1: Calculate Equivalent UnitsMaterials: All units that have been completed and transferred out…
Q: Explain the correct options and also incorrect options why they are not answer .. Don't use ai to…
A: Step 1: The frequency of the data from the pie chart is always proportional to the area of each…
Q: ! Required information Convers Corporation (calendar year-end) acquired the following assets during…
A: Step 1:MACRS Depreciation :AssetsPlace in serviceQuarterOriginal BasisRateDepreciationMachinery (7…
Q: None
A: Pension Expense = Service Cost + Interest Cost - Expected Return on Plan Assets + Amortization of…
Q: Meman
A: End of 2024End of 2025End of 2026End of 2027Cumulative Temporary…
Q: Sagar
A: To compute the applied overhead for Byrd for the year, we'll first calculate the predetermined…
Q: Meman
A: Step 1: Computation of cash received for revenue. Cash received for revenue = Revenue earned during…
Q: Current Attempt in Progress Crane Company is evaluating the purchase of a rebuilt spot-welding…
A: The approximate internal rate of return (IRR) of the project is 15%.The IRR is the discount rate…
Q: Explain why should we prioritize Quality Control (B) first in ranking.
A: Prioritizing Quality Control first means ensuring that products or services meet specified standards…
Q: Rhino Corporation is a manufacturer of automobile parts. Its capital assets include specialized…
A: a) Rhino Corporation needs to record an impairment loss for the equipment as of December 31, 2021.…
Q: None
A: To prepare the department's equivalent units of production for direct materials using the FIFO…
Q: Please do not give solution in image format thanku
A: Understanding the ScenarioWehner Company manufactures plastic items, including plastic housings for…
Q: Answer the question
A: # of units x Cost per unit = Cost of goods available for saleYellow highlights = sum per column Step…
Q: What is informal and formal communication? What is some experiences people have with informal and…
A: Informal communication refers to the exchange of information, ideas, and opinions in a casual…
Q: A machine costing $214,000 with a four-year life and an estimated $18,000 salvage value is installed…
A: If per unit depreciation is not rounded off to 2 decimal places. Note: If you have any…
Q: Dengar
A:
Q: A company is considering purchasing a machine for $26,500. The machine will generate income of…
A: Step 1: Given Value for Calculation Purchase Price of Machine = pp = $26,500Annual Income = i =…
Q: Vishnu
A: The objective of this question is to determine the y-component of the reaction forces at the…
Q: Plessings Company leased a piece of machinery to Banana, Inc. on January 1, 2023. The lease is…
A: Calculating the Implicit Rate in Plessings' Sales-Type LeaseWe can find the implicit rate using the…
Q: Oriole Ltd., a public company following IFRS, recently signed a lease for equipment from Costner…
A: The objective of the question is to calculate the amount of the right-of-use asset and lease…
Q: please answer in text form with introduction , concept , explanation , computation , steps clearly…
A: Answer information:Step 1:1Annual manufacturing costs (6 years) (Alternative…
Q: None
A: Year2024202520262027Amortization of net loss - AOCI - 3,660.00 7,320.00 1,220.00 Corridor rule…
Q: On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from Builders, Inc. The lease…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
please answer in text form with introduction , concept , explanation, computation , steps clearly and completely in proper format no
Step by step
Solved in 2 steps
- Function: SUM; Formula: Subtract, Multiply; Cell Referencing Using Excel to Prepare a Production Budget PROBLEM Paige Company estimates that following unit sales and desired inventory level for the four quarters of the year ending December 31, 2022. Quarter 1 sales Quarter 2 sales Quarter 3 sales Quarter 4 sales Desired ending finished goods inventory based on next quarter's expected unit sales Unit selling price 10,000 14,000 15,000 18,000 25% $ 70.00 Prepare a production budget by quarters for the first 6 months of 2022. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or this work area as indicated. Use the SUM function with cell referencing for totals. Paige Company Production Budget For the Six Months Ending June 30, 2022 Quarter 1 10,000 Expected unit sales Add: Desired ending finished goods units Total required units Less: Beginning finished goods units Required production…1. AL Jamat Inc. is preparing its annual budgets for the year ending December 31, 2020.Accounting assistants furnish the data shown below. Detail Product AProduct C Sales Budget Anticipated Volume in units Unit Selling price Production Budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 40500 20500 55 45 2500 1500 3000 1000 20 30 3000 1500 4000 1000 3 0.4 0.6 122 155 122 222 has prepared An accounting assistant manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $645,000 for product A and $345,000 for product C, and administrative expenses of $545,000 for product A and $345,000 for product C. Income taxes are expected to be the detailed…Lily Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 336,000 $25 25,200 21,000 2 25,200 33,600 $3 0.4 $12 $13 Product JB 60 168,000 $30 12,600 8,400 3 8,400 12,600 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $470,400 for product JB 50 and $302,400 for product JB 60, and administrative expenses of $453,600 for product JB 50 and $285,600 for product JB…
- Paige Company estimates that unit sales will be 10,000 in quarter 1, 14,000 in quarter 2, 15,000 in quarter 3, and 18,000 in quarter 4. Using a sales price of $70 per unit.Prepare the sales budget by quarters for the year ending December 31, 2020. PAIGE COMPANYSales Budgetchoose the accounting period Quarter 1 2 3 4 Year select an opening name enter a number of units enter a number of units enter a number of units enter a number of units enter a total for the row select an item $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount select a closing name $enter a product of the two previous amounts $enter a product of the two previous…Estimated sales in units Selling price Direct manufacturing labour-hours per unit Wage per direct manufacturing labour- hour January February 11,000 19,000 56.00 $ $ 2.0 51.00 $ 2.0 2022 March 6,000 51.00 $ 1.0 April May 10,000 51.00 $ 1.0 10,000 51.00 1.0 $ 10.00 $ 10.00 $ 10.00 $ 11.00 $ Direct manufacturing labour-related costs include pension contributions of $0.50 per hour, workers' compensation insurance of $0.15 per hour, employee medical insurance of $0.30 per hour, and employment insurance, in addition to wages. Assume that as of January 1, 2022, the employment insurance rates are 7.5% of wages for employers and 7.5% of wages for employees. The cost of employee benefits paid by McGrath for its employees is treated as a direct manufacturing labour cost. 11.00 The McGrath Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Martin Flack, the company controller, is responsible for preparing the master budget and has accumulated…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,…
- Brinso Supply Corporation manufactures and sells cotton gauze Expected sales of gauze (in boxes) for upcoming months are as follows: June July August September October November December 40,250 34,700 43,150 35,250 38,700 40,600 41,250 Management likes to maintain a finished goods inventory equal to 10% of the next month's estimated sales. Required: Prepare the company's production budget for the third quarter of this year.Peninsula Candy Company makes three types of candy bars: Chewy, Chunky, and Choco-Lite (Lite). Sales volume for the annual budget is determined by estimating the total market volume for candy bars and then applying the company's prior year market share, adjusted for planned changes due to company programs for the coming year. Volume is apportioned among the three bars based on the prior year's product mix, again adjusted for planned changes for the coming year. The following are the company budget and the results of operations for July. Budget Chewy Chunky Choco-Lite Total Sales-units (in thousands) 2,000 bars 2,000 bars 4,000 bars 8,000 bars Sales-dollars (in thousands) $ 240 $ 360 $ 720 $ 1,320 Variable costs 180 300 560 1,040 Contribution margin $ 60 $ 60 $ 160 $ 280 Manufacturing fixed cost 40 38 60 138 Product margin $ 20 $ 22 $ 100 $ 142 Marketing and…Peninsula Candy Company makes three types of candy bars: Chewy, Chunky, and Choco-Lite (Lite). Sales volume for the annual budget is determined by estimating the total market volume for candy bars and then applying the company's prior year market share, adjusted for planned changes due to company programs for the coming year. Volume is apportioned among the three bars based on the prior year's product mix, again adjusted for planned changes for the coming year. The following are the company budget and the results of operations for July. Budget Sales-units (in thousands) Sales-dollars (in thousands) Chewy 2,000 bars $200 Chunky 2,000 bars $400 Choco-Lite Total 8,000 bars $1, 200 4,000 bars $600 Variable costs 140 320 460 920 Contribution margin Manufacturing fixed cost $ 60 $ 80 $140 280 40 40 60 140 Product margin $ 20 $ 40 $ 80 $4 140 Marketing and administrative costs (all fixed) 50 Operating profit $ 90 Actual Sales-units (in thousands) Sales-dollars (in thousands) Variable costs…
- Integrated Excel: Preparing a Contribution Format Income Statement Using the High-Low Method Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales). Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Quarter 1 Quarter 2 Quarter 3 Quarter 4 2023 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Cost $ 67,000 $ 94,000 $ 89,800 $ 92,600 $ 72,500 $80,000 $ 84,000 $ 100,000 17,000 $ 48.00 Units 12,500 21,000 13,800 20,000 13,700 14,000 14,300 22,500 $29.00 9.50€ $ 45,000 $ 27,000 $ 36,000 Required: Use the data to answer the…Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company's products. The company is planning its raw materials needs for the third quarter, the quarter in which peak sales of Supermix occur. To keep production and sales moving smoothly, the company has the following inventory requirements: a. The finished goods inventory on hand at the end of each month must equal 3,000 units of Supermix plus 25% of the next month's sales. The finished goods inventory on June 30 is budgeted to be 13,250 units. b. The raw materials inventory on hand at the end of each month must equal one-half of the following month's production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 63,375 cc of solvent H300. c. The company maintains no work in process inventories. A monthly sales budget for Supermix for the third…Required: Prepare the following for the first quarter: 1. Cost of goods sold budget. 2. Selling and administrative expense budget. 3. Budgeted income statement for the handisaw product. Preparing Operating Budgets for a Merchandising Firm РАЗЗ-6 Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the LO33-5 coming year, along with the following information: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budgeted unit sales 40,000 60,000 30,000 60,000 • Each T-shirt is expected to sell for $15. • The purchasing manager buys the T-shirts for $6 each. • The company needs to have enough T-shirts on hand at the end of each quarter to fill 25 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $80,000 per quarter plus 10 percent of total sales revenue. Required: Prepare the following operating budgets for quarters 1, 2, and 3. (You do not have enough…