Question
In: Accounting
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March...
Wright Lighting
Fixtures forecasts its sales in units for the next four months as
follows:
| March | 25,000 |
| April | 27,000 |
| May | 24,500 |
| June | 23,000 |
Wright maintains an ending inventory for each month in the amount of two and one-half times the expected sales in the following month. The ending inventory for February (March’s beginning inventory) reflects this policy. Materials cost $7 per unit and are paid for in the month after production. Labor cost is $11 per unit and is paid for in the month incurred. Fixed overhead is $21,500 per month. Dividends of $21,900 are to be paid in May. The firm produced 24,000 units in February.
Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March...
Wright Lighting Fixtures forecasts its sales in units for the
next four months as follows:
March
7,000
April
9,000
May
6,500
June
5,000
Wright maintains an ending inventory for each month in the
amount of one times the expected sales in the following month. The
ending inventory for February (March’s beginning inventory)
reflects this policy. Materials cost $4 per unit and are paid for
in the month after production. Labor cost is $8 per unit and is
paid for in...
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March...
Wright Lighting Fixtures forecasts its sales in units for the
next four months as follows:
March
17,000
April
19,000
May
16,500
June
15,000
Wright maintains an ending inventory for each month in the
amount of one times the expected sales in the following month. The
ending inventory for February (March’s beginning inventory)
reflects this policy. Materials cost $4 per unit and are paid for
in the month after production. Labor cost is $8 per unit and is
paid for in...
The Boswell Corporation forecasts its sales in units for the next four months as follows: March...
The Boswell Corporation forecasts its sales in units for the
next four months as follows:
March
16,000
April
18,000
May
15,500
June
14,000
Boswell maintains an ending inventory for each month in the
amount of three times the expected sales in the following month.
The ending inventory for February (March's beginning inventory)
reflects this policy. Materials cost $8 per unit and are paid for
in the month after production. Labour cost is $12 per unit and is
paid for in...
Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for the next three months are:...
Galaxy Lighting Company manufactures and sells lighting
fixtures. Estimated sales for the next three months are:
September
$ 350,000
October
$ 500,000
November
$ 400,000
Sales for August were $400,000 and December is estimated as
$420,000. All sales are on account. Galaxy Lighting Company
estimates that 80% of the accounts receivable are collected in the
month of sale with the remaining 20% collected the following month.
The units sell for $40 each.
Generally, 60% of purchases are due and payable...
The budgeted sales in units for the next four months as follows: July 7,200 units August...
The budgeted sales in units for the next four months as
follows:
July
7,200 units
August
5,400 units
September
6,800 units
October
7,000 units
1. Prepare the sales budget for the
third quarter of the company knowing that each unit is sold for
$40. (1.5pt)
2. Past experience has shown that the
ending inventory for each month should be equal to 10% of the next
month's sales in units. The inventory in the beginning of July was
only 600 units....
Company budgeted sales in units for the next four months as follows: July 7,000 units August...
Company budgeted sales in units for the next four months as
follows:
July
7,000 units
August
5,000 units
September
6,500 units
1. Prepare the sales budget for the
company knowing that each unit is sold for $50. (1 pt)
2. Past experience has shown that the
ending inventory for each month should be equal to 20% of the next
month's sales in units. The inventory in the beginning of July was
only 1,000 units, & the inventory on September 30...
Dax Company forecasts the following sales in units for the next three months: May 50,000 June ...
Dax Company forecasts the following sales in units for the next
three months:
May 50,000
June 60,000
July 45,000
Each unit sells for $15.00 and costs $11.00 to purchase. Dax
Company needs to have 40% of the next month’s sales in inventory at
the end of each month and pays cash for 30% of purchases. The
remainder of the purchases are paid for in the month following the
purchase. The balance of Accounts Payable at the end of April is
$375,000...
ZZ, Inc. has budgeted sales in units for the next six months as follows: Budgeted Sales in Units July...
ZZ, Inc. has budgeted sales in units for the next six months as follows:
Budgeted Sales in Units
July 7,700 units
August 8,300 units
September 5,400 units
October 10,200 units
November ?????? units
December 11,700 units
The selling price is $18 per unit. 30% of the company's sales are cash
sales and 70% of the company's sales are made on account. The sales on
account are collected in the pattern 15% in the month of sale, 20% in
the month...
ABC Company has budgeted sales for the next six months as follows: Budgeted Sales in Units...
ABC Company has budgeted sales for the next six months as follows:
Budgeted Sales in Units
March 12,000 units
April 24,000 units
May 35,000 units
June 13,000 units
July 43,000 units
August 69,000 units
ABC Company sells its inventory to customers for $25 per unit.
30% of the company's sales are cash sales and the other 70% of
sales are made on account. The sales on account are collected
in the pattern:
35% collected in the month of sale
26%...
ABC Company has budgeted sales for the next six months as follows: Budgeted Sales in Units...
ABC Company has budgeted sales for the next six months as follows:
Budgeted Sales in Units
March 19,000 units
April 23,000 units
May 34,000 units
June 17,000 units
July 48,000 units
August 69,000 units
ABC Company sells its inventory to customers for $16 per unit.
30% of the company's sales are cash sales and the other 70% of
sales are made on account. The sales on account are collected
in the pattern:
35% collected in the month of sale
26%...
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