Question

In: Accounting

Problem 3 Anderson, Inc. provides the following data for the April – July 2019: March April...

Problem 3

Anderson, Inc. provides the following data for the April – July 2019:

March

April

May

June

July

Budgeted production units

     500

580

530

600

Ending Raw Materials Inventory

663 lbs.


Desired ending inventory:
    Raw materials (pounds) = 30% of next month's production needs
Pounds of raw material required for each finished Unit = 5 lbs

Raw material price = $8/lb

Direct labor hours per unit = 0.5 hrs

Direct labor rate = $12/hour


Required:

a. Prepare the Direct Materials Budget for April, May and June.

b. Prepare the Direct Labor Budget for April, May and June.

Solutions

Expert Solution

.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Spicewood Stables Inc. was established in Austin, Texas, on April 1, 2019. The company provides stables,...
Spicewood Stables Inc. was established in Austin, Texas, on April 1, 2019. The company provides stables, care for animals and grounds for riding and showing horses. The following transactions are provided for your review: Received contributions from five investors of $50,000 in cash ($10,000 each), building (valued at $100,000), land (valued at $60,000) and supplies (valued at $2,000). Issued stock (without paid-in capital). Built a small barn for $42,000. The company paid half the amount in cash on April 1,...
Problem 8-74A Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019,...
Problem 8-74A Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the...
Ruiz Co. provides the following sales forecast for the next four months: April May June July...
Ruiz Co. provides the following sales forecast for the next four months: April May June July Sales (units) 680 760 710 800 The company wants to end each month with ending finished goods inventory equal to 20% of next month's forecasted sales. Finished goods inventory on April 1 is 136 units. Assume July's budgeted production is 710 units. In addition, each finished unit requires four pounds (lbs.) of raw materials and the company wants to end each month with raw...
Ruiz Co. provides the following sales forecast for the next four months: April May June July...
Ruiz Co. provides the following sales forecast for the next four months: April May June July Sales (units) 570 650 600 690 The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 171 units. Assume July's budgeted production is 600 units. In addition, each finished unit requires four pounds (lbs.) of raw materials and the company wants to end each month with raw...
Ruiz Co. provides the following sales forecast for the next four months: April May June July...
Ruiz Co. provides the following sales forecast for the next four months: April May June July Sales (units) 630 710 660 750 The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 189 units. Assume July's budgeted production is 660 units. In addition, each finished unit requires four pounds (lbs.) of raw materials and the company wants to end each month with raw...
Problem 3-9A On July 31, 2017, the general ledger of Splish Brothers Inc. showed the following...
Problem 3-9A On July 31, 2017, the general ledger of Splish Brothers Inc. showed the following balances: Cash $4,480, Accounts Receivable $1,680, Supplies $560, Equipment $5,600, Accounts Payable $4,590, Common Stock $3,920, and Retained Earnings $3,810. During August, the following transactions occurred. Aug. 3 Collected $1,340 of accounts receivable due from customers. 5 Received $1,460 cash for issuing common stock to new investors. 6 Paid $3,020 cash on accounts payable. 7 Performed legal services of $7,280, of which $3,360 was...
Cash Budget Problem: Francesca’s Fragrances, Inc. Prepare Cash Budget for April, May, June 2019 Follow the...
Cash Budget Problem: Francesca’s Fragrances, Inc. Prepare Cash Budget for April, May, June 2019 Follow the following to prepare the budget: 1.         Real Sales 2019:         January                        - $200,000                                                 February                      - $400,000                                                 March                          - $350,000             Projected for 2019:     April                            - $500,000                                                 May                             - $400,000                                                 June                             - $450,000             Sales Payment History:           10% cash                                                             30% Accts. Rec. – collected n/30 days                                                             60% Accts. Rec. – collected...
Question 1 The following data represent the cost of electricity (in Rand) during July 2019 for...
Question 1 The following data represent the cost of electricity (in Rand) during July 2019 for a random sample of 30 one-bedroom apartments in a large city: 96 171 202 178 147 197 130 149 167 191 135 129 158 166 150 95 187 144 139 175 123 111 116 202 157 128 82 102 112 95 (a) Construct a stem and leaf graph for the given data. (10) (b) Construct a histogram for the given data. (10) (c) Draw...
Adams Company’s cost and production data for two recent months included the following: March April Production...
Adams Company’s cost and production data for two recent months included the following: March April Production (units) 300 600 Rent $ 1,700 $ 1,700 Utilities $ 400 $ 800 Required Separately calculate the rental cost per unit and the utilities cost per unit for both March and April. Identify which cost is variable and which is fixed. Separately calculate the rental cost per unit and the utilities cost per unit for both March and April. (Round your answers to 2...
Prepare the following budgets for April and May 2019:
Bands, a Division of Euro Ltd., manufactures small planter boxes. In March 2019 the manager decided the business needed to have the security of a two-month loan of $100,000 starting on 1 May 2019 as its cash balance had been diminished because of recent equipment purchases. The bank would charge interest at the equivalent of 6 percent per annum on the loan and require the business to repay interest monthly commencing on 31 May 2019. The principal is paid at...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT