Question
In: Accounting
Concord Corporationestimates its sales at 230000 units in the first quarter and that sales will increase...
Concord Corporationestimates its sales at 230000 units in the first quarter and that sales will increase by 23000 units each quarter over the year. They have, and desire, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale.
Production in units for the third quarter should be budgeted at
276000.
281750.
350750.
264500.
Solutions
Expert Solution
- All working forms part of the answer
- Note: Working for all the quarters are provided so that the Quarter #3 production needs can be calculated:
|
Working |
Q1 |
Q2 |
Q3 [ANSWER column] |
Q4 |
|
|
A |
Budgeted estimated sales |
230,000.00 |
253,000.00 |
276,000.00 |
299,000.00 |
|
B = 25% of next quarter’s ‘A’ |
Desired ending Inventory |
63,250.00 |
69,000.00 |
74,750.00 |
- |
|
C = A+ B |
Total budgeted needs |
293,250.00 |
322,000.00 |
350,750.00 |
299,000.00 |
|
D = 'B' of last quarter |
Beginning Inventory |
- |
63,250.00 |
69,000.00 |
74,750.00 |
|
E = C - D |
Production in Units |
293,250.00 |
258,750.00 |
281,750.00 [ ANSWER] |
224,250.00 |
- Hence, as seen from above working, production needs (in units) for third quarter = 281,750 units
Answer = Option #2: 281,750 units.
ekkarill92 answered 1 year agoRelated Solutions
DyanChrome estimates its sales at 12,000 units in the first quarter with an increase by 600...
DyanChrome estimates its sales at 12,000 units in the first
quarter with an increase by 600 units each quarter over the year.
It desires an ending inventory of finished goods equal to 20% of
the next quarter’s sales. Each unit sells for $30. Forty percent of
sales are on account, with the remainder being cash sales. Credit
customers pay 90% during the quarter the sale was made and the
balance during the following quarter.
16. How much are budgeted cash...
Bonita Industries estimates its sales at 170000 units in the first quarter and that sales will...
Bonita Industries estimates its sales at 170000 units in the
first quarter and that sales will increase by 13000 units each
quarter over the year. They have, and desire, a 25% ending
inventory of finished goods. Each unit sells for $35. 40% of the
sales are for cash. 70% of the credit customers pay within the
quarter. The remainder is received in the quarter following
sale.
Cash collections for the third quarter are budgeted at
$5625200.
$7820400.
$3896900.
$6778100.
Marigold Corp. estimates its sales at 250000 units in the first quarter and that sales will...
Marigold Corp. estimates its sales at 250000 units in the
first quarter and that sales will increase by 25000 units each
quarter over the year. They have, and desire, a 25% ending
inventory of finished goods. Each unit sells for $35. 40% of the
sales are for cash. 70% of the credit customers pay within the
quarter. The remainder is received in the quarter following
sale.
Cash collections for the third quarter are budgeted at
$8610000.
$5932500.
$10342500.
$11970000.
Royal Manufacturing estimates its sales at 100,000 units in the first quarter and that sales will...
Royal Manufacturing estimates its sales at 100,000 units in the
first quarter and that sales will increase by 10,000 units each
quarter over the year. Company policy requires a 25% ending
inventory of finished goods. Each unit sells for $35. 40% of the
sales are for cash. 70% of the credit customers pay within the
quarter. The remainder is received in the quarter following
sale.
Cash collections for the third quarter are budgeted at?
1. Bonita Industries estimates its sales at 170000 units in the first quarter and that sales...
1. Bonita Industries estimates its sales at 170000 units in the
first quarter and that sales will increase by 21000 units each
quarter over the year. They have, and desire, a 25% ending
inventory of finished goods. Each unit sells for $25. 40% of the
sales are for cash. 70% of the credit customers pay within the
quarter. The remainder is received in the quarter following
sale.
Cash collections for the third quarter are budgeted at
a. $4346000.
b. $5205500....
Sales Forecasts for the first quarter of 2018: January 11 000 units February 13 000 units...
Sales Forecasts for the first quarter of 2018: January 11 000
units February 13 000 units March 14 000 units. Unit selling price
$100 Prepare the Sales Budget for Jan, Feb, and March. In addition
to the info in problem #1, the company requires jan 20% of next
month's budgeted sales as ending finished goods feb inventory each
month. Ending inventory for 12/31/17 was mar 2,200 units. The Sales
forecast for April is 20,000 units.
Prepare a sales budget for the first quarter (Q1) and the first quarter in total. The...
Prepare a sales budget for the first quarter (Q1) and the first
quarter in total. The selling price per unit is $50.00.
December 50,000/
January 70,000/February 100,000 /March 60,000 / April 100,000
Past experience
shows that 45% of sales are collected in the month of the sale, and
55% in the month following the sale.
2. Prepare a
purchases budget for January through March, and the first quarter
in total. Assume that the company only sells one product that can...
Prepare a sales budget for the first quarter (Q1) and the first quarter in total. The...
Prepare a sales budget for the first quarter (Q1) and the first
quarter in total. The selling price per unit is $50.00.
December of the
previous year 10,000
January
70,000
February
30,000
March
50,000
April
80,000
Past experience
shows that 45% of sales are collected in the month of the sale, and
55% in the month following the sale.
2. Prepare a
purchases budget for January through March, and the first quarter
in total. Assume that the company only...
She believes the company’s sales during the first quarter of 20x1 will increase by 10 percent...
She believes the company’s sales during the first quarter of
20x1 will increase by 10 percent each month over the previous
month’s sales. Then Wilcox expects sales to remain constant for
several months. Intercoastal’s projected balance sheet as of
December 31, 20x0, is as follows: Cash $ 40,000 Accounts receivable
315,000 Marketable securities 25,000 Inventory 192,500 Buildings
and equipment (net of accumulated depreciation) 549,000 Total
assets $ 1,121,500 Accounts payable $ 220,500 Bond interest payable
6,250 Property taxes payable 6,000...
Tempo Company's fixed budget (based on sales of 18,000 units) for the first quarter reveals the...
Tempo Company's fixed budget (based on sales of 18,000 units)
for the first quarter reveals the following.
Fixed Budget
Sales (18,000 units × $208 per unit)
$
3,744,000
Cost of goods sold
Direct materials
$
414,000
Direct labor
756,000
Production supplies
468,000
Plant manager salary
214,000
1,852,000
Gross profit
1,892,000
Selling expenses
Sales commissions
126,000
Packaging
270,000
Advertising
100,000
496,000
Administrative expenses
Administrative salaries
264,000
Depreciation—office equip.
234,000
Insurance
204,000
Office rent
214,000
916,000
Income from operations
$
480,000
(1)...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Can you explain to me the differnces in how we paid for the health care (access...
- Discuss proactive and defensive marketing in context to the company position in the hypothetical market structure...
- Write a java code that could be used to show the simulation of a tornado. use...
- A Canadian company issues an 8-year term bond with face value of $1,000 and 6% coupon...
- 1. Consider the following nuclides: &
- In general, teams can be described three ways. Name and define each.
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
ADVERTISEMENT