Question
In: Accounting
MM Co. predicts sales of $40,000 for May. MM Co. pays a sales manager a monthly...
MM Co. predicts sales of $40,000 for May. MM Co. pays a sales
manager a monthly salary of $3,300 plus a commission of 7% of sales
dollars. MM’s production manager recently found a way to reduce the
amount of packaging MM uses. As a result, MM’s product will receive
better placement on store shelves and thus May sales are predicted
to increase by 9%. In addition, MM’s shipping costs are predicted
to decrease from 5% of sales to 4% of sales.
Compute (1) budgeted sales and (2) budgeted selling expenses for
May assuming MM switches to this more sustainable
packaging.
(1) Budget sales -
(2) Budget selling expense -
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Adams Co. pays their employees monthly on the last day of the month. Use the...
The Adams Co. pays their employees monthly on the last day of
the month. Use the following information to compute the total FICA
tax for the December 30 payroll for the employees and the employer.
Employee Annual Salary
Smith, J. $42,150
Jones, T. $30,500
Bass, J. $36,000
Carson, A. $161,280
Williams, M. $40,800
Jones, A. $29,600
Mullins, F. $106,800
Smith, E. $76,800
Evans, R. $24,000
Turner, R. $68,960
Claire Inc. predicts sales of 4,000 frames in May & 14,000 units in June. Target end...
Claire Inc. predicts sales of 4,000 frames in May & 14,000
units in June.
Target end of month finished-goods inventory is 10% of next
month’s sales.
The company wants RM ending inventory to cover 20% of next
month’s needs.
The frames each require 2 pieces of trim to manufacture and each
trim costs $3 per piece. The frames also require three hours of
labor. The direct labor rate is $10 per hour.
1.) If June’s budgeted production = 6,000 frames....
14 Kyoto, Inc. predicts the following sales in units for the coming four months: April May...
14 Kyoto, Inc. predicts the following sales in units for the
coming four months:
April May June July
Sales in units.......... 240 280 300 240
Although each month's ending inventory of finished units
should be 60% of the next month's sales, the March 31 finished
goods inventory is only 100 units. A finished unit requires four
pounds of raw material B. The March 31 raw materials inventory has
200 pounds of B. Each month's ending inventory of raw materials
should...
Claire Inc. predicts sales of 4,000 frames in May & 14,000 units in June. Target end...
Claire Inc. predicts sales of 4,000 frames in May & 14,000
units in June. Target end of month finished-goods inventory is 10%
of next month’s sales. The company wants RM ending inventory to
cover 20% of next month’s needs. The frames each require 2 pieces
of trim to manufacture and each trim costs $3 per piece. The frames
also require three hours of labor. The direct labor rate is $10 per
hour.
Prepare a May materials usage budget for Claire...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of
the month. The following information is available from Electronics
for the month ended December 31, Year 1:
Administrative salaries
$
82,000
Sales salaries
61,000
Office salaries
40,000
Assume the Social Security tax rate is 6.0 percent on the first
$110,000 of salaries and the Medicare tax rate is 1.5 percent on
all salaries. Duke reached the $110,000 amount in September. His
salary in December amounted to $11,000 and is...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of
the month. The following information is available from Electronics
for the month ended December 31, Year 1:
Administrative salaries
$
80,000
Sales salaries
68,000
Office salaries
49,000
Assume the Social Security tax rate is 6.0 percent on the first
$110,000 of salaries and the Medicare tax rate is 1.5 percent on
all salaries. Duke reached the $110,000 amount in September. His
salary in December amounted to $10,000 and is...
An operations manager of a large firm is studying the monthly sales (in $’000) of three...
An operations manager of a large firm is studying the monthly
sales (in $’000) of three subsidiary companies over a six-month
period as given in the table below.
Company A
Company B
Company C
152
148
150
135
158
148
130
136
126
142
138
128
125
140
140
128
127
135
At the 0.01 significance level, can we conclude that there is a
difference in the means of monthly sales of the three subsidiary
companies over a six-month period?...
An operations manager of a large firm is studying the monthly sales (in $’000) of three...
An operations manager of a large firm is studying the monthly
sales (in $’000) of three subsidiary companies over a six-month
period as given in the table below.
Company A
Company B
Company C
152
148
150
135
158
148
130
136
126
142
138
128
125
140
140
128
127
135
At the 0.01 significance level, can we conclude that there is a
difference in the means of monthly sales of the three subsidiary
companies over a six-month period?...
An operations manager of a large firm is studying the monthly sales (in $’000) of three...
An operations manager of a large firm is studying the monthly
sales (in $’000) of three subsidiary companies over a six-month
period as given in the table below.
Company A
Company B
Company C
152
148
150
135
158
148
130
136
126
142
138
128
125
140
140
128
127
135
At the 0.01 significance level, can we conclude that there is a
difference in the means of monthly sales of the three subsidiary
companies over a six-month period?...
Live Forever Life Insurance Co. is selling a perpetuity contractthat pays $1,400 monthly. The contract...
Live Forever Life Insurance Co. is selling a perpetuity contract
that pays $1,400 monthly. The contract currently sells for
$66,000.Required:(a)What is the monthly effective return on this investment
vehicle?(Click to
select) 47.14% 1.80% 2.44% 2.55% 2.12%(b)What is the APR? (Do not round your intermediate
calculations.) (Click to
select) 25.45% 26.73% 28.00% 22.89% 22.91%(c)What is the effective annual rate (EAR)? (Do not round
your intermediate calculations.) (Click to
select) 25.78% 28.64% 27.21% 31.51% 30.08%
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