Question
In: Accounting
The following data is for the month of June for the Sylvie Co. Master Budget: Sales...
The following data is for the month of June for the Sylvie Co.
Master Budget: Sales of $8,000,000, variable cost of $4,000,000, and fixed cost of $2,000,000
Actual Results: Sales $9,500,000, variable cost $6,000,000 and fixed cost $2,500,000
Required: Calculate the sales activity and flexible budget variances for the month of June ( 5 column variance analysis ).
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Which of the following is TRUE regarding the master budget? A. The sales budget is prepared...
Which of the following is TRUE regarding the master budget?
A.
The sales budget is prepared after the production budget.
B.
The budgeting process starts with the cash budget.
C.
The direct materials budget is prepared before the production
budget.
D.
Budgeted balance sheet is prepared after the budgeted income
statement.
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,800
$
41,200
$
25,200
Cash payments for merchandise
22,600
15,600
16,000
Sales are 75% cash and 25% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,200 in cash, $13,200 in accounts
receivable, $12,200 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,800
$
41,200
$
25,200
Cash payments for merchandise
22,600
15,600
16,000
Sales are 75% cash and 25% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,200 in cash, $13,200 in accounts
receivable, $11,000 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
31,000
$
41,000
$
25,000
Cash payments for
merchandise
22,200
15,800
16,200
Sales are 70% cash and 30% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,000 in cash, $13,000 in accounts
receivable, $11,000 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,000
$
42,000
$
26,000
Cash payments for
merchandise
24,200
14,800
13,500
Sales are 80% cash and 20% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $14,000 in cash, $14,000 in accounts
receivable, $11,000 in...
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:
FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and
sales for a three-month period ending June 30 are as follows:DateTransactionNumberof UnitsPer UnitTotalApr. 3Inventory48$450$21,6008Purchase9654051,84011Sale641,50096,00030Sale401,50060,000May 8Purchase8060048,00010Sale481,50072,00019Sale241,50036,00028Purchase8066052,800June 5Sale481,57575,60016Sale641,575100,80021Purchase144720103,68028Sale721,575113,400Required:Record the inventory, purchases, and cost of merchandise sold
data in a perpetual inventory record similar to the one illustrated
in Exhibit 3, using the first-in, first-out method. Under FIFO, if
units are in inventory at two different costs, enter the units with
the LOWER unit cost first in the Cost of...
To prepare a master budget for April, May, and June of 2020, management gathers the following...
To prepare a master budget for April, May, and June of 2020,
management gathers the following information:
Sales for March total 19,500 units. Forecasted sales in units
are as follows: April 19,500 ; May 17,100; June 21,300; July
19,500. Sales of 248,000 units are forecasted for the entire year.
The product’s selling price is $30.00 per unit and the total
product cost is $24.60 per unit.
b. Company policy calls for a given month’s ending finished
goods inventory to equal...
Our company sells noserings. Please prepare a master budget for the three-month period ending June 30....
Our company sells noserings.
Please prepare a master budget for the three-month period ending
June 30. Include the following detailed budgets (by month and in
total):
Sales budget
Schedule of expected cash collections from sales
Purchases budget (in units and in dollars)
Expected cash disbursements for merchandise purchases
Sales price of product = $10/unit
Actual Sales are as follows:
January $20,000
February $26,000
March $40,000
Budgeted sales:
September $25,000
August $28,000
July $30,000
June $50,000
May $100,000
April $65,000
We...
Our company sells noserings. Please prepare a master budget for the three-month period ending June 30....
Our company sells noserings.
Please prepare a master budget for
the three-month period ending June 30. Include the following
detailed budgets (by month and in total):
Sales budget
Schedule of expected cash collections
from sales
Purchases budget (in units and in
dollars)
Expected cash disbursements for
merchandise purchases
Sales price of product = $10/unit
Actual Sales are as follows:
January $20,000
February $26,000
March $40,000
Budgeted sales:
September $25,000
August $28,000
July $30,000
June $50,000
May $100,000
April $65,000
We...
Leaf Industries is preparing its master budget for 2013. Relevant data pertaining to its sales budget...
Leaf Industries is preparing its master budget for 2013.
Relevant data pertaining to its sales budget are as follows:
Sales for the year are expected to
total 8,000,000 units. Quarterly sales are 25%, 30%, 15%, and 30%,
respectively. The sales price is expected to be $2.00 per unit for
the first quarter and then be increased to $2.20 per unit in the
second quarter.
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total for Yr
Unit Sales
8,000,000
Unit Selling...
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