Question
In: Accounting
Olive Company makes silver belt buckles. The company’s master budget appears in the first column of...
Olive Company makes silver belt buckles. The company’s master budget appears in the first column of the table. Required: Complete the table by preparing Olive’s flexible budget for 4,300, 6,300, and 7,300 units. (Round your intermediate calculations to 2 decimal places.)
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Olive Company makes silver belt buckles. The company’s master budget appears in the first column of...
Olive Company makes silver belt buckles. The company’s master
budget appears in the first column of the table.
Required:
Complete the table by preparing Olive’s flexible budget for 5,000,
7,000, and 8,000 units. (Round your intermediate
calculations to 2 decimal places.)
Master Budget (6,000 Units)
Flexible Budget (5,000 Units)
Flexible Budget (7,000 Units)
Flexible Budget (8,000 Units)
Direct materials
$1,200
Direct labor
3,600
Variable manufacturing overhead
1,800
Fixed manufacturing overhead
17,100
Total manufacturing cost
$23,700
Master Budget Pedro’s Pizza makes frozen pizza dough. The company just finished its first year of...
Master Budget
Pedro’s Pizza makes frozen pizza
dough. The company just finished its first year of
operation (12 months, Jan-Dec). The following is its traditional
income statement and Balance Sheet
Sales (15,000
units)
$
300,000
CGS
180,000
Gross
Profit
$
120,000
Sales
Commissions
$
30,000
Salaries
30,000
Depreciation
expense
6,000
Net
Income
$
54,000
Cash
$5,000
AP
$3,000
AR
5,000 Credit
Line 7,000
Inventory – Raw
Mat ...
Master Budget Pedro’s Pizza makes frozen pizza dough. The company just finished its first year of...
Master Budget
Pedro’s Pizza makes frozen pizza
dough. The company just finished its first year of
operation (12 months, Jan-Dec). The following is its traditional
income statement and Balance Sheet
Sales (15,000
units)
$
300,000
CGS
180,000
Gross
Profit
$
120,000
Sales
Commissions
$
30,000
Salaries
30,000
Depreciation
expense
6,000
Net
Income
$
54,000
Cash
$5,000
AP
$3,000
AR
5,000 Credit
Line 7,000
Inventory – Raw
Mat ...
Master Budget Pedro’s Pizza makes frozen pizza dough. The company just finished its first year of...
Master Budget
Pedro’s Pizza makes frozen pizza
dough. The company just finished its first year of
operation (12 months, Jan-Dec). The following is its traditional
income statement and Balance Sheet
Sales (15,000
units)
$
300,000
CGS
180,000
Gross
Profit
$
120,000
Sales
Commissions
$
30,000
Salaries
30,000
Depreciation
expense
6,000
Net
Income
$
54,000
Cash
$5,000
AP
$3,000
AR
5,000 Credit
Line 7,000
Inventory – Raw
Mat ...
I. Master Budget Pedro’s Pizza makes frozen pizza dough. The company just finished its first year...
I. Master Budget
Pedro’s Pizza makes frozen pizza dough. The company just
finished its first year of operation (12 months, Jan-Dec). The
following is its traditional income statement and Balance
Sheet
Sales (15,000 units) $ 300,000
CGS 180,000
Gross Profit $ 120,000
Sales Commissions $ 30,000
Salaries 30,000
Depreciation expense 6,000
Net Income $ 54,000
Cash
$5,000 AP $3,000
AR
5,000 Credit Line 7,000
Inventory
– Raw Mat 9,000
Inventory – Finished
Goods 3,000 Common Stock 12,000
Equipment 60,000
Retained...
Phoenix Company’s 2017 master budget included the following fixed budget report.
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units.
PHOENIX COMPANYFixed Budget ReportFor Year Ended December 31, 2017
Sales
$
3,300,000
Cost of goods sold
Direct materials
$
915,000
Direct labor
225,000
Machinery repairs (variable cost)
60,000
Depreciation—Plant equipment (straight-line)
315,000
Utilities...
Master Budget Project Okay Company is preparing to build its master budget. The budget will detail...
Master Budget Project
Okay Company is preparing to build its master budget. The budget
will detail each quarter’s activity and the activity for the year
in total. The master budget will be based on the following
information:
a. This will be the first year of operation for Okay Company.
b. Budgeted unit sales by quarter for 2017 are projected as
follows: First quarter 6,300, Second quarter 6,100, Third quarter
6,100 & Fourth quarter 6,450. First and second quarter 2018
budgeted...
Master Budget Project Okay Company is preparing to build its master budget. The budget will detail...
Master Budget Project
Okay Company is preparing to build its master budget. The budget
will detail each quarter’s activity and the activity for the year
in total. The master budget will be based on the following
information:
This will be the first year of operation for Okay Company.
Budgeted unit sales by quarter for 2017 are projected as
follows: First quarter 6,300, Second quarter 6,100, Third quarter
6,100 & Fourth quarter 6,450. First and second quarter 2018
budgeted sales units...
Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2019 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 18,000 units.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2019
Sales
$
3,600,000
Cost of goods sold
Direct materials
$
1,080,000
Direct labor
270,000
Machinery repairs (variable cost)
36,000
Depreciation—Plant equipment (straight-line)
300,000
Utilities ($18,000 is variable)
178,000
Plant management salaries
215,000
2,079,000
Gross profit
1,521,000
Selling expenses
Packaging
54,000
Shipping
90,000
Sales salary (fixed...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an...
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 15,000 units.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2017
Sales
$
3,150,000
Cost of goods sold
Direct materials
$
900,000
Direct labor
240,000
Machinery repairs (variable
cost)
45,000
Depreciation—Plant equipment
(straight-line)
315,000
Utilities ($45,000 is
variable)
195,000
Plant management salaries
190,000
1,885,000
Gross profit
1,265,000
Selling expenses
Packaging
90,000
Shipping
90,000
Sales salary (fixed...
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