Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows:

The company’s chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2017 budget:

1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2018 is 13,000 units.
2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter.
3. Each quarter’s ending finished goods inventory should equal 15% of the next quarter’s unit sales.
4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter’s ending raw materials inventory should equal 10% of the next quarter’s production needs. The estimated ending raw materials inventory on December 31, 2017 is 5,000 yards.
5. Seventy percent of each quarter’s purchases are paid for in the quarter of purchase. The remaining 30% of each quarter’s purchases are paid in the following quarter.
6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete. All direct labor costs are paid in the quarter incurred.
7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred.
8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred.
9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company’s lender imposes a simple interest rate of 3% per quarter on any borrowings.
10. Dividends of $15,000 will be declared and paid in each quarter.
11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the “first-out” to production and the most recently completed finished goods are the “first-out” to customers.

ALL I NEED HELP WITH IS FILLING OUT THE CHART BELOW :)

Prepare the ending finished goods inventory budget at December 31, 2017. (Round your answers to 2 decimal places.)

As the sale and lease of both consumable as well as durable goods are the driving force of our economic marketplace, they also need be considered as the primary transactions for how individual  businesses do business.The  need to limit and/or somehow control the legal liability  that emanates from such transactions is of, however, critical importance .

Various mechanisms have been considered, implemented and relied upon to contain this potential and often costly liability . Considering those, as a result of governmental actions,  as well as private sector and individual initiatives, what do you regard as most reliably effective toward the objective of protecting your business entity.

Noting that while  there is no one answer to the issue presented, consider the most viable options to address this issue from your perspective as a business student.

Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the company’s accountant to prepare next year’s budget. Ms. Jasper estimates that sales will increase 4 percent for peaches and 9 percent for oranges. The current year’s sales revenue data follow:

Based on the company’s past experience, cost of goods sold is usually 60 percent of sales revenue. Company policy is to keep 15 percent of the next period’s estimated cost of goods sold as the current period’s ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.)

Required

1. Prepare the company’s sales budget for the next year for each quarter by individual product.

2. If the selling and administrative expenses are estimated to be $670,000, prepare the company’s budgeted annual income statement.

3. Ms.Jasper estimates next year’s ending inventory will be $34,700 for peaches and $57,300 for oranges. Prepare the company’s inventory purchases budgets for the next year, showing quarterly figures by product.

Prepare the company’s sales budget for the next year for each quarter by individual product.

If the selling and administrative expenses are estimated to be $670,000, prepare the company’s budgeted annual income statement.

Ms. Jasper estimates next year’s ending inventory will be $34,700 for peaches. Prepare the company’s inventory purchases budgets for the next year, showing quarterly figures by product. (Round your final answers to nearest whole dollar.)

Ms. Jasper estimates next year’s ending inventory will be $57,300 for oranges. Prepare the company’s inventory purchases budgets for the next year, showing quarterly figures by product. (Round your final answers to nearest whole dollar.)

From the following details provided by Barry, Inc., prepare the cost of goods sold budget for the year (complete the below table).

Direct materials per unit                                                                          $65

Direct labor hours per unit                                                              2 hours

Direct labor rate per hour                                                                         $50

Manufacturing overhead cost per direct labor hour                        $20

Beginning inventory units                                                                   1,000

Sales price per unit                                                                                  $250

                                                                              First          Second             Third          Fourth

                                                                       Quarter         Quarter         Quarter        Quarter

Units expected to be sold:                         15,000           18,000           21,000           24,000           

Barry, Inc. expects no inventory units at the end of the second, third and fourth quarters.

Answer:

                                                                       Barry, Inc.

                                                       Cost of Goods Sold Budget

                                           For the Year Ended December 31, 20XX

                                                                              First            Second           Third             Fourth

                                                                       Quarter           Quarter          Quarter       Quarter

Beginning inventory (1,000 units)*                $x

Units produced and sold in 20XX

@ $205 each                                                          $x                     $x                      $x                     $x

(15,000**, 18,000, 21,000, 24,000

units per quarter)                                _________    _________     _________    _________

Total budgeted cost of goods                               

sold                                                                          $x                     $x                      $x                     $x

*Calculation of cost of beginning inventory:

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 44,400 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 222,000 units; third quarter, 284,000 units; and fourth quarter, 461,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 20% of the next quarter's budgeted sales.

Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 106,800 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 267,000 units; third quarter, 476,000 units; and fourth quarter, 404,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 40% of the next quarter's budgeted sales.

Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 275,400 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 459,000 units; third quarter, 493,000 units; and fourth quarter, 208,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 60% of the next quarter's budgeted sales.

Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.

Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the company’s accountant to prepare next year’s budget. Ms. Jasper estimates that sales will increase 6 percent for peaches and 11 percent for oranges. The current year’s sales revenue data follow.

Based on the company’s past experience, cost of goods sold is usually 65 percent of sales revenue. Company policy is to keep 15 percent of the next period’s estimated cost of goods sold as the current period’s ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.)

Required

1. Prepare the company’s sales budget for the next year for each quarter by individual product.

2. If the selling and administrative expenses are estimated to be $660,000, prepare the company’s budgeted annual income statement.

3. Ms. Jasper estimates next year’s ending inventory will be $34,800 for peaches and $56,200 for oranges. Prepare the company’s inventory purchases budgets for the next year, showing quarterly figures by product.

Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the company’s accountant to prepare next year’s budget. Ms. Jasper estimates that sales will increase 6 percent for peaches and 11 percent for oranges. The current year’s sales revenue data follow:

Based on the company’s past experience, cost of goods sold is usually 65 percent of sales revenue. Company policy is to keep 10 percent of the next period’s estimated cost of goods sold as the current period’s ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.)

Required

Prepare the company’s sales budget for the next year for each quarter by individual product.

If the selling and administrative expenses are estimated to be $630,000, prepare the company’s budgeted annual income statement.

Ms.Jasper estimates next year’s ending inventory will be $34,200 for peaches and $57,700 for oranges. Prepare the company’s inventory purchases budgets for the next year, showing quarterly figures by product.