1. A product, in a broad sense, refers to
A. a tangible good received in exchange for a person's time and effort.
B. intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
C. a good that has in some way been altered, combined, or improved and sold to organizational buyers consumers.
D. is a thought that leads to an action such as a concept for a new invention.
E. a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

2. Goods can be categorized many ways. One way divides them into _______ goods and________ goods.
A. functional; aesthetic
B. required; desired
C. tactile; conceptual
D. durable; nondurable
E. product; service

6. With respect to price, which of the following type of consumer product is likely to be relatively more expensive in comparison to the others?
A. convenience product
B. shopping product
C. discretionary product
D. specialty product
E. unsought product

10. Why is the inventory process of services different from that of goods?
A. Time is less important to customers of services than customers of goods.
B. Only service inventory can be reduced through more efficient movement of products.
C. There are larger costs associated with the handling of service inventory.
D. Unlike goods providers, the service provider is often unavailable when there is a demand for the service.
E. Service inventory costs are related to idle production capacity rather than storage or handling.

18. What is the primary marketing objective for the introduction stage of the product life cycle?
A. harvesting
B. market share
C. stress differentiation
D. gain awareness
E. maintain brand loyalty

Spelling Company has the following sales projection (in units) for the next six months:
Feb: 9000
Mar: 10500
Apr: 8000
May: 11500
Jun: 9500
Jul: 7000

Each unit sells for $30.

Spelling has prepared the following sales budget for the quarter of April, May and June:

Spelling's cost of goods sold is 60% of its sales revenue. The company has a policy that it keeps 10% of next months budgeted cost of goods sold as ending inventory. The company had exactly the budgeted amount of inventory on hand at April 1.

Prepare a purchases budget on paper or, PREFERABLY, in Excel for the quarter of April, May and June. (If you build your schedule using formulas in excel, multiple attempts will be much faster.)

1. What is the cost of inventory at April 1 (Beginning inventory)

2. What is the budgeted cost of purchases in June?

3. What is the desired cost of inventory at the end of the quarter?

Question: Prepare the cash disbursement for direct materials budget for the first quarter

Budget information below

Sweetums Cookies, Inc.: A Master Budget CaseIntroductionYou knew they were good, but you never thought Grandma’s old cookie recipe would bring you this far! It all started about three years ago when you began using your Grandma’s cookie recipe to bake cookies as a little side business. You bake them right in your home and sell them to friends and local stores. Response has been great! People love the cookies, and you’re making a little extra money.There is a small problem with all of this success. The volume of business has grown so much that you can no longer keep up with demand. Your desire to grow this hobby into a full-fledged business has led you to explore expanding. You have been investigating new facilities, equipment, and the requirements of hiring a few employees. However, you’re missing one important element; money to fund this expansion!On the advice of a friend, you meet with a local banker. She says that the bank cannot lend you any money without a business plan that describes your financial results, marketing strategy, and projections for the future. You show the banker your income statement and balance sheet as of the most recent year-end, but what she really needs to see is your budget for the next year.When you return home after the meeting, you pull out your college accounting textbook and settle in to produce a plan for next year. You pull out Grandma’s recipe to see what ingredients it takes to make a dozen cookies. Next, you go to your invoice files to determine the cost of each of the ingredients. You brainstorm to develop a list of the new costs that you must incur when you expand your operations. After analyzing all of this data you are able to break your costs into several categories. You realize that some costs are for raw materials while others are related to manufacturing overhead or operating expenses. You also realize that some costs appear to be fixed while other costs are variable. You now have the information you need to create a budget that will allow you to show the banker your plans for the coming year. This budget will also help you to understand your sales and the collection on those sales. You will be able to determine how much money you need to purchase the ingredients for your cookies and to pay your overhead and operating expenses. You realize that if you can estimate how many dozens of cookies you can sell, then you can calculate how many ingredients to buy and how much overhead and operating expenses will be. You will need to get yours sales estimate as accurate as possible.

This project is based loosely on a master budget case developed by Thomas C. Wooten and Jane Dillard-Eggers of Belmont University.AssignmentUse the information in Exhibits 1 – 3 to prepare a master budget for the first quarter of the year (January – March). Exhibit 1 presents information regarding sales price, production costs, and operating costs. Exhibit 2 contains information regarding your sales projections, expected collection patterns, purchasing and payment patterns for the first four months of the year. Exhibit 3 presents information regarding your plans for capital contributions, equipment purchases, loans, minimum cash balance. It also contains your Grandma’s cookie recipe.RequiredComplete the Connect assignment Master Budget Project by preparing the following components of Sweetums Inc.’s master budget:1.) Sales budget2.) Cash collections budget3.) Direct materials purchases budgets (5)4.) Cash disbursements for materials budget5.) Manufacturing overhead budget6.) Operating expenses budget7.) Cash budget

This project is based loosely on a master budget case developed by Thomas C. Wooten and Jane Dillard-Eggers of Belmont University.EXHIBIT 1Sales Price, Production Costs, and Operating ExpensesSales PriceA dozen cookies sell for $12.05.Direct Materials CostsMaterialPer Unit CostFlour$ .15Sugar$ .15Eggs$ .10Shortening$ .50Chocolate Chips$ 1.25Any other ingredients are indirect materials and are considered part of manufacturing overheadDirect Labor CostsInformation regarding direct labor costs is not maintained because you are your only employee. In this case, labor costs are considered part of manufacturing overhead.Manufacturing Overhead CostsVariable costs per dozenFixed costs per monthUtilities$ .50N/aOther indirect materials and labor$ .75N/aMaintenanceN/a$ 250DepreciationN/a$ 500Totals$ 1.25$ 750Operating ExpensesVariable costs per dozenFixed costs per monthShipping Costs$ 1.50N/aSalariesN/a$ 2,000DepreciationN/a$ 200OtherN/a$ 1,450Totals$ 1.50$ 3,650

This project is based loosely on a master budget case developed by Thomas C. Wooten and Jane Dillard-Eggers of Belmont University.EXHIBIT 2Sales Projections, Collections, Purchases, and PaymentsMonthly Sales Projections (in dozens of cookies):January1,000February1,200March1,300April1,100You have stopped production of cookies at year end to facilitate the expansion of the business. Therefore, you expect to have no uncollected accounts receivable, unpaid accounts payable, or raw materials inventories at January 1, the beginning of your budget period. Collections of SalesSixty percent (60%) of all sales are collected in the month the sale occurs. Forty percent (40%) of all sales are collected in the month following the sale.ProductionThe company produces cookies daily. No work-in-process or finished goods inventories are maintained.Raw Materials Inventory, Purchases, and PaymentsThe company plans to maintain an ending inventory of raw materials at the end of each month equal to 10% of the raw materials production needs for the next month.Twenty-five percent (25%) of materials purchases are paid for in the month of the purchase. Seventy-five percent (75%) of materials purchases are paid for in the month following the purchase.

This project is based loosely on a master budget case developed by Thomas C. Wooten and Jane Dillard-Eggers of Belmont University.EXHIBIT 3Financing Activities and Cookie IngredientsFinancing ActivitiesJanuary beginning cash balance$10,000Loan acquired in January$25,000Equipment purchase in January$20,000Minimum desired cash balance at the end of each month$10,000If cash over $10,000 is available at the end of the month, you will make repayments of outstanding loans in multiples of $1,000. If additional borrowing is necessary to maintain the $10,000 end-of-month balance, you have a line of credit with the bank and will borrow additional funds in multiples of $1,000. Interest (12% annual rate) is paid monthly on total outstanding borrowing at the end of the prior month.

5. Skelton Corporation had planned to produce 50,000 units of product during the first quarter of the current year. The company prepared the following budget on May 1:

During the first quarter, Skelton produced 60,000 units and incurred total manufacturing costs of $184,000.

For the 2 questions, below, asked, show your calculations to help explain your choice.

a. Which of the following amounts should not be included in Skelton's flexible budget at a 60,000-unit level? Explain the reasoning behind your choice

A) Direct materials used, $43,200

B) Direct labor, $54,000

C) Variable overhead, $27,000

D) Fixed manufacturing overhead, $70,200

b. A performance report for Skelton's first quarter of operations using a flexible budget approach would show:

A) Actual costs over budget by $1,300.

B) Actual costs over budget by $11,700.

C) Actual costs over budget by $15,150.

D) Total costs per the flexible budget of $194,400.

Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked Janet Nomura, a summer accounting intern, to prepare a draft forecast for the year and to analyze the differences from last year's results. She based the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. She worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow:

PANTHER CORPORATION
Expected Account Balances for December 31, Year 2
Cash $ 6,500
Accounts receivable 337,000
Inventory (January 1, Year 2) 240,000
Plant and equipment 605,000
Accumulated depreciation $ 181,000
Accounts payable 197,000
Notes payable (due within one year) 217,000
Accrued payables 110,000
Common stock 450,000
Retained earnings 468,000
Sales revenue 2,570,000
Other income 70,000
Manufacturing costs
Materials 850,000
Direct labor 900,000
Variable overhead 545,000
Depreciation 37,000
Other fixed overhead 48,000
Marketing
Commissions 140,000
Salaries 81,000
Promotion and advertising 284,000
Administrative
Salaries 81,000
Travel 18,500
Office costs 53,000
Income taxes —
Dividends 37,000
$ 4,263,000 $ 4,263,000

  
Adjustments for the change in inventory and for income taxes have not been made. The scheduled production for this year is 350,000 units, and planned sales volume is 300,000 units. Sales and production volume was 200,000 units last year. The company uses a full-absorption costing and FIFO inventory system and is subject to a 40 percent income tax rate. The actual income statement for last year follows:

PANTHER CORPORATION
Statement of Income and Retained Earnings
For the Budget Year Ended December 31, Year 1
Revenues
Sales revenue $ 1,700,000
Other income 55,000 $ 1,755,000
Expenses
Cost of goods sold
Materials $ 420,000
Direct labor 500,000
Variable overhead 215,000
Fixed overhead 65,000
$ 1,200,000
Beginning inventory 240,000
$ 1,440,000
Ending inventory 240,000 $ 1,200,000
Selling
Salaries $ 71,000
Commissions 77,000
Promotion and advertising 143,000 291,000
General and administrative
Salaries $ 73,000
Travel 17,000
Office costs 49,000 139,000
Income taxes 50,000 1,680,000
Operating profit 75,000
Beginning retained earnings 430,000
Subtotal $ 505,000
Less dividends 37,000
Ending retained earnings $ 468,000

Required:

Prepared a budgeted income statement and balance sheet. (Round "Cost per unit" to 2 decimal places. Do not round any other intermediate calculations.)

(Enter all the values as positive values.)

1.

Tempo Company's fixed budget (based on sales of 12,000 units) for the first quarter reveals the following.

(1) Compute the total variable cost per unit.
(2) Compute the total fixed costs.
(3) Compute the income from operations for sales volume of 10,000 units.
(4) Compute the income from operations for sales volume of 14,000 units.

Income from operations at sales of 10,000 units:

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,900 Net sales: $88,000 Net purchases: $86,000 The company's gross margin ratio is 20%. Using the gross profit method, the estimated ending inventory value would be:

Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked Janet Nomura, a summer accounting intern, to prepare a draft forecast for the year and to analyze the differences from last year's results. She based the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. She worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow:

PANTHER CORPORATION
Expected Account Balances for December 31, Year 2

Cash$4,800

Accounts receivable320,000

Inventory (January 1, Year 2)192,000

Plant and equipment 520,000

Accumulated depreciation   164,000

Accounts payable 180,000

Notes payable (due within one year) 200,000

Accrued payables 93,000

Common stock 280,000

Retained earnings 432,800

Sales revenue 2,400,000

Other income 36,000

Manufacturing costs

Materials 852,000

Direct labor 872,000

Variable overhead 520,000

Depreciation 20,000

Other fixed overhead 31,000

Marketing

Commissions 80,000

Salaries 64,000

Promotion and advertising 180,000

AdministrativeSalaries 64,000

Travel 10,000

Office costs 36,000

Income taxes —

Dividends 30,000

$4,342,800 $4,342,800

Adjustments for the change in inventory and for income taxes have not been made. the scheduled production for this year is 450,000 units, and planned sales volume is 400,000 units. Sales and production volume was 300,000 units last year. the company uses a full-absorption costing and FIFO inventory system and is subject to a 40 percent income tax rate. The actual income statement for last year follows.

PANTHER CORPORATION
Statement of Income and Retained Earnings
For the Budget Year Ended December 31, Year 1

Revenues

Sales revenue$1,800,000

Other income 60,000 $1,860,000

Expenses

Cost of goods sold

Materials $528,000

Direct labor 540,000

Variable overhead 324,000

Fixed overhead 48,000

$1,440,000

Beginning inventory 192,000

$1,632,000

Ending inventory 192,000 $1,440,000

Selling

Salaries $54,000

Commissions 60,000

Promotion and advertising126,000 240,000

General and administrative

Salaries$56,000

Travel 8,000

Office costs 32,000 96,000

Income taxes 33,600 1,809,600

Operating profit 64,500

Beginning retained earnings 402,400

Subtotal $452,800

Less dividends 20,000

Ending retained earnings $432,800

Required: Prepared a budgeted income statement and balance sheet

In the first and second quarter of Covid-19 outbreak, financial and non-financial institutions have no choice but to remain hyper vigilant and rewrite the pandemic playbook as circumstances with COVID-19 evolve. It’s shows that the overall economic impact remains highly uncertain.

In the situation of post-Covid 19 pandemic outbreak that caused the global economy plummeting and the inevitable economy slowdown, Assess and propose a comprehensive systematic framework for Islamic non-financial institutions to exploit the results and offer financial assistance to the community. (850 words)