Iguana, Inc., manufactures bamboo picture frames that sell for Tk. 25 each. Each frame requires 4 feet of bamboo, which costs Tk. 2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages Tk. 12.00 per hour. Iguana has the following inventory policies: 1) Ending finished goods inventory should be 40 percent of next month’s sales. 2) Ending direct materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March: 275, April:250, May: 300, June: 400, July: 375, August: 425 Variable manufacturing overhead is incurred at a rate of Tk. 0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be Tk. 7,200 (Tk. 600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at Tk. 650 per month plus Tk. 0.60 per unit sold. Iguana, Inc., had Tk. 10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchase for March 1 totaled Tk. 2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes Tk. 150 in depreciation. During April, Iguana plans to pay Tk. 3,000 for a piece of equipment. Prepare the following for Iguana, Inc., for the second quarter (April, May, and June). Include each month as well as the quarter 2 total for each budget. 1. Sales budget. 2. Production budget. 3. Direct materials purchase budget. 4. Direct labor budget. 5. Manufacturing overhead budget. 6. Budgeted cost of goods sold. 7. Selling and administrative expenses budget

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:

1. The gross margin is 25% of sales.

2. Actual and budgeted sales data:

3. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.

4. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold.

5. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory.

6. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,800 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $819 per month (includes depreciation on new assets).

7. Equipment costing $3,000 will be purchased for cash in April.

8. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the preceding data:

1. Complete the schedule of expected cash collections.

2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases.

3. Complete the cash budget.

4. Prepare an absorption costing income statement for the quarter ended June 30.

5. Prepare a balance sheet as of June 30.

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The imposition of a tax on a good enables the government to

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition):

The replacement cost of the grills throughout 2022 was $1,000. Cast Iron sold 27,000 grills during 2022. The company's selling price is set at 200% of the current replacement cost.

Required:
1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 28,000 units and, second, that Cast Iron purchased 15,000 units during the year.
4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 28,000 units (as per the first assumption) and 15,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method.

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition):

The replacement cost of the grills throughout 2022 was $1,000. Cast Iron sold 27,000 grills during 2022. The company's selling price is set at 200% of the current replacement cost.

Required:
1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 28,000 units and, second, that Cast Iron purchased 15,000 units during the year.
4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 28,000 units (as per the first assumption) and 15,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method.

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition):

The replacement cost of the grills throughout 2022 was $900. Cast Iron sold 46,000 grills during 2022. The company's selling price is set at 200% of the current replacement cost.

Required:
1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 47,000 units and, second, that Cast Iron purchased 24,500 units during the year.
4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 47,000 units (as per the first assumption) and 24,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method.

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition):

The replacement cost of the grills throughout 2022 was $700. Cast Iron sold 34,000 grills during 2022. The company's selling price is set at 200% of the current replacement cost.

Required:
1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 under two different assumptions. First, that Cast Iron purchased 35,000 units and, second, that Cast Iron purchased 18,500 units during the year.
4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2022 assuming that Cast Iron purchased 35,000 units (as per the first assumption) and 18,500 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method.

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

inventory balances at the beginning and end of the year were as follows:

The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

These three charts are the requirments for this question.

requirment 1. Income Statement

SUPERIOR COMPNAY
INCOME STATEMENT

The options to fill in the first coloum are: Accounts payable, Accounts recievabel, accumalated depreciation, administrative expense, cash, cost of goods sold, depreciation expense, finished goods, manufacturing overhead, raw materials, sales, selling expesnes, wages payable, work in progess

Rquiremnt 2.

Superio Company  

Schedule of cost of good sold

? 1 has these for the fill in options: beggining finished goods inventroy, cost of good avaliable for sale, direct labor, raw material inventory beginning, raw material inventory ending, unadjusted cost of goods sold

? 2 has these for the fill in options: Add cost of goods maufactured, add ending finshed goods inventory, add overapplied overhead, add underapplied overhead, less cost of goods manufacterd, less ending finished goods inventory, less overapplied overhead, less underapplied overhead

Requirment 3-

Superio company

Schedule of cost good maufacterd

To fill in ? 1 the options are: begning works in progress, ending raw materials in inventroy, ending work in progress inventory, manufactured overhead cost, purchase of raw materials

To fill ? 2 the options are: add begning works in progress, add ending raw materials in inventroy, add ending work in progress inventory, add manufactured overhead cost, add purchase of raw materials, lessbegning works in progress, less ending raw materials in inventroy, less ending work in progress inventory, less manufactured overhead cost, less purchase of raw materials.

I know this is a lot but it is all one questions of my homework. To whoever helps me with this thank you so much!