Budgeted Income Statement and Supporting Budgets

The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

Estimated sales for March:

Estimated inventories at March 1:

Desired inventories at March 31:

Direct materials used in production:

Anticipated cost of purchases and beginning and ending inventory of direct materials:

Direct labor requirements:

Estimated factory overhead costs for March:

Estimated operating expenses for March:

Estimated other income and expense for March:

Estimated tax rate: 30%

Required:

1. Prepare a sales budget for March. Enter all amounts as positive numbers.

2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers.

5. Prepare a factory overhead cost budget for March.

6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

7. Prepare a selling and administrative expenses budget for March.

8. Prepare a budgeted income statement for March.

Goodmorning,

Someone completed the first part and asked me to post the remaining half of the problem.

ThIs is the first part; it has been answered, but there are 4 incorrect answers.

PLEASE ONLY ANSWER QUESTIONS 5,6,7, AND 8

Budgeted Income Statement and Supporting Budgets

The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

Estimated sales for March:

Estimated inventories at March 1:

Desired inventories at March 31:

Direct materials used in production:

Anticipated cost of purchases and beginning and ending inventory of direct materials:

Direct labor requirements:

Estimated factory overhead costs for March:

Estimated operating expenses for March:

Estimated other income and expense for March:

Estimated tax rate: 30%

Required:

1. Prepare a sales budget for March. Enter all amounts as positive numbers.

2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers.

5. Prepare a factory overhead cost budget for March.

6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

7. Prepare a selling and administrative expenses budget for March.

8. Prepare a budgeted income statement for March.

PLEASE SHOW THE WORK

Budgeted Income Statement and Supporting Budgets

The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

Estimated sales for March:

Estimated inventories at March 1:

Desired inventories at March 31:

Direct materials used in production:

Anticipated cost of purchases and beginning and ending inventory of direct materials:

Direct labor requirements:

Estimated factory overhead costs for March:

Estimated operating expenses for March:

Estimated other income and expense for March:

Estimated tax rate: 30%

Required:

1. Prepare a sales budget for March. Enter all amounts as positive numbers.

2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers.

5. Prepare a factory overhead cost budget for March.

6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

7. Prepare a selling and administrative expenses budget for March.

8. Prepare a budgeted income statement for March.

Budgeted Income Statement and Supporting Budgets The budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December 2016: Estimated sales for December: Bird house 3,200 units at $50 per unit Bird feeder 3,000 units at $70 per unit Estimated inventories at December 1: Direct materials: Wood 200 ft. Plastic 240 lbs. Finished products: Bird house 320 units at $27 per unit Bird feeder 270 units at $40 per unit Desired inventories at December 31: Direct materials: Wood 220 ft. Plastic 200 lbs. Finished products: Bird house 290 units at $27 per unit Bird feeder 250 units at $41 per unit Direct materials used in production: In manufacture of Bird House: Wood 0.80 ft. per unit of product Plastic 0.50 lb. per unit of product In manufacture of Bird Feeder: Wood 1.20 ft. per unit of product Plastic 0.75 lb. per unit of product Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $7.00 per ft. Plastic $1.00 per lb. Direct labor requirements: Bird House: Fabrication Department 0.20 hr. at $16 per hr. Assembly Department 0.30 hr. at $12 per hr. Bird Feeder: Fabrication Department 0.40 hr. at $16 per hr. Assembly Department 0.35 hr. at $12 per hr. Estimated factory overhead costs for December: Indirect factory wages $75,000 Depreciation of plant and equipment 23,000 Power and light $6,000 Insurance and property tax 5,000 Estimated operating expenses for December: Sales salaries expense $70,000 Advertising expense 18,000 Office salaries expense 21,000 Depreciation expense—office equipment 600 Telephone expense—selling 550 Telephone expense—administrative 250 Travel expense—selling 4,000 Office supplies expense 200 Miscellaneous administrative expense 400 Estimated other income and expense for December: Interest revenue $200 Interest expense 122 Estimated tax rate: 30% Required: 1. Prepare a sales budget for December. Feathered Friends Inc. Sales Budget For the Month Ending December 31, 2016 Unit Sales Volume Unit Selling Price Total Sales Bird house Bird feeder Total revenue from sales 2. Prepare a production budget for December. Feathered Friends Inc. Production Budget For the Month Ending December 31, 2016 Units Bird House Bird Feeder Expected units to be sold Plus desired inventory, December 31, 2016 Total Less estimated inventory, December 1, 2016 Total units to be produced 3. Prepare a direct materials purchases budget for December. Feathered Friends Inc. Direct Materials Purchases Budget For the Month Ending December 31, 2016 Wood Plastic Total Required units for production: Bird house Bird feeder Plus desired units of inventory, December 31, 2016 Total Less estimated units of inventory, December 1, 2016 Total units to be purchased Unit price Total direct materials to be purchased 4. Prepare a direct labor cost budget for December. Feathered Friends Inc. Direct Labor Cost Budget For the Month Ending December 31, 2016 Fabrication Department Assembly Department Total Hours required for production: Bird house Bird feeder Total Hourly rate Total direct labor cost 5. Prepare a factory overhead cost budget for December. Feathered Friends Inc. Factory Overhead Cost Budget For the Month Ending December 31, 2016 Indirect factory wages Depreciation of plant and equipment Power and light Insurance and property tax Total 6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be $29,000, and work in process at the end of December is estimated to be $35,400. Feathered Friends Inc. Cost of Goods Sold Budget For the Month Ending December 31, 2016 Direct materials: Cost of direct materials available for use Cost of direct materials placed in production Total manufacturing costs Total work in process during the period Cost of goods manufactured Cost of finished goods available for sale Cost of goods sold 7. Prepare a selling and administrative expenses budget for December. Feathered Friends Inc. Selling and Administrative Expenses Budget For the Month Ending December 31, 2016 Selling expenses: Sales salaries expense Advertising expense Telephone expense—selling Travel expense—selling Total selling expenses Administrative expenses: Office salaries expense Depreciation expense—office equipment Telephone expense—administrative Office supplies expense Miscellaneous administrative expense Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for December. Feathered Friends Inc. Budgeted Income Statement For the Month Ending December 31, 2016 Operating expenses: Total operating expenses Other income: Other expenses:

I AM POSTING MY QUESTION 12TH TIME PLEASE PROPER EXPLAIN THE FOLLOWING TERMS WITH EXAMPLES

1) INCREMENTAL COST

2) OPPORTUNITY COST

3) SUNK COST

4) RECURRING AND NON-RECURRING COST

5) FIXED , VARIABLE, TOTAL COST

6) AVERAGE AND MARGINAL COST

7) ENGINEERING COST AND COST ESTIMATING

PLEASE DEFINE ALL THESE THINGS WITH PROPER EXAMPLES I AM PREPARING FOR MY FINAL WHICH IS TOMMOROW

define total productive maintenance

Keebee, Inc. sold 1,000 units of product for $200 each in January and incurred total variable costs of $80,000 and total fixed cost of $50,000.

Compute the following:

1. Total contribution margin

2. Contribution margin per unit

3. Contribution margin ratio

4. Net operating income

A firm produces 100 computers. Its total costs are $100,000 of which fixed costs are $40,000. What are its:

1. Average Fixed Costs
2. Average Variable Costs
3. Average Total Costs
4. When it produces another computer its total costs rise to $100,800. What is the marginal cost of the 101^st computer?

A firm has a profit margin of 15 percent on sales of $20,000,000. If the firm has debt of $7,500,000, total assets of $22,500,000, and an after-tax interest cost on total debt of 5 percent, what is the firm’s ROA?

Decide on the two grocery stores to use in this activity

Decide on the 15 products you want to compare.

The brand name, product, and size have to be exactly the same at each store. Therefore, do not compare generic brands as they have different names at different stores.

You may have to wait until your visit to the first store to determine the “size” as you may not be aware of the different size packages for different products.

Use a variety of products to get a good representation of all items at the stores.

At each store, record the price of each product on your list. (A question always comes up whether to use a sales prices or a club card price. You should use the price of the item that you’d pay on the particular day you visit the store.)

If you didn’t record the prices in an electronic spreadsheet (such as an Excel spreadsheet) at each store, do so after you collect all your data.

Questions to answer after collecting your data

The question of interest is, “Are the items at one of the two grocery stores in your study more expensive, on average, than the other store?”

Answer these questions to answer the question of interest. (R tutorial 2 may be helpful in answering some of these questions.)

1.   (1 point) Give the two stores you are comparing and a personal motivation on why you chose those two stores.

2.   (2 points) Give a brief summary of how you chose the 15 items you used in the study. Do you feel these items are representative of all items at the store? (In other words, do you feel that you’ll be able to answer the question of interest based the items in your sample?) Why or why not?

3.   (3 points) What method of inference you used and why? (Include a check of the conditions to use that particular method. If you use a graph to assess any condition, include the graph) (Hint: think about the samples you took – are the samples independent or dependent?)

4.   (3 points) State the null and alternative hypotheses in statistical notation. Define any parameters used.

5.   (2 points) Obtain and include an appropriate graphical display that will allow you to make an initial guess as to whether you feel the null hypothesis will be rejected or not. (Hint: think about what method you will be using to perform the hypothesis test.) Comment on whether or not you feel the null hypothesis will be rejected and why or why not.

6.   (1 point) Perform the analysis in R. Report the test-statistic (with degrees of freedom) and p-value.

7.   (3 points) State a conclusion in the context of the problem that answers the question of interest supported with the p-value obtained in #6.

8.   (3 points) Use R to construct a 95% confidence interval for the average difference in prices between the two stores. Include and interpret the confidence interval in the context of the problem. (3 pts)

9.   (2 points) Which store would you shop at? Why?

10. (2 points) Provide a copy of your data.

DATA:

Vons:

Almond Milk                                       3.49

Strawberry pop tarts                           2.59

1 lb Bananas                                        .69

Head lettuce                                         1.69

Pace Salsa                                             3.39

Ball park beef franks                          4.49

Ball park buns                                      2.49

Kraft American Cheese                     5.99

Crest toothpaste                                  4.00

Strawberries                                          3.50

Special K                                               4.99

Hidden Valley Ranch                         3.99

Core Water                                           1.99

Jif Peanut Butter                                  3.09

Egglands best                                       3.99

Smiths:                 

Almond Milk                                        3.19

Strawberry pop tarts                            2.29

1 lb Bananas                                        .59

Pace Salsa                                             3.29

Head lettuce                                         .99

Ball Park Beef Franks                        4.99

Ball Park Buns                                     2.99

Kraft American Cheese                      3.19

Crest toothpaste                                  2.99

Strawberries                                          2.50

Special K                                               2.49

Core Water                                           1.50

Jif Peanut Butter                                  2.79

Hidden Valley Ranch                         3.29

Egglands Best                                      2.89