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Brief Exercise 23-4 http:/ I edugen. wileyp I us. com/edugen/ shared/assignment/test/ qprint. un i
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*Brief Exercise 23-4
Perine Company has 2,000 pounds of raw materials in its December 31, 2013, ending inventory. Required production for January and February of 2014 are 4,000 and 5,000 units, respectively. 2 pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month's materials requirements.
Prepare the direct materials budget for January.
PERINE COMPANY Direct Materials Budget
For the Month Ending January 31, 2014
11/24/2014 9:59AM
Brief Exercise 23-9 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni
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*Brief Exercise 23-9
Bruno Industries expects credit sales for January, February, and March to be $200,000, $260,000, and $300,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month.
Compute cash collections from customers for each month.
Collections from Customers
Months ---=Ja=n=u=a:..:.ry.~.._ ___ -----=-Fe:::.:b::..:r...::::u:.=ac:...ryL-_____ _:M:....:..=.ar:...:c:.:.:h:...._ __ _
January
February
March
11 /24/2014 10:00 AM
Brief Exercise 23-10 http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni
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*Brief Exercise 23-1 0
Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $480,000 for May. Cost of goods sold is expected to be 65% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold.
Compute the required purchases for April.
Required merchandise purchases for April $'-------------'
11 /24/2014 10:01 AM
Exercise 23-14 (Part Level Submission) http:/ I edugen. wileyplus.com/ edugen! shared/assignment/test/ qprint. uni
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*Exercise 23-14 (Part Level Submission) LRF Company's budgeted sales and direct materials purchases are as follows.
January
February
March
Budgeted Sales
$200,000
220,000
270,000
Budgeted D.M. Purchases
$30,000
36,000
40,000
LRF's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible . LRF's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase.
*(a)
Prepare a schedule of expected collections from customers for March.
LRF COMPANY Expected Collections from Customers
March
Total collections
*(b) The parts of this question must be completed in order. This part will be available when you complete the part above.
11/24/2014 10:04 AM
Exercise 23-1 5 (Part Level Submission) http://edugen.wileyplus.com/edugen/shared/assignrnent/test/qprint.uni
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*Exercise 23-15 (Part Level Submission) Green Landscaping Inc. is preparing its budget for the first quarter of 2014. The next step in the budgeting process is to prepare a cash rece ipts schedule and a cash payments schedule. To that end, the following information has been collected.
Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service .
Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $80,000; December 2013, $90,000; January 2014, $100,000; February 2014, $120,000; March 2014, $140,000.
Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $14,000; January 2014, $12,000; February 2014, $15,000; March 2014, $18,000.
*(a)
Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total.
(1) Expected collections from clients.
GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients
For the Quarter Ending March 31, 2014 January February March
$ $ Quarter
$ $ November.-----------------,.-----------------,,-----------------1,-----------------,
December
January
February
March
Total collections,-----------------,,-----------------,,-----------------,,------------------,
(2) Expected payments for landscaping suppl ies.
GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies
For the Quarter Ending March 31, 2014 January February March
$ $ $ Quarter
$ December.-----------------,,-----------------1,-----------------11----------------,
Exercise 23-15 (Part Level Submission) http://edugen.wileyplus.com/edugenlshared/assignment/test/qprint.uni
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January
February
March
Total collections,------------,,-------------,,,----------,,---------,
*(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Copyright© 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved .
Exercise 23-17 (Part Level Submission) http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni
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*Exercise 23-17 (Part Level Submission) In May 2014, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.
1. Expected sales: June $500,000, July $600,000. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount.
*(a)
Compute the budgeted merchandise purchases for June.
Required merchandise purchases $L__ _______ _J
*(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Exercise 24-8
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*Exercise 24-8
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Cloth ing Department of Soria Company for the month of October.
SORIA COMPANY Clothing Department
Budget Report For the Month Ended October 31, 2014
Difference
Favorable (F) Unfavorable (U)
Neither favorable nor unfavorable
Budget Actual (N}
Sales in units 8,000 10,000 2 000 F
Variable expenses
Sales commissions $2,400 $2,600 $200 u Advertising expense 720 850 130 u Travel expense 3,600 4,100 500 u Free samples given out 1,600 1,400 200 F
Total variable 8,320 8,950 630 u Fixed expenses
Rent 1,500 1,500 -0-
Sales salaries 1,200 1,200 -0-
Office salaries 800 800 -0-
Depreciation-autos (sales 500 500 - 0-staff)
Total fixed 4,000 4,000 -0-
Total expenses $12,320 $12,950 ~630 u
As a result of th is budget report, Joe was called into the president's office and congratulated on his f ine sales performance. He was reprimanded, however, for allowing his costs to get out of control. Joe knew something was wrong with the performance report that he had been given. However, he was not sure what to do, and comes to you for advice.
(a)
Prepare a budget report based on flexible budget data to help Joe. (If answer is zero, please enter 0, do not leave any fields blank.)
Sales in units
Variable expenses
Budget
SORIA COMPANY Selling Expense Flexible Budget Report
Clothing Department For the Month Ended October 31, 2014
Actual
Difference
Favorable (F) Unfavorable (U)
Neither favorable nor unfavorable (N)
Exercise 24-8 http://edugen.wileyplus.com/edugenlshared/assignment/test/qprint.uni
$ $
Fixed expenses
$ $ $,_----------~ ,--------------, .--------------. .--------------.
( b)
Should Joe have been reprimanded as per the flexible budget report?
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Question 1
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*Question 1 The following information is available for Aikman Company.
January 1, 2014 2014
Raw materials inventory $16,000
Work in process inventory 14,720
Finished goods inventory 28,420
Materials purchased $150,240
Direct labor 222,960
Manufacturing overhead 181,640
Sa les revenue 898,160
Compute cost of goods manufactured.
Cost of goods manufactured $'--_______ __J
Prepare an income statement through gross profi t .
AIKMAN COMPANY Income Statement (Partial)
December 31, 2014
$28,270
13,490
22,110
For the Year Ended December 31, 2014
$L__ ___ __ ____.J
$
Show the presentation of the ending inventories on the December 31, 2014, balance sheet. (List current assets in order of liquidity.)
AIKMAN COMPANY (Partial) Balance Sheet
December 31, 2014
Question 1 http://edugen.wileyplus.com/edugenlshared/assigrunent/test/qprint.uni
$
$
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Question 2
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*Question 2 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $308,484 for the year, and machine usage is estimated at 125,400 hours.
For the year, $344,600 of overhead costs are incurred and 129,800 hours are used.
Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g 15.25.)
The manufacturing overhead rate $ per machine hour
What is the amount of under- or overapplied overhead at December 31? (Round your answer to 0 decimal places, e.g $1,750.)
The amount of overhead $'--------------' Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
11/24/2014 10:18 AM
Question 3
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*Question 3 The ledger of Custer Company has the following work in process account.
Work in Process-Painting
5/1 Balance 6,790 5/31 Transferred out ?
5/31 Materials 4,580
5/31 Labor 2,530
5/31 Overhead 1,600
5/31 Balance ?
Production records show that there were 400 units in the beginning inventory, 35% complete, 1,600 units started, and 1,300 units transferred out. The beginning work in process had materials cost of $3,020 and conversion costs of $3,770. The units in ending inventory were 40% complete . Materials are entered at the beginn ing of the painting process.
How many units are in process at May 31?
Units in process at May 31
What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g. 15.25.)
Unit materials cost $L__ _______ ___...l
What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 15.25.)
Unit conversion cost $L__ _______ ___...l
What is the total cost of units transferred out in May?
Total cost of units transferred out $L__ _______ ___...l
What is the cost of the May 31 inventory?
Cost of the May 31 inventory $'--_______ ___..J
Copyright © 2000-2014 by Joh n Wiley & Sons. Inc. or related compan ies. All righ ts reserved .
11 /24/2014 10:19 AM
Question 4
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*Question 4 Kostrivas Company has gathered the following information.
Units in beginning work in process
Units started into production
Units in ending work in process
Percent complete in ending work in process:
Conversion costs
Materials
Costs incurred:
Direct materials
Direct labor
Overhead
-0-
38,860
5,400
30%
100%
$62,176
$75,390
$166,662
Compute equivalent units of production for materials and for conversion costs.
Equivalent units of production for materials
Equivalent units of production for conversion costs
Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 15.25.)
Unit costs of materials $L-------------~
Unit costs of conversion costs $'---------------' Show the assignment of costs to units transferred out and in process.
Costs to units transferred out $.__ ________ __j
Costs to units in process $.__ ________ __j
Copyright© 2000-2014 by John Wiley & Sons, Inc. or related companies . All rights reserved .
Question 1
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*Question 1 Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level.
Units Produced Total Cost
March 10,300 $18,080
April 9,300 17,710
May 10,800 18,850
June 8,500 15,400
July 9,800 17,170
Compute the variable and fixed cost elements using the high-low method .
Fixed cost
Estimate the total cost if the company produces 9,500 units.
Total Cost $L_ ______________ ~
11/24/2014 3:59PM
Question 2
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*Question 2
Cottonwood Company reports the following operating results for the month of August: Sales $333,900 (units 4,770); variable costs $217,035; and fixed costs $50,320. Management is cons idering the following independent courses of action to increase net income.
1. Increase selling price by 10% with no change in total variable costs or units sold . 2. Reduce variable costs to 56% of sales.
Compute the net income to be earned under each alternative . (Round all answers to 0 decimal places, e.g. 5,275.)
1. Net income $.____ _______ ----'
2. Net income $~------------~
Which course of action will produce the highest net income?
11124/2014 4:02PM
Question 3
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*Question 3
Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $443,000 for April and $406,000 for May. Cost of goods sold is expected to be 70% of sales. The company's desired ending inventory is 20% of the following month 's cost of goods sold .
Compute the required purchases for April.
Required merchandise purchases for April $....._ _______ __,
11 /24/2014 4:02PM
Question 4
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*Question 4 Green Landscaping Inc. is preparing its budget for the first quarter of 2014. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected.
Clients usually pay 50% of their fee in the month that service is performed, 20% the month after, and 30% the second month after receiving service.
Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $88,570; December 2013, $81,280; January 2014, $108,810; February 2014, $124,900; March 2014, $134,910.
Purchases of landscaping supplies (direct materials) are paid 50% in the month of purchase and 50% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $14,220; January 2014, $12,980; February 2014, $16,320; March 2014, $19,140.
Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total.
(1) Expected collections from clients.
December
January
February
March
GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients
For the Quarter Ending March 31, 2014 January February March
$ $ Quarter
$ $
Total collections.---------,,---------,,---------,,----------,
(2) Expected payments for landscaping supplies.
January
GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies
For the Quarter Ending March 31, 2014 January February March
$ $ $ Quarter
$
Question 4
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February
March
Total collections.---------,.---------,,---------,,-----------,
Determine the following balances at March 31, 2014.
Accounts receivable $'--_______ ___.J
Accounts payable $'--_______ ___.J
Question 5
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*Question 5
Gundy Company expects to produce 1,312,320 units of Product XX in 2014. Monthly production is expected to range from 87,050 to 130,010 units . Budgeted variable manufacturing costs per unit are direct materials $3, direct labor $7, and overhead $9 . Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2.
Prepare a flexible manufacturing budget for the relevant range value using 21,480 unit increments.
Activity level
Variable costs
Fixed costs
GUNDY COMPANY Monthly Manufacturing Flexible Budget
For the Year 2014
11/24/2014 4:04PM