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Question - At the end of the current month, Gipit Company expects to have a cash balance of 25,000. For the next three months, it expects to generate sales as follows:
April 88,000
May 95,000
June 74,000
The company sells its goods on cash basis only. Aside from its income from the sale of goods, the company also earns rental income of 20,000 per month from the commercial spaces that it lets to a number of tenants.
Gipit's operating expenses amount to 40% of its gross revenue. All expenses are paid in the month they are incurred. Non-cash expenses such as depreciation and amortization amount to 30,000 per month.
Required - Prepare Gipit Company's cash budget for the quarter ended June 30, with details shown for each month.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
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Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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