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Problem - Rocker Company expects to sell 7,500 units for $155 each for a total of $1, 162,500 in January and 2,500 units for $230 each for a total of $575,000 in February. The company expects cost of goods sold to average 50% of sales revenue, and the company expects to sell 5,000 units in March for $270 each. Rocker's target ending inventory is $10,000 plus 50% of the next month's cost of goods sold. Prepare Rocker's inventory, purchases, and cost of goods sold budget for January and February.
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
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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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