Reference no: EM132813115
Ring The Bells, Co. makes one product and it provided the following information to help prepare the master budget for the next several months of operations:
- The budgeted selling price per unit is $86. Budgeted unit sales for January, February, March, April, and May are 19,400; 19,100; 18,700; 19,200; and 18,600 units, respectively. All sales are on credit.
- Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month.
- The ending finished goods inventory equals 20% of the following month's sales.
- The ending raw materials inventory equals 40% of the following month's raw materials production needs. Each unit of finished goods requires 2 pounds of raw materials. The raw materials cost $5.50 per pound.
- Regarding raw materials purchases, 40% are paid for in the month of purchase and 60% in the following month.
- The direct labor wage rate is $14.00 per hour. Each unit of finished goods requires 1.5 direct labor-hours.
- Variable overhead is $6.00 per direct labor-hour. Assume there is no Fixed OH.
- The variable selling, general, and administrative expense per unit sold is $1.20. The fixed selling, general and administrative expense per month is $17,200.
Problem 1: Prepare the sales budget for January, February, and March.
Problem 2: Prepare the production budget for January, February, and March. Assume December's ending finished inventory is 3,880 units.
Problem 3: Calculate the budgeted direct material cost for February.
Problem 4: Calculate the budgeted direct labor cost for February.
Problem 5: Calculate the budgeted OH cost for February.
Problem 6: Calculate the budgeted per unit product cost.
Problem 7: Calculate the budgeted Selling, General and Administrative expenses for February.
Problem 8: Prepare the budgeted income statement for the month of February. Assume interest expense is $200 for February and income taxes are assessed at 25%
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