Reference no: EM132793667
Question - ABC Corporation manufactures and sells a seasonal product that has peak sales in the 3rd quarter. The following information concerns each quarter in 2019:
A. The company's single product sells for $40/ unit, budgeted sales in units are as follows (all sales are on credit).
B. Sales are collected in the following pattern 70% in the quarter of sale, 30% in the following quarter.
On January 1, 2019 the company's balance sheet showed $180,000 in account receivable all of which will be collected in the 1st quarter of the year.
C. The company desires an ending inventory of finished goods = 20% of next quarter assuming the DEI for quarter 4 is 6,000.
D. 30 pounds of raw material are required to complete 1 unit of product, the company desired raw material ending inventory 10% of the following quarter production, assuming the DEI of quarter 4 is 45,000 the raw material costs 0.40/ pound.
E. Raw material purchases are paid 50% in the quarter of purchase and 50% the following quarter, on January 1st, 2019 the company's balance sheet showed $51,600 in account payable all of which will be paid in the 1st quarter.
F. Every unit needs 0.8 of the direct labor hours and every hour costs $30/ hour.
Required - Prepare the following budgets:
A. Sales budget, and expected cash collection budget.
B. Production budget.
C. Direct material budget and cash disbursement budget.
D. Direct labor budget.
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