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Question - Master budget - Company xxx manufactures banana biscuits. Its budget is detailed on a quarterly basis. Projected sales for the year 2x22 are as follows:
Trimester
Sales forecast (in units )
First (january, february, march)
15,000
Second (april, may, june)
20,000
Third (july, august, september)
27,000
Four (october, november, december)
23,000
Required -
a. Prepare the income budget assuming that the price of the cake will remain constant at $5.00.
b. Prepare the production budget assuming that the ending inventory of finished goods is equal to 5% of projected sales for the quarter. The ending finished goods inventory for the fourth quarter of 2x21 was $900.00.
c. Prepare the direct materials budget (use and purchase) assuming that each personal biscuit consumes 10 ounces at a negotiated cost of 0.5. Plan purchases so that the ending materials inventory balance equals 3% of the material to be used for the next quarter. The materials to be used for the first quarter of 2x23 are 117,000.
d. Prepare the direct labor budget assuming that each employee will take 0.10 of an hour (6 minutes) and the rate expected to be paid to the employees in 2x22 is 10.00 per hour.
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