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Solutions Manual
Problems: Set A
Solution:
Given
Sales Budget
December
Unit sales
January
7,000
8,000
10 $
70,000
10
80,000
Req. 1
Cash Sales
Credits Sales
Total Cash Collections
Cash Collections
January
$24,000
$
49,000.0
$
73,000.0
February
$27,600
$
56,000
$83,600
Req. 2
Unit sales
Production Budget
January
8,000
February
9,200
Solutions Manual
2,300
10,300
2,000
8,300
2,475
11,675
2,300
9,375
Req. 3
Direct Materials Budget
January
Units to be produced
8,300
Multiply by: Pounds needed for production
2
Quantity (pounds) needed for production
16,600
Plus: Desired ending inventory of DM
1,875
Total quantity (ponds) needed
18,475
Less: Beginning inventory of DM
1,660
Quantity (pounds) to purchase
16,815
Multiply by: Cost per pound
2
Total Cost of DM purchases
$33,630
Units to be produced
Multiply by: Pounds needed for production
Quantity (pounds) needed for production
Plus: Desired ending inventory of DM
Total quantity (ponds) needed
Less: Beginning inventory of DM
Quantity (pounds) to purchase
Multiply by: Cost per pound
Total Cost of DM purchases
February
9,375
2
18,750
1,970
20,720
1,875
18,845
2
$37,690
April
May
9,400
6,375
2
18,800
1,275
20,075
1880
18,195
2
36,390
2
12,750
0
12,750
2550
10,200
2
20,400
Req. 4
Schedule of Expected Cash DisbursementsMaterial Purchases
January
February
December Purchases (from accounts
payable)
January Purchases
February Purchases
March Purchases
$42,400
$6,726.0
0
0
0
$26,904.0
$7,538.0
0
Solutions Manual
$49,126
$34,442
Solutions Manual
Req. 5
Schedule of Expected Cash DisbursementsConversion Costs
January
February
Variable Conversion Costs
$9,960
$11,250
Rent (fixed)
$5,000
$5,000
Other Fixed MOH
3000
3000
Total Payments for Conversion Costs
$17,960
$19,250
Req. 6
Schedule of Expected Cash Disbursements -- Operating Expenses
January
February
Variable Operating Expenses
8000
9200
Fixed Operating Expenses
$1,000
$1,000
Total Payments for Operating Expenses
$9,000
$10,200
Req. 7
Total interest
February
$4,414
83,600
88,014
81,086
-3,586
34,442
19,250
10,200
12,000
10,000
85,892
2,122
8,000
2,000
4,414
4,122
$280
Solutions Manual
Req. 8
Budgeted Manufacturing Cost per Unit
Direct Materials Cost Per Unit
Conversion Costs Per Unit
Fixed Manufacturing Overhead Per Unit
Budgeted Cost of manufacturing Each Unit
$4.00
$1.20
$1.00
$6.20
Req. 9
Silverman Manufacturing
Budgeted Income Statement
For the Quarter Ended March 31
Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Depreciation
Operating Income
Less Interest Expense
Less Provision for Income Taxes
Net Income
271,000
168,020
102,980
30,100
4,800
68,080
280
20,340
$47,740
Solutions Manual
om Requirement 3.
dget
February
9,200
March
April
9,900
May
9,700
8,500
10 $
10 $
10
10
92,000 $
99,000 $
97,000
85,000
March
Quarter
$29,700
$81,300
$ 64,400.0 $ 169,400.0
$94,100
$250,700
March
9,900
Quarter
27,100
2,425
29,525
2,000
27,525
March
9,850
2
19,700
1880
21,580
1,970
19,610
2
$39,220
Quarter
27,525
2
55,050
1,880
56,930
1,660
55,270
2
$110,540
Solutions Manual
erial Purchases
March
0
0
$30,152.0
$7,844.0
Quarter
$42,400
$33,630
$37,690
$7,844
Solutions Manual
$121,564
nversion Costs
March
$11,820
$5,000
3000
$19,820
Quarter
$33,030
$15,000
$9,000
$57,030
rating Expenses
March
9900
$1,000
$10,900
Quarter
$27,100
$3,000
$30,100
March
$4,122
94,100
98,222
Quarter
$4,500
250,700
255,200
37,996
19,820
10,900
16,000
84,716
13,506
121,564
57,030
30,100
33,000
10,000
251,694
3,506
9,000
280
4,226
10,000
9,000
280
4,226
Solutions Manual
Solutions Manual
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