Question : SHORT ANSWER. Write the word or phrase that best completes each : 1196261

 

SHORT ANSWER.

Write the word or phrase that best completes each statement or answers the question. 73) Tripp Company sells three products with the following seasonal sales pattern:

 

Products

Quarter XYZ

1

40%

30%

 

 10%

2

30% 20%

40%

3

20%

 20%

 

 40%

4

10%

 30%

 10%

The annual sales budget shows forecasts for the different products and their expected selling price per unit as follows:

ProductUnitsSelling Price

X40,000$ 3

Y100,000$12

Z50,000$ 5

Required:

Prepare a Revenue Budget in units and dollars by quarters for the company for the coming year. 73)

_____________

74) Frame Antique manufactures picture frames. Sales for May are expected to be 20,000 units of various sizes. Historically, the average frame requires three metres of framing, one square metre of glass, and two square metres of backing. Beginning inventory includes 3,000 metres of framing, 1,000 square metres of glass, and 1,000 square metres of backing. Current prices are $0.20 per metre of framing, $4.00 per square metre of glass, and $1.50 per square metre of backing. Ending inventory should be 150 percent of beginning inventory. Purchases are paid for in the month acquired.

Required:

a.Determine the quantity of framing, glass, and backing that is to be purchased during May.

b.Determine the total costs of direct materials for May purchases. 74)

_____________

75) Picture Pretty manufactures picture frames.

Sales for August are expected to be 10,000 units of various sizes.

Historically, the average frame requires four metres of framing, one square metre of glass, and two square metres of backing.

Beginning inventory includes 1,500 metre of framing, 500 square metres of glass, and 500 square metres of backing.

Current prices are $0.30 per metre of framing, $6.00 per square metre of glass, and $2.25 per square metre of backing. Ending inventory should be 150% of beginning inventory. Purchases are paid for in the month acquired.

 

Required:

 

a.Determine the quantity of framing, glass, and backing that is to be purchased during August.

b.Determine the total costs of direct materials for August purchases.

 75)

_____________

76) Budget Corporation has the following budgeted sales for the next six-month period:

 

MonthUnit Sales

September60,000

October 80,000

November140,000

December100,000

January120,000

February 80,000

 

There were 30,000 units of finished goods in inventory at the beginning of September. Plans are to have an inventory of finished products that equal 20 percent of the unit sales for the next month.

 

Five kilograms of materials are required for each unit produced. Each kilogram of material costs $10. Inventory levels for materials are equal to 30 percent of the needs for the next month. Materials inventory on September 1 was 10,000 kilograms.

 

Required:

 

a.Prepare production budgets in units for October, November, and December.

b.Prepare a purchases budget in kilograms for October, November, and December, and give total purchases in both kilograms and dollars for each month. 76)

_____________

77) Gerdie Company has the following information:

 

 

MonthBudgeted Sales

March$50,000

April53,000

May51,000

June54,500

July52,500

 

In addition, the gross profit rate is 40% and the desired inventory level is 30% of next month’s cost of sales.

 

Required:

Prepare a purchases budget for April through June.

 

 77)

_____________

78) The Doran Company prepared the following Revenue Budget:

 

MonthBudgeted Sales

March

 

$250,000

April

265,000

May

 

255,000

June

272,500

July

 

262,500

 

In addition, the gross profit rate is 40 percent and the desired inventory level is 30 percent of next month’s cost of goods sold.

 

Required:

 

Using purchases in a merchandising company, in place of Cost of Goods Manufactured, prepare a Purchases Budget for April through June. 78)

_____________

79) Fashion Company has the following projected account balances for April 30, 2007:

 

Accounts payable$20,000Sales$400,000

Accounts receivable50,000Capital stock200,000

Amortization, factory12,000Retained earnings?

Inventories (3/31 & 4/30)90,000Cash28,000

Direct materials used100,000Equipment, net120,000

Office salaries40,000Buildings, net200,000

Insurance, factory2,000Utilities, factory8,000

Plant wages70,000Selling expenses30,000

Bonds payable80,000Maintenance, factory14,000

 

Required:

 

a.Prepare a budgeted income statement for April 2007.

b.Prepare a budgeted balance sheet as of April 30, 2007. 79)

_____________

 

 

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