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    Argosy University/ Phoniex University/
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Category > Accounting Posted 17 Aug 2017 My Price 13.00

Urbina Inc.

P9-2B Urbina Inc. is preparing its annual budgets for the year ending December 31, 2014. Accounting assistants furnish the following data.

 

Product LN 35              Product LN 40

Sales budget:

 

Anticipated volume in units

400,000

240,000

Unit selling price

$25

$35

Production budget:

 

 

Desired ending finished goods units

20,000

25,000

Beginning finished goods units

30,000

15,000

Direct materials budget:

 

 

Direct materials per unit (pounds)

2

3

Desired ending direct materials pounds

50,000

10,000

Beginning direct materials pounds

40,000

20,000

Cost per pound

$2

$3

Direct labor budget:

 

 

Direct labor time per unit

0.5

0.75

Direct labor rate per hour

$12

$12

Budgeted income statement:

 

 

Total unit cost

$12

$22

 

 

 

 

 

 

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $750,000 for product LN 35 and $580,000 for product LN 40, and administrative expenses of $420,000 for product LN 35 and $380,000 for product LN 40. Income taxes are expected to be 30%.

Instructions

Prepare the following budgets for the year. Show data for each product. You do not need to prepare quarterly budgets.

(a)  Sales                                     (d) Direct labor

(b)  Production                          (e) Income statement (Note: Income taxes are

(c)   Direct materials                       not allocated to the products.)

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 13.00

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