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Category > Management Posted 22 Nov 2017 My Price 10.00

Glendo Farm Supply Company

Glendo Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2014.

1.		Sales: Quarter 1, 28,100 bags; quarter 2, 43,000 bags. Selling price is $62 per bag.
2.		Direct materials: Each bag of Snare requires 5 pounds of Gumm at a cost of $4 per pound and 7 pounds of Tarr at $1.50 per pound.
3.		Desired inventory levels:

Type of Inventory	January 1	April 1	July 1
Snare (bags)	8,300	12,300	18,100
Gumm (pounds)	9,200	10,500	13,500
Tarr (pounds)	14,400	20,500	25,300

4.		Direct labor: Direct labor time is 15 minutes per bag at an hourly rate of $16 per hour.
5.		Selling and administrative expenses are expected to be 15% of sales plus $180,000 per quarter.
6.		Income taxes are expected to be 30% of income from operations.

Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be 150% of direct labor cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $427,000 in quarter 2.

(a)


	Your answer is partially correct. Try again.

Prepare the sales budget.

GLENDO FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2014
	Quarter		Six Months
	1	2	Six Months
Expected unit sales
Unit selling price	$	$	$
Total sales	$	$	$

Prepare the production budget.

GLENDO FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2014
	Quarter			Six Months
	1		2
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesRequired Production UnitsTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required Units
AddLess: Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesRequired Production UnitsTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required Units
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesRequired Production UnitsTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required Units
AddLess: Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesRequired Production UnitsTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required Units
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesRequired Production UnitsTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required Units
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Attempts: 5 of 5 used

(b)


	Your answer is correct.

Prepare the direct materials budget.

GLENDO FARM SUPPLY COMPANY Direct Materials BudgetAc€??Gumm For the Six Months Ending June 30, 2014
	Quarter		Six Months
	1	2	Six Months
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
AddLess: Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
AddLess: Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced	$	$
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced	$	$	$

Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75)

GLENDO FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30, 2014
	Quarter		Six Months
	1	2	Six Months
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced	$	$
Beginning Direct MaterialsBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsDesired Ending Finished Goods UnitsDirect Labor Cost per HourDirect Labor Time per UnitDirect Materials per UnitDirect Materials PurchasesExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Required UnitsUnits to be Produced	$	$	$

Prepare the selling and administrative budget.

GLENDO FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2014
	Quarter		Six Months
	1	2	Six Months
Budgeted sales in units

Variable	$	$	$
Fixed
Total	$	$	$
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Attempts: 4 of 5 used

(c)


	Your answer is partially correct. Try again.

Prepare the budgeted income statement.

GLENDO FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2014
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses	$
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome from OperationsIncome Tax ExpenseNet Income/ (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses	$
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Just need section C

Answers

Maurice Tutor

(5)

Status NEW Posted 22 Nov 2017 10:11 PM My Price 10.00

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