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Category > Management Posted 19 Dec 2017 My Price 10.00

preparing master budget for 2014

 
Ash Creek Company is preparing its master budget for 2014. Relevant data pertaining to its sales, production, and direct materials budgets are as follows.

Sales: Sales for the year are expected to total 1,000,000 units. Quarterly sales are 20%, 20%, 30%, and 30%, respectively. The sales price is expected to be $40 per unit for the first three quarters and $45 per unit beginning in the fourth quarter. Sales in the first quarter of 2015 are expected to be 20% higher than the budgeted sales for the first quarter of 2014.

Production: Management desires to maintain the ending finished goods inventories at 25% of the next quarter’s budgeted sales volume.

Direct materials: Each unit requires 2 pounds of raw materials at a cost of $12 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter’s production requirements. Assume the production requirements for the first quarter of 2015 are 450,000 pounds.

Ash Creek budgets 0.3 hours of direct labor per unit, labor costs at $15 per hour, and manufacturing overhead at $20 per direct labor hour. Its budgeted selling and administrative expenses for 2014 are $6,000,000.
 
 
 
Calculate the budgeted total unit cost. (Round answer to 2 decimal places, e.g. 12.25.)

Total unit cost $
 
 
 
Prepare the budgeted income statement for 2014.

ASH CREEK COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2014
 Operating ExpensesTotal Operating ExpensesSalesPurchasesCost of Goods SoldGross ProfitIncome from OperationsEnding InventoryBeginning InventoryIncome Before Income TaxesIncome Tax ExpenseNet Income/(Loss)Selling and Administrative Expenses $
 Net Income/(Loss)SalesGross ProfitTotal Operating ExpensesSelling and Administrative ExpensesIncome Tax ExpenseOperating ExpensesPurchasesBeginning InventoryIncome from OperationsCost of Goods SoldIncome Before Income TaxesEnding Inventory  
 Beginning InventoryGross ProfitSelling and Administrative ExpensesOperating ExpensesIncome Before Income TaxesTotal Operating ExpensesCost of Goods SoldIncome Tax ExpenseNet Income/(Loss)Ending InventoryPurchasesIncome from OperationsSales  
 Total Operating ExpensesIncome Before Income TaxesIncome Tax ExpenseBeginning InventoryCost of Goods SoldGross ProfitPurchasesOperating ExpensesEnding InventoryIncome from OperationsNet Income/(Loss)SalesSelling and Administrative Expenses  
 Cost of Goods SoldSalesSelling and Administrative ExpensesIncome Tax ExpenseEnding InventoryNet Income/(Loss)Gross ProfitIncome Before Income TaxesIncome from OperationsOperating ExpensesPurchasesTotal Operating ExpensesBeginning Inventory $

 

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CourseLover
(12)
Status NEW Posted 19 Dec 2017 05:12 PM My Price 10.00

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