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Category > Management Posted 17 Feb 2018 My Price 6.00

Mercer Farm Supply Company

Mercer Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2012.

1. Sales: Quarter 1, 40,000 bags; quarter 2, 50,000 bags. Selling price is $65 per bag.

2. Direct materials: Each bag of Basic II requires 6 pounds of Crup at a cost of $4 per pound and 10 pounds of Dert at $1.50 per pound.

3. Desired inventory levels:

Type of Inventory

1-Jan

1-Apr

1-Jul

Basic II (bags)

10,000

15,000

20,000

Crup (pounds)

9,000

12,000

15,000

Dert (pounds)

15,000

20,000

25,000

4. Direct labor: Direct labor time is 15 minutes per bag at an hourly rate of $10 per hour.

5. Selling and administrative expenses are expected to be 10% of sales plus $160,000 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 100% of direct labor cost. (2) The direct materials budget for Dert which shows the cost of Dert to be $682,500 in quarter 1 and $832,500 in quarter 2.

Instructions

Prepare the budgeted income statement for the first 6 months of 2012 and all required supporting budgets by quarters. (Note:Use variable and fixed in the selling and administrative expense budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Dert

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Feb 2018 09:02 PM My Price 6.00

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