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Category > Accounting Posted 29 Jul 2017 My Price 5.00

Graber Corporation

EXERCISE 9–2 Sales and Production Budget [LO2]

The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year.

 

 

The selling price of the company’s product is $22.00 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made and 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $66,000.

 

 

 

 

 

The company expects to start the first quarter with 3,200 units in finished goods inven- tory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter’s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 3,400 units.

Required:

1.               Prepare the company’s sales budget and schedule of expected cash collections.

2.               Prepare the company’s production budget for the upcoming fiscal year.

 

Answers

Maurice Tutor
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Status NEW Posted 29 Jul 2017 11:07 AM My Price 5.00

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