Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Aug 2017 My Price 15.00

Genuine Spice Inc

2)

Comprehensive Problem 5
Part B:

Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section.

Genuine Spice Inc. began operations on January 1, 2014. The company produces a hand and body lotion in an eight-ounce bottle called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows:

waac25h_c_cp5_c5pa1.gif

Part BA????1August Budgets

During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows:

waac25h_c_cp5_c5pb.gif

There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January.

Required:

5. Prepare the August production budget. Enter all amounts as positive numbers.

Genuine Spice Inc.
Production Budget
For the Month Ended August 31, 2014
  Cases
Expected cases to be sold  
Plus desired ending inventory  
Total  
Less estimated beginning inventory  
Total units to be produced  

6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. Enter all amounts as positive numbers.

Genuine Spice Inc.
Direct Materials Purchases Budget
For the Month Ended August 31, 2014
  Cream Base (ozs.) Natural Oils (ozs.) Bottles (bottles) Total
Units required for production                      
Plus desired ending inventory                      
Less estimated beginning inventory                      
Direct materials to be purchased                      
Unit price $     $     $        
Total direct materials to be purchased $     $     $     $  

7. Prepare the August direct labor budget. For hours required, round to nearest whole hour. For hourly rate, enter to the nearest cent, if required.

Genuine Spice Inc.
Direct Labor Budget
For the Month Ended August 31, 2014
Hours required for production of: Mixing Filling Total
Hand and body lotion            
Hourly rate $   $      
Total direct labor cost $   $   $  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 11:08 AM My Price 15.00

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