Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 14.00

Graber Corporation

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

 

  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Budgeted unit sales 19,000 18,000 17,000 18,000

 

The selling price of the company%u2019s product is $23.00 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 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 $63,000.

The company expects to start the first quarter with 2,850 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter%u2019s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 3,050 units.

 

Required:
1a.

Compute the company%u2019s total sales.

 

  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Total sales $ $ $ $ $

 

1b.

Complete the schedule of expected cash collections. (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.)

 

Graber Corporation
Schedule of Expected Cash Collections
  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Accounts receivable, beginning balance $ $ $ $ $
1st Quarter sales          
2nd Quarter sales          
3rd Quarter sales          
4th Quarter sales          
 
Total cash collections $ $ $ $ $
 

 

2.

Prepare the company%u2019s production budget for the upcoming fiscal year. (Input all amounts as positive values. Do not round intermediate calculations.)

 

Graber Corporation
Production Budget
  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Budgeted unit sales          
:          
 
Total units needed          
:          
 
Required production          
 

 

question 2

 

The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year.

 

  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Units to be produced 9,000 10,000 11,000 8,000

 

In addition, the beginning raw materials inventory for the 1st Quarter is budgeted to be 7,200 pounds and the beginning accounts payable for the 1st Quarter is budgeted to be $17,100.

Each unit requires four pounds of raw material that costs $3.00 per pound. Management desires to end each quarter with a raw materials inventory equal to 20% of the following quarter%u2019s production needs. The desired ending inventory for the 4th Quarter is 6,000 pounds. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.25 direct labor-hours and direct labor-hour workers are paid $12 per hour.

 

Required:
1a.

Prepare the company%u2019s direct materials budget for the upcoming fiscal year. (Input all amounts as positive values. Do not round intermediate calculations.)

 

Priston Company
Direct Materials Budget
  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Production needs - pounds          
:          
 
Total needs - pounds          
:          
 
Raw materials to be purchased - pounds          
 
Cost of raw materials to be purchased $ $ $ $ $
 

 

1b.

Prepare a schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations.)

 

Priston Company
Schedule of Expected Cash Disbursements for Materials
  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Accounts payable, beginning balance $ $ $ $ $
1st Quarter purchases          
2nd Quarter purchases          
3rd Quarter purchases          
4th Quarter purchases          
 
Total cash disbursements for materials $ $ $ $ $
 

 

2.

Complete the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

 

Priston Company
Direct Labor Budget
  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Total direct labor-hours needed          
Total direct labor cost $ $ $ $ $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 06:08 PM My Price 14.00

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