Managerial Accounting Budgeting And Planning Problems Homework Help
- July 28, 2017
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- Category: Accounting QA
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1.Consider a company that sells prescription drugs. It has salespeople who visit doctors and hospitals to encourage physicians to prescribe its drugs. The company sells to drugstores. Salespeople are paid a salary plus a bonus if actual sales exceed planned sales. To plan operations, this company needs to develop estimates of total sales. Where should it get this information?
2.Kain Drugstores, Inc., sells prescription drugs, over-the-counter drugs, and some groceries. The purchasing manager prepared the following inventory purchases budget. Kain desires to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold amounts to $50,000.
Inventory Purchases Budget | January | February | March |
Budgeted cost of goods sold | $40,000 | $35,000 | $48,000 |
Plus. Desired ending inventory | 7,000 | ? | ? |
Inventory needed | 47,000 | ? | ? |
Less. Beginning inventory | 8,000 | ? | ? |
Required purchases (on account) | $39,000 | ? | ? |
Required
a. Complete the inventory purchases budget by filling in the missing amounts.
b. Determine the amount of cost of goods sold the company will report on the first quarter pro forma income statement.
c. Determine the amount of ending inventory the company will report on the first quarter pro forma balance sheet.
3.In what fundamental way does activity-based costing differ from traditional costing methods such as job-order costing
4.Mama’s Favorite Appliances manufactures two products: Food Processors and Espresso Machines. The following data are available
Food Processors | Espresso Makers | |
Sales price | $125 | $225 |
Variable costs | $50 | $150 |
The company can manufacture two food processors per machine hour and three espresso machines per machine hour. The company’s production capacity is 1,200 machine hours per month.
To maximize profits, what product and how many units should the company produce in a month?
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5.The Ludwig-Wallace Products Corporation uses a job order cost system. Factory overhead is applied on a normal capacity basis using direct labor hours. The annual predetermined (or budgeted) factory overhead rate is $2 per hour based on 50,000 normal capacity hours with variable factory overhead at $70,000 and fixed factory overhead at $30,000. Four job cost sheets show the following data for the month of August
Job | Job | Job | Job | |
301 | 302 | 303 | 304 | |
On August 1: | ||||
Materials. | $3,000 | $4,800 | Started | Started |
Labor | 4,500 | 6,200 | during | during |
Overhead. | 3,000 | 3,100 | August | August |
During August
Materials | $1,800 | $2,100 | $2,900 | $600 |
Labor | 3,300(1,100hrs) | 1,600(400hrs) | 1,200(400hrs) | 1,400(350hrs) |
Overhead | ? | ? | ? | ? |
On August 31: | Completed | Completed | In process | In process |
Required
(1) The amount of factory overhead applicable to each job for the month of August.
(2)The total amount of over or underapplied factory overhead for month of August. Actual overhead amounted to $4,725
(3) An overhead variance analysis, assuming that the monthly fixed overhead is 1/12 of the annual estimate.
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