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ACCT 212 Connect Homework 5 Liberty University Complete Answers
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ACCT 212 Connect Homework 5 Liberty University Complete Answers

 


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Question 1

Ruiz Co. provides the following sales forecast for the next four months:

The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 168 units. Assume July's budgeted production is 590 units. In addition, each finished unit requires six pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month’s production needs. Beginning raw materials inventory for April was 1,051 pounds. Assume direct materials cost $4 per pound.

Question 2

The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 168 units. Assume July's budgeted production is 590 units. In addition, each finished unit requires six pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month’s production needs. Beginning raw materials inventory for April was 1,051 pounds. Assume direct materials cost $4 per pound.

Prepare a direct materials budget for April, May, and June. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

Question 3

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 128,400 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 428,000 units; third quarter, 208,000 units; and fourth quarter, 408,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 30% of the next quarter's budgeted sales.

Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.

Question 4

MCO Leather Goods manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $10 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $17,000 per month. The company’s policy is to end each month with direct materials inventory equal to 40% of the next month’s materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory. The company’s production budget reports the following.

Question 5

Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year.

Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.)

Question 6

Jasper Company has sales on account and for cash. Specifically, 56% of its sales are on account and 44% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $527,000 for April, $537,000 for May, and $562,000 for June. The beginning balance of Accounts Receivable is $309,100 on April 1.

Prepare a schedule of budgeted cash receipts for April, May, and June.

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ACCT 212 Connect Homework 5 Liberty University Complete Answers
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Question 1 Ruiz Co. provides the following sales forecast for the next four months: April May June July   Sales (units) 560 640 590 680 The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finish...
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