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Budgeting Concepts (Example)

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"(1) Sales Budget " "Sales in Unit " "40 000" "65 000" "110 000" "70 000" "65 000" "55 000" "*Selling Price Per Unit ($)" 10 10 10 10 10 10 10 10 "Budgeted Sales Revenue " "400 000" "650 000" "1 100 000" "700 000" "650 000" 0 "Raw Materials Needed to Purchase (pound)" "192 350" "394 450" "487 050" "341 850" "307 650" "188 650" 0 0 "*Cost Per Raw Materials Unit ($)" 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 "Budgeted Cost of Purchases ($)" 153880 315560 389640 273480 246120 150920 0 0 [...]

Order Description:

Complete the following questions using Microsoft Word or Excel, as appropriate. Review the grading rubric to confirm you are meeting the assignment requirements. Cryon Corporation manufactures and sells a seasonal product that has a peak in sales in the third quarter. The following information reflects projections for Year 2 – the coming year – and the first two quarters of Year 3. Units sell at $10 each. Budgeted sales for the next 6 quarters are outlined below. Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40000 65000 110000 70000 65000 55000 Sales are collected in the following pattern: 75% are collected in the quarter the sales are made, and the remaining 25% are collected in the following quarter. On January 1, Year 2, the company had accounts receivable of $70,000, all of which will be collected in the first quarter of Year 2. Bad debts are negligible and can be ignored. The company desires finished goods inventory at the end of each quarter equal to 30% of the budgeted unit sales for the next quarter. On December 31, Year 1, the company had 15,000 completed units on hand. Five pounds of raw materials inventory is required to complete one unit of product. The company requires ending raw materials inventory at the end of each quarter equal to 10% of the following quarter’s production needs. On December 31, Year 1, the company had 38,000 pounds of raw material on hand. Raw material cost is $0.80 per pound. Required: Prepare the following budgets and schedules for Year 2, showing quarterly figures: Sales budget Schedule of expected cash collections Production budget Direct materials budget that summarizes both pounds and dollars.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $25

Words 275

Pages 1

Completed in 7 days

Expert Carkim G

Client Review

excellent

Positive
10.31.2017

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