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Week 7 - Project: Company Master Budget
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Score | Used
Assistances | Final
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Practice Problem 1
Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020.
| 1. | | Sales: quarter 1, 29,800 bags; quarter 2, 42,400 bags. Selling price is $62 per bag. |
| 2. | | Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. |
| 3. | | Desired inventory levels: |
| Type of Inventory
| | January 1
| | April 1
| | July 1
|
| Snare (bags) | | 8,300 | | 12,400 | | 18,100 |
| Gumm (pounds) | | 9,300 | | 10,500 | | 13,300 |
| Tarr (pounds) | | 14,300 | | 20,400 | | 25,400 |
| 4. | | Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. |
| 5. | | Selling and administrative expenses are expected to be 15% of sales plus $178,000 per quarter. |
| 6. | | Interest expense is $100,000. |
| 7. | | Income taxes are expected to be 30% of income before income taxes. |
Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $300,000 in quarter 1 and $426,500 in quarter 2.
(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)
Part 1
Prepare the sales budget.
| COOK FARM SUPPLY COMPANY
Sales Budget
choose the accounting period
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| | | Quarter
| | Six
Months
|
| | | 1
| | 2
|
|
| Expected unit sales
| | enter a number of units
| | enter a number of units
| | enter a number of units
|
| Unit selling price
| | $enter a dollar amount
| | $enter a dollar amount
| | $enter a dollar amount
|
| Total sales
| | $enter a total dollar amount
| | $enter a total dollar amount
| | $enter a total dollar amount
|
Prepare the production budget.
| COOK FARM SUPPLY COMPANY
Production Budget
choose the accounting period
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| | | Quarter
| | Six
Months
|
| | | 1
| | 2
|
|
| select an opening production budget item
Required Production Units
Direct Materials Purchases
Cost per Pound
Expected Unit Sales
Total Required Units
Desired Ending Finished Goods Units
Beginning Direct Materials
Total Required Direct Labor Hours
Beginning Finished Goods Units
Desired Ending Direct Materials
Direct Materials per Unit
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Direct Labor Time per Unit
Total Pounds Needed for Production
Direct Labor Cost per Hour
Total Materials Required
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
| | enter a number of units
| | enter a number of units
| |
|
| select between addition and deduction
Add
Less
Add
Less
: select a production budget item
Desired Ending Direct Materials
Direct Labor Time per Unit
Total Required Direct Labor Hours
Required Production Units
Total Materials Required
Total Cost of Direct Materials Purchases
Direct Materials per Unit
Total Direct Labor Cost
Cost per Pound
Total Required Units
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Direct Materials Purchases
Expected Unit Sales
Beginning Direct Materials
Total Pounds Needed for Production
Direct Labor Cost per Hour
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
| | enter a number of units
| | enter a number of units
| |
|
| select a summarizing line for the first part
Desired Ending Direct Materials
Direct Labor Time per Unit
Desired Ending Finished Goods Units
Beginning Direct Materials
Total Cost of Direct Materials Purchases
Total Required Direct Labor Hours
Direct Labor Cost per Hour
Direct Materials per Unit
Expected Unit Sales
Beginning Finished Goods Units
Total Required Units
Total Direct Labor Cost
Cost per Pound
Total Pounds Needed for Production
Required Production Units
Total Materials Required
Direct Materials Purchases
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
| | enter a total number of units for the first part
| | enter a total number of units for the first part
| |
|
| select between addition and deduction
Add
Less
Add
Less
: select a production budget item
Beginning Direct Materials
Direct Labor Time per Unit
Total Materials Required
Total Required Units
Required Production Units
Expected Unit Sales
Direct Labor Cost per Hour
Direct Materials per Unit
Total Direct Labor Cost
Desired Ending Finished Goods Units
Direct Materials Purchases
Total Cost of Direct Materials Purchases
Cost per Pound
Total Pounds Needed for Production
Desired Ending Direct Materials
Beginning Finished Goods Units
Total Required Direct Labor Hours
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
| | enter a number of units
| | enter a number of units
| |
|
| select a closing production budget item
Desired Ending Direct Materials
Required Production Units
Desired Ending Finished Goods Units
Expected Unit Sales
Total Materials Required
Direct Materials per Unit
Beginning Finished Goods Units
Total Required Units
Direct Materials Purchases
Direct Labor Cost per Hour
Beginning Direct Materials
Cost per Pound
Total Direct Labor Cost
Total Pounds Needed for Production
Total Cost of Direct Materials Purchases
Total Required Direct Labor Hours
Direct Labor Time per Unit
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
| | enter a total number of units
| | enter a total number of units
| | enter a total number of units
|
Save for Later
Attempts: 0 of 3 used
Submit Answer
Part 2
Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.)
| COOK FARM SUPPLY COMPANY
Direct Materials Budget—Gumm
choose the accounting period
June 30, 2020
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| | | Quarter
| | Six
Months
|
| | | 1
| | 2
|
|
| select an opening direct materials budget item
Expected Unit Sales
Direct Labor Cost per Hour
Total Direct Labor Cost
Cost per Pound
Direct Materials Purchases
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Total Materials Required
Total Pounds Needed for Production
Units to be Produced
Total Required Direct Labor Hours
Beginning Direct Materials (Pounds)
Total Required Units
Desired Ending Direct Materials (Pounds)
Direct Materials per Unit
Direct Labor Time (Hours) per Unit
Total Cost of Direct Materials Purchases
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a number of units
| | enter a number of units
| |
|
| select an item
Direct Labor Time (Hours) per Unit
Units to be Produced
Total Direct Labor Cost
Total Pounds Needed for Production
Cost per Pound
Desired Ending Finished Goods Units
Beginning Finished Goods Units
Direct Labor Cost per Hour
Total Required Units
Total Required Direct Labor Hours
Total Cost of Direct Materials Purchases
Expected Unit Sales
Desired Ending Direct Materials (Pounds)
Total Materials Required
Direct Materials Purchases
Direct Materials per Unit
Beginning Direct Materials (Pounds)
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter the amount of pounds
| | enter the amount of pounds
| |
|
| select a summarizing line for the first part
Direct Materials Purchases
Expected Unit Sales
Direct Labor Time (Hours) per Unit
Total Direct Labor Cost
Desired Ending Direct Materials (Pounds)
Cost per Pound
Direct Labor Cost per Hour
Beginning Direct Materials (Pounds)
Total Required Units
Total Pounds Needed for Production
Direct Materials per Unit
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Total Required Direct Labor Hours
Units to be Produced
Total Cost of Direct Materials Purchases
Total Materials Required
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a total amount of pounds for the first part
| | enter a total amount of pounds for the first part
| |
|
| select between addition and deduction
Add
Less
Add
Less
: select an item
Direct Materials per Unit
Total Cost of Direct Materials Purchases
Desired Ending Finished Goods Units
Units to be Produced
Direct Labor Cost per Hour
Direct Materials Purchases
Total Direct Labor Cost
Total Required Direct Labor Hours
Total Materials Required
Direct Labor Time (Hours) per Unit
Total Required Units
Desired Ending Direct Materials (Pounds)
Expected Unit Sales
Beginning Direct Materials (Pounds)
Total Pounds Needed for Production
Cost per Pound
Beginning Finished Goods Units
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter the amount of pounds
| | enter the amount of pounds
| |
|
| select a summarizing line for the second part
Direct Materials Purchases
Total Pounds Needed for Production
Total Direct Labor Cost
Units to be Produced
Desired Ending Direct Materials (Pounds)
Total Cost of Direct Materials Purchases
Direct Labor Time (Hours) per Unit
Beginning Finished Goods Units
Direct Materials per Unit
Total Required Units
Direct Labor Cost per Hour
Total Required Direct Labor Hours
Beginning Direct Materials (Pounds)
Total Materials Required
Expected Unit Sales
Desired Ending Finished Goods Units
Cost per Pound
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a total amount of pounds for the second part
| | enter a total amount of pounds for the second part
| |
|
| select between addition and deduction
Add
Less
Add
Less
: select an item
Direct Materials per Unit
Direct Labor Cost per Hour
Total Required Units
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Total Cost of Direct Materials Purchases
Expected Unit Sales
Units to be Produced
Desired Ending Finished Goods Units
Total Materials Required
Total Pounds Needed for Production
Direct Labor Time (Hours) per Unit
Total Required Direct Labor Hours
Cost per Pound
Total Direct Labor Cost
Direct Materials Purchases
Desired Ending Direct Materials (Pounds)
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter the amount of pounds
| | enter the amount of pounds
| |
|
| select a summarizing line for the third part
Expected Unit Sales
Total Cost of Direct Materials Purchases
Direct Materials per Unit
Units to be Produced
Total Materials Required
Cost per Pound
Total Pounds Needed for Production
Total Required Units
Total Required Direct Labor Hours
Direct Labor Cost per Hour
Desired Ending Finished Goods Units
Total Direct Labor Cost
Desired Ending Direct Materials (Pounds)
Direct Labor Time (Hours) per Unit
Direct Materials Purchases
Beginning Finished Goods Units
Beginning Direct Materials (Pounds)
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a total amount of pounds for the third part
| | enter a total amount of pounds for the third part
| |
|
| select an item
Desired Ending Direct Materials (Pounds)
Direct Materials per Unit
Units to be Produced
Total Pounds Needed for Production
Direct Materials Purchases
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Expected Unit Sales
Total Required Direct Labor Hours
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Beginning Direct Materials (Pounds)
Direct Labor Time (Hours) per Unit
Direct Labor Cost per Hour
Cost per Pound
Total Materials Required
Total Required Units
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | $enter a dollar amount
| | $enter a dollar amount
| |
|
| select a closing direct materials budget item
Units to be Produced
Total Cost of Direct Materials Purchases
Cost per Pound
Beginning Direct Materials (Pounds)
Desired Ending Direct Materials (Pounds)
Total Required Direct Labor Hours
Desired Ending Finished Goods Units
Direct Labor Time (Hours) per Unit
Direct Materials Purchases
Expected Unit Sales
Total Required Units
Total Direct Labor Cost
Direct Materials per Unit
Beginning Finished Goods Units
Total Pounds Needed for Production
Total Materials Required
Direct Labor Cost per Hour
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | $enter a total dollar amount
| | $enter a total dollar amount
| | $enter a total dollar amount
|
Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.)
| COOK FARM SUPPLY COMPANY
Direct Labor Budget
choose the accounting period
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| | | Quarter
| | Six
Months
|
| | | 1
| | 2
|
|
| select an opening labor budget item
Direct Materials Purchases
Desired Ending Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Expected Unit Sales
Total Required Units
Direct Labor Time (Hours) per Unit
Direct Labor Cost per Hour
Total Pounds Needed for Production
Total Materials Required
Total Required Direct Labor Hours
Beginning Finished Goods Units
Direct Materials per Unit
Total Direct Labor Cost
Units to be Produced
Beginning Direct Materials (Pounds)
Total Cost of Direct Materials Purchases
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a number of units
| | enter a number of units
| |
|
| select a labor budget item
Direct Materials per Unit
Expected Unit Sales
Beginning Finished Goods Units
Cost per Pound
Desired Ending Finished Goods Units
Total Required Direct Labor Hours
Direct Labor Time (Hours) per Unit
Total Required Units
Total Direct Labor Cost
Total Cost of Direct Materials Purchases
Units to be Produced
Beginning Direct Materials (Pounds)
Total Pounds Needed for Production
Total Materials Required
Desired Ending Direct Materials (Pounds)
Direct Labor Cost per Hour
Direct Materials Purchases
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a number of hours
| | enter a number of hours
| |
|
| select a summarizing line for the first part
Desired Ending Direct Materials (Pounds)
Direct Labor Cost per Hour
Direct Materials per Unit
Expected Unit Sales
Direct Materials Purchases
Total Pounds Needed for Production
Beginning Finished Goods Units
Direct Labor Time (Hours) per Unit
Total Required Units
Total Direct Labor Cost
Total Cost of Direct Materials Purchases
Desired Ending Finished Goods Units
Units to be Produced
Total Required Direct Labor Hours
Total Materials Required
Cost per Pound
Beginning Direct Materials (Pounds)
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | enter a total number of hours for the first part
| | enter a total number of hours for the first part
| |
|
| select a labor budget item
Cost per Pound
Expected Unit Sales
Total Required Direct Labor Hours
Total Required Units
Direct Materials per Unit
Desired Ending Direct Materials (Pounds)
Direct Labor Time (Hours) per Unit
Beginning Direct Materials (Pounds)
Units to be Produced
Total Direct Labor Cost
Direct Labor Cost per Hour
Total Materials Required
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Total Cost of Direct Materials Purchases
Total Pounds Needed for Production
Direct Materials Purchases
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | $enter a dollar amount
| | $enter a dollar amount
| |
|
| select a closing labor budget item
Direct Labor Time (Hours) per Unit
Total Required Direct Labor Hours
Direct Materials per Unit
Total Pounds Needed for Production
Beginning Direct Materials (Pounds)
Cost per Pound
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Desired Ending Direct Materials (Pounds)
Total Direct Labor Cost
Direct Labor Cost per Hour
Direct Materials Purchases
Total Cost of Direct Materials Purchases
Total Required Units
Total Materials Required
Units to be Produced
Expected Unit Sales
Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced
| | $enter a total dollar amount
| | $enter a total dollar amount
| | $enter a total dollar amount
|
Prepare the selling and administrative expense budget.
| COOK FARM SUPPLY COMPANY
Selling and Administrative Expense Budget
choose the accounting period
June 30, 2020
For the Quarter Ending June 30, 2020
For the Six Months Ending June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| | | Quarter
| | Six
Months
|
| | | 1
| | 2
|
|
| select an item
Fixed Cost
Variable Cost
Total
Budgeted sales in units
Budgeted sales in units
Variable Cost
Fixed Cost
Total
| | enter a total number of units
| | enter a total number of units
| | enter a total number of units
|
| | | | | | |
|
| select an item
Budgeted sales in units
Variable Cost
Fixed Cost
Total
Budgeted sales in units
Variable Cost
Fixed Cost
Total
| | $enter a dollar amount
| | $enter a dollar amount
| | $enter a dollar amount
|
| select an item
Total
Budgeted sales in units
Fixed Cost
Variable Cost
Budgeted sales in units
Variable Cost
Fixed Cost
Total
| | enter a dollar amount
| | enter a dollar amount
| | enter a dollar amount
|
| select a closing budget item
Budgeted sales in units
Fixed Cost
Total
Variable Cost
Budgeted sales in units
Variable Cost
Fixed Cost
Total
| | $enter a total dollar amount
| | $enter a total dollar amount
| | $enter a total dollar amount
|
Save for Later
Attempts: 0 of 3 used
Submit Answer
Part 3
Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.)
| COOK FARM SUPPLY COMPANY
Budgeted Income Statement
choose the accounting period
June 30, 2020
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020
|
| select an income statement item
Beginning Inventory
Purchases
Ending Inventory
Income from Operations
Operating Expenses
Income Before Income Tax
Gross Profit
Interest Expense
Cost of Goods Sold
Total Operating Expenses
Selling and Administrative Expenses
Net Income / (Loss)
Sales
Income Tax Expense
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | $enter a dollar amount
|
| select an income statement item
Net Income / (Loss)
Interest Expense
Cost of Goods Sold
Beginning Inventory
Total Operating Expenses
Sales
Income from Operations
Ending Inventory
Selling and Administrative Expenses
Operating Expenses
Income Before Income Tax
Gross Profit
Purchases
Income Tax Expense
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a dollar amount
|
| select a summarizing line for the first part
Income from Operations
Net Income / (Loss)
Operating Expenses
Income Tax Expense
Purchases
Total Operating Expenses
Gross Profit
Beginning Inventory
Sales
Income Before Income Tax
Cost of Goods Sold
Selling and Administrative Expenses
Ending Inventory
Interest Expense
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a total amount for the first part
|
| select an income statement item
Income from Operations
Interest Expense
Purchases
Cost of Goods Sold
Income Before Income Tax
Sales
Beginning Inventory
Ending Inventory
Total Operating Expenses
Operating Expenses
Selling and Administrative Expenses
Net Income / (Loss)
Income Tax Expense
Gross Profit
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a dollar amount
|
| select a summarizing line for the second part
Total Operating Expenses
Cost of Goods Sold
Sales
Beginning Inventory
Gross Profit
Interest Expense
Net Income / (Loss)
Selling and Administrative Expenses
Ending Inventory
Purchases
Income from Operations
Operating Expenses
Income Tax Expense
Income Before Income Tax
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a total amount for the second part
|
| select an income statement item
Beginning Inventory
Net Income / (Loss)
Income Tax Expense
Selling and Administrative Expenses
Cost of Goods Sold
Operating Expenses
Income from Operations
Ending Inventory
Gross Profit
Sales
Purchases
Total Operating Expenses
Income Before Income Tax
Interest Expense
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a dollar amount
|
| select a summarizing line for the third part
Income Before Income Tax
Beginning Inventory
Selling and Administrative Expenses
Sales
Total Operating Expenses
Cost of Goods Sold
Income Tax Expense
Operating Expenses
Ending Inventory
Income from Operations
Net Income / (Loss)
Interest Expense
Purchases
Gross Profit
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a total amount for the third part
|
| select an income statement item
Income Before Income Tax
Total Operating Expenses
Cost of Goods Sold
Income from Operations
Operating Expenses
Purchases
Net Income / (Loss)
Interest Expense
Gross Profit
Selling and Administrative Expenses
Ending Inventory
Income Tax Expense
Beginning Inventory
Sales
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | enter a dollar amount
|
| select a closing name for the budgeted income statement
Interest Expense
Beginning Inventory
Ending Inventory
Sales
Cost of Goods Sold
Income Before Income Tax
Purchases
Net Income / (Loss)
Selling and Administrative Expenses
Income from Operations
Income Tax Expense
Gross Profit
Operating Expenses
Total Operating Expenses
Beginning Inventory
Cost of Goods Sold
Ending Inventory
Gross Profit
Income from Operations
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
Sales
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
Income Before Income Tax
| | $enter a total net income or loss amount
|
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