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Acc 400 Week 4 Textbook

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Week 4 Assignment from the textbook
Nancy Schwartz
ACC/400
February 15, 2016
Lee Kroll

BE 23.6
Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A.

------------------------------------------------- Column A Column B
1. Budgeted income statement a. Direct materials budget b. Costs of goods sold budget

2. Budgeted balance sheet b. Costs of goods sold budget f. Budgeted income statement

3. Cash flow budget c. Production budget c. Production budget

4. Cost of goods sold budget d. Payables budget a. Direct materials budget

5. Production budget e. Sales budget e. Sales budget f. Budgeted income statement

My Note: Chapter 23, page 999, Exhibit 23-2 shows chart of Organizational Budgeting that helps answer this question.

E23.1
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication:

Direct materials inventory, Jan. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,000
Direct materials inventory, Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000
Direct materials budgeted for use during the year . . . . . . . . . . . . . . . . . . . . . . . . . 264,000
Accounts payable to suppliers of materials, Jan. 1 . . . . . . . . . . .... . . . . . . . . . . . . . 46,000
Accounts payable to suppliers of materials, Dec. 31 . . . . . . . . . . ... . . . . . . . . . . . . 77,000

Compute the budgeted amounts for:

a. Purchases of direct materials during the year. $264,000 + 85,000 – 73,000 = $ 276,000 (Budget for year + Ending inventory Dec. 31 – Beginning inventory Jan 1.)

My Note: Chapter 23, page 1003, Exhibit 23-5 helps with this question.

b. Cash payments during the year to suppliers of materials.

$46,000 + $264,000 - $77,000 = $245,000 (Beginning payable Jan. 1 + Budget for year – Ending accounts payable Dec. 31)

My Note: Chapter 23, page 1007, Exhibit 23-9 helps with this question.

E23.8
Sales on account for the first two months of the current year are budgeted as follows:

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000
Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,000

All sales are made on terms of 2/10, n/30 (2% discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows:

Collections within the month of sale: Within discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% After discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Collections within the month following sale: Within discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 After discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . … . . . . . . . 6
Returns, allowances, and uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . … . . . . . . . . 2 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%

Compute the estimated cash collections on accounts receivable for the month of February.

Estimated Receipts from Customers February

Collections from January Sales $144,000 800,000 * 0.18 (12 + 6 = 18)

Collections for February Sales $603,680 880,000 * 0.70 * 0.98

Collections for February Sales $88,000 880,000 * 0.10 __

Total $835,680

E23.9
On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company’s sales are made on account. The following information has been provided by Spicer’s management:

-------------------------------------------------
Month Credit Sales
Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ….. . . . . . . . . . . . . . . . . . . $300,000 (actual)
Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …… . . . . . . . . . . . . . . . . 400,000 (actual)
Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …... . . . . . . . . . . . . . . . 600,000 (estimated)
Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …… . . . . . . . . . . . . . . . 700,000 (estimated)
May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …… . . . . . . . . . . . . . . 800,000 (estimated)

The company’s collection activity on credit sales historically has been as follows:

Collections in the month of the sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50%
Collections one month after the sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Collections two months after the sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Uncollectible accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . . . . . 5

Spicer’s total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer’s budgeted cash balance at the ends of March, April, and May.

Cash balance on March 1 | $500,000 | Collections on January sales (300,000 * 15%) | $45,000 | Collections on February sales ($400,000 * 30%) | $120,000 | Collections on March sales ($600,000 * 50%) | $300,000 | Total Cash Available | $965,000 | Less: Expenditures | ($400,000) | Cash Balance on March 31 | $565,000 |

Cash balance on April 1 | $565,000 | Collections on February sales (400,000 * 15%) | $60,000 | Collections on March sales (600,000 * 30%) | $180,000 | Collections on April sales (700,000 * 50%) | $350,000 | Total Cash Available | $1,150,000 | Less: Expenditures | ($400,000) | Cash Balance on April 30 | $755,000 | Cash balance on May 1 | $755,000 | Collections on March sales (600,000 * 15%) | $90,000 | Collections on April sales (700,000 * 30%) | $210,000 | Collections on May sales (800,000 * 50%) | $400,000 | Total Cash Available | $1,455,000 | Less: Expenditures | ($400,000) | Cash Balance on May 31 | $1,055,000 |

E24.2
The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

Variances

------------------------------------------------- Standard Cost Unfavorable Favorable
Direct materials . . . . . . . . . . . . . . . . . .. . . . $ 85,000
Price variance . . . . . . . . . . . . . . . . . . . . . . . $5,000
Quantity variance . . . . . . . . . . . . . . . . . . . . $3,000
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Rate variance . . . . . . . . . . . . . . . . . . . . . . . 2,700
Efficiency variance . . . . . . . . . . . . . . . . . . . 6,200
Manufacturing overhead . . . . . . . . . . . . . . . . 300,000
Spending variance . . . . . . . . . . . . . . . . . . . . 4,000
Volume variance . . . . . . . . . . . . . . . . . . . . . . 5,000

Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead.

Direct material price variance | $5,000 | Direct material quantity variance | ($3,000) | Direct Material Cost Variance | $2,000 | | | Standard Cost | $85,000 | Actual Cost of Materials | $87,000 | | | Direct Labor Rate Variance | ($2,700) | Direct Labor Efficiency Variance | $6,200 | Direct Labor Cost Variance | $3,500 | | | Standard Cost | $150,000 | Actual Cost of Labor | $153,500 | | | Spending Variance | ($4,000) | Volume Variance | ($5,000) | Total Manufacturing Overhead Variance | ($9,000) | | | Standard Cost | $300,000 | Actual Manufacturing Overhead | $291,000 |

E24.4
Gumchara Corporation reported the following information with respect to the materials required to manufacture amalgam florostats during the current month:

Standard price per gram of materials . . . . . . . . . . . . . . . . . . ……. . . . . . . . . . . . . . . . $4
Standard quantity of materials per amalgam florostat . . . . . . . . . . . . . . . . . . . . . 5 grams
Actual materials purchased and used in production . . . . . . . . . . . . . . . . . .. . 6,000 grams
Actual amalgam florostats produced during the month . . . . . . . . . . . . . . . . . . 1,000 units
Actual cost of materials purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,000
Normal monthly output . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 900 units

a. Determine Gumchara’s materials price variance. 6,000 grams * ($4 – $3) = 6,000 materials price variance Favorable variance $18,000/6,000 grams = $3/gram

b. Determine Gumchara’s materials quantity variance. 4,000 materials quantity variance Unfavorable variance 1,000 units * 5 grams = 5,000 grams $4 * (5,000 grams – 6,000 grams) = - 4,000

c. Will Gumchara’s overhead volume variance be favorable or unfavorable? Why? Gumchara’s overhead volume variance will be favorable as the actual output for the period of 1000 units is more than the normal output of 900 units.

E24.6
Marlo Enterprises produces radon mitigation pumps. Information pertaining to the company’s monthly direct labor usage is provided below:

Standard labor rate per hour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16
Standard hours allowed per radon mitigation pump . . . . . . . . . . . . . . . . . . . . . . . 0.5 hours
Actual pumps produced during the current month . . . . . . . . . . . . . . . . . . . . . . . . 9,000 units
Actual labor hours worked during the current month . . . . . . . . . . . . . . . . . . . . . . 3,600 hours
Actual labor cost for the current month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $64,800

a. Compute the company’s labor rate variance. Labor rate variance = 3600 * (16 – 18) = -7,200 64,800/3,600 = $18/hour Unfavorable variance

b. Compute the company’s labor efficiency variance. 16 * (4,500 hours - 3,600 hours) = $14,400 9,000 * 0.5 = 4,500 hours Favorable variance

c. An extremely large order of radon mitigation pumps was filled during the month for exportation to Saudi Arabia. Filling this order resulted in extended hours for many of the company’s workers. Which labor variance reflects the extra hours worked by Marlo’s employees? Was their time well utilized? Explain. The labor rate reflect the extra hours worked by Marlo’s employees because the rate was higher, due to overtime applied. Their time was well utilized Marlo’s Enterprises as the cost to the company was below the standard and the workers were able to earn more money. The time that was spent in production was used efficiently.

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