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Jordan and Taylor are too busy baking brownies to schedule an appointment with you. They did send you the enclosed questions for you to answer.

1. Units to be produced annually: 200,000 tins
Direct labor: 1 hour per 100 tins
Variable overhead costs per direct labor hour:
Indirect materials $2.05
Indirect labor $1.20
Utilities $9.25
Maintenance $3.50
Fixed overhead costs per quarter:
Insurance $3,000
Depreciation $2,000
Rent $12,000

What is the budgeted total manufacturing overhead for the year?

2. Sales: 60,000 tins per quarter

Variable costs per dollar of sales: sales commissions 5%, delivery expense .5%, and advertising 1.5%.
Fixed costs per quarter: sales salaries $40,000, office rent $1,500, utilities $1,200, and repairs expense $200.
Selling price: $10 per tin

What is the budgeted total selling and administrative expenses for the quarter?

3. Sales are 30% cash and 70% on credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale. Sales were December $180,000; January $220,000; February $250,000; and March $300,000.

What was total cash received in March?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713140

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