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(solution) Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months


1) Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2010 are as follows:January40,000February50,000March60,000Finished goods inventory at the end of 2009 was 12,000 units. On average, 25 percent of the futons are produced during the month before they are sold, which normally accounts for the ending balance in finished goods inventory. The planned selling price is $150 per unit.What would be the sales budget for March? 2) Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2010 are as follows:January40,000February50,000March60,000Finished goods inventory at the end of 2009 was 12,000 units. On average, 25 percent of the futons are produced during the month before they are sold, which normally accounts for the ending balance in finished goods inventory. The planned selling price is $150 per unit.Fantastic Futons buys direct materials for the futons in cloth rolls priced at $80 each. Each roll provides direct material for 40 futons. There was one roll in the direct materials inventory at the beginning of January, and the company expects to have four rolls in inventory at the end of the month. Assuming the production budget calls for 60,000 units to be produced in January, what would be the amount of the cloth rolls direct materials purchases budget for that month? 3) Fantastic Futons goes through two departments in the production process. Each futon requires two direct labor hours in Department A and one hour in Department B. Labor cost is $8 per hour in Department A and $10 per hour in Department B.Assuming the amount budgeted to be produced in January is 30,000 units, what is the budgeted direct labor cost for January? 4) The projections of direct materials purchases that follow are for the Sombo Corporation.Purchases on AccountCash PurchasesDecember$40,000$30,000January60,00033,000February50,00035,000March70,00025,000The company pays for 60 percent of purchases on account in the month of purchase and 40 percent in the month following the purchase. What is the expected cash payment for direct materials for the month of January? 5) Fallgatter, Inc., expects to sell 17,500 units. Each unit requires 3 pounds of direct materials at $12 per pound and 2 direct labor hours at $10 per direct labor hour. The overhead rate is $8 per direct labor hour. The beginning inventories are as follows: direct materials, 2,000 pounds; finished goods, 2,500 units. The planned ending inventories are as follows: direct materials, 5,600 pounds; finished goods, 3,000 units.Given a planned production of 10,000 units, what are the planned direct materials purchases? 6) Leaverton's forecast of sales is as follows: July, $60,000; August, $90,000; September, $130,000. Sales are normally 80 percent cash and 20 percent credit in any month. Credit sales are collected in full in the following month. Merchandise cost averages 60 percent of sales price. The company desires an inventory as of September 30 of $52,000. The inventory as of June 30 was $25,000.Total cash receipts for August will be

 


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