80.2K

Verified Solution

Link Copied!

A B C D G H 1. Thunder Creek Company expects sales of 18,000 units in January 2018,24,000 units in February 30,000 units in March 1,000 in April, and 36,000 in May. The sales price is $34 per unit Prepare a sales but 2018 Budget #1: Sales Budget Jan 01 Total April May 5 Burleted units to be sold 18.000 24,000 30.000 72,000 34,000 36,000 Sales price per unit 36 34 14 14 34 34 Total Sales S 612,000$ 816,000 1,020,000 2.448.000 1.156,000 S 1,224,000 Feb Mar 9 Thunder Creek wants to finish each month with 20% of next month's sales in units 10 Prepare a production but(When entering answers in the production budget, the sales budget for your cell references. Enter all values as positive without a minus sign in row 18.) 11 Itinti Beginning inventory for the period is equal to the ending inventory of the previoun period 12 2017 2018 14 Budget 2 Production Budget Dec Jan Feb Mar al Total April May 15 ted units to be sold 16 Desired units in ending inventory 17 Total units needed 10 Units in beginning inventory 19 Badated units to be produced Thunder Creek Company ses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9500 pounds of material in Raw 21 Materials inventory Management desires an endin inventory of 25% of next month's materials requirements Prepare a Direct Materials Badget. (When entering answers in the direct materials budget, use the production budget for your cell references. Enter all values as positive without a minus in row 1.) 21 2x 25 Budget 3: Direct Materials Budget Feb Mar Q1 Total April 26 Budgeted units to be produced 27 Dret materials (pounds per unit Bet materials needed tre notection 2018 lan 18 A G Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company be the year with 9,500 pounds of material in law 21. Materials inwentary Management desires an ending inventory of 25% of next month's materials requirements 22 Preue a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references. Enter all values as positive without a minus sign in Yow 31.) 2018 25 Budget #3: Direct Materials Budget Jan Feb Mar Q1 Total April Burleted units to be produced 27 Direct materials (pounds) per unit 28 Direct materials needed for production 29 Plus Desired direct materials in ending inventory pounds) 30 Total direct materials needed 31 Lew: Direct material in beginning inventory Counds) 2 Budented purchase of direct materials 33 Direct material cost per pound 34 fludeted cost of direct materials purchases 35 36 Thunder Creek Company's workers require 30 minutes of labor to produce each unit of product. The labor cost is $20 per hour 37 Prepare a Direct Labor lupet. (When entering answers in the direct laborate the direct materials budget for your cell references) 30 2018 39 Budget 14: Direct Labor Budget Jan Feb Mar Q1 Total 40 Bude ted units to be produced 41 Oirect aan hours per unit Direct labor hours needed for production 4 Direct labor cost per hour 41 Budgeted direct labor cost Thunder Cech company prepares its Manufacturing Overhead Budget. For each direct labochow, the variable overhead costs are indirect Materials 5100 per Indirect Labor Cost-$1.30 per Maintenance51 20 per DEH A. The find the Cassmatra intesa Sanction.620.000 Maintensino structions ENTERANSWERS PE AR Nord CH 0 D E G H Thunder Creek Company prepares its Manufacturing Overhead Budget. For each direct labor hour, the variable overhead costs are Indirect Materials $1.00 per DLH Indirect Labor Cost-1,30 per DIN, Maintenance $1.20 per DEH The Fixed Overhead Costs per month are: Salaries of $40,000, Depreciation $20,000 and Maintenance $10,000 Prepare a Manufacturing Overhead Budget. (When entering answers in the manufacturing overhead budget, use the direct labor budget for your cell references) Use 'ROUND' function to round the predetermined overhead location rate to two decimal places Manufacturing overhead is allocated using direct labor hours. 2018 Jan Feh Mar 01 Total Budget St Manufacturing Overhead Budget Budgeted units to be produced VOH cost per unit Bad VOR Budited FOH Depreciation Salaries and maintenance Total budgeted TOH Budgeted manufacturing overhead costs . 2 Direct labor hours Dredetermined overhead allocation rate per DLHT B D G 5 Thunder Crew Company was the first in, first out inventory colod The Beginning Finished Goods inventory is $86,400 consisting of 3,500 units Begin by calculating the projected on to produce each unit in 2018 based on projected sales tin: In "Cost per un table, el references come from Direct Materials, Direct Labor, and Manufacturin erhead budet U ROUND'unction to found the fixed manufacturing overhead cost per unit to Iwo decimal places Prepare a cost of Good Solution Units per month calculated using cell references to both a budget and production budet) Caut per unit Direct material cost per unit Direct labor cost per unit Manufacturing verhead cost per unit Total projected manufacturing cost per unit 2018 Jan Feb Mar 01 Total Budget #6: Cost of Goods Sold Budget Beginning Finished Goods Inventory. 2,600 units Units produced and sold in 2018 Cost perut Units per month Total cost of units produced and sold in 2018 Total budgeted cost of roods sold Thunder Creek Company's variable supplies expense per month is $3.00 per unit. The fixed selling and administrative expenses per month consist of Salaries $245.000. Advertising $30,000, and Depreciation $28,000 Prepare a Selling and Administrative Expense Budget (When entering answers in the selling and administrative budget, use the sales budget for your coll references 2018 Jan Mar Budget #7: Selling and Administrative Expense Budget Q1 Total Salaries expense Advertising expense Depreciation expense Supplies expense Total budgeted S&A expense Feb D B E Thunder Creek Company expects sales of 18,000 units in January 2018, 24,000 units in February 30,000 units in March, 34,000 in April, and 36,000 in May. The sales price is $34 per unit. H Prepare a sales budget Budget 1: Sales Budget Budgeted units to be sold Sales price per unit Total Sales Jan 18,000 34 612,000 $ Feb 24,000 34 816,000 2018 Mar Q1 Total April 30,000 22,000 34.000 34 34 34 1,020,000 $2,448,000 $1,156,000S May 36,000 34 1,224,00 $ Thunder Creek wants to finish each month with 20% of next month's sales in units. Prepare a production budget. (When entering answers in the production budget, ose the sales budget for your cell references. Enter all values as positive without a minussimin row 18.1 Hint Berpinning inventory for the period is equal to the ending inventory of the previous period, 2017 Dec Jan Feb 2018 Q1 Total Mar April May Budget 2 Production Budget Budgeted units to be sold Plus: Desired unitsin ending inventory Total units needed Less: Units in beginning inventory Budgeted units to be produced B Thunder Creek Company expects sales of 18,000 units in January 2018, 24,000 units in February 30,000 units in March, 34,000 in April and 36,000 in May. The sales price is $34 per unit. Prepare a sales budget 2018 Budget #1: Sales Budget Jan Feb Mar Q1 Total April May Budgeted units to be sold 18000 24,000 30.000 72,000 34,000 Sales puce per mu 16,000 14 34 34 14 14 Total sales 34 $ 612,000 816,000 $ 1,020,000 $ 2,448,000 $ 1,156,0X10S 1,234,000 Thunder Creek wants to finish each month with 20% of next month's sales in units Prepare a production budget. (When entering answers in the production budget, use the sales budget for your cell references. Enter all values as positive without a minussiin row 18.) Hint: Beginning inventory for the period is equal to the ending inventory of the previous period, 2017 Dec Jan Feb Mar 2018 Qi Total April May Budget 2 Production Budget Budgeted units to be sold Plus Desired units in ending Inventory Total units needed Less Units in beginning inventory Badgeted units to be produced Thunder Creek Companys 2 pounds of direct materials for achit i produces at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials twentory Management desires an ending inventory of 25% of next month's material requirements Prepare a Direct Materials Bucet ( Westering awwers in the direct materials budget, use the production budget for your cell references. Her will values is positive without a mission in row 31.1 2018 Mar Jan Feb Q1 Total April 5 Budget 3: Direct Materials Budget 6 Budgeted units to be produced 7 Direct materials (pounds) per unit Direct materials needed for production 9. Must Desired direct materials in ending inventory (pods) 30 Totalrect material needed esseech materials in beginning inventory pounds! 2 Budeeted purchase of direct materials 33 Direct material cost per pound 34 Budgeted cost of direct materials purchases 36 Thunder Creek Company's workers regare 30 minutes of labor to produce each unit of product. The labor cost is $20 per hour 37 Prepare a Direct Labor ludget. (When entering answers in the direct labor budget, use the direct material budget for your cell references) 2015 9 Budget #4: Direct Labor Budget Jan Feb Mar Q1 Total -40 Budgeted units to be produced 11 Direct labor hours per unit 42. Direct laborhouts needed for production 43 Derect labor com per hour Mated direct labor cost 45 Thunder Creek Company prepares its Manufacturing Overhead Budget. For each direct labor hour, the variable overhead costs are: Indirect Materials - $1.00 per DLH; Indirect Labor Cost - $1.30 per DLH; Maintenance $1.20 per DLH The Fixed Overhead Costs per month are: Salaries of $40,000, Depreciation $20,000 and Maintenance - $10,000. Prepare a Manufacturing Overhead Budget. (When entering answers in the manufacturing overhead budget, use the direct labor budget for your cell references) Use 'ROUND' function to round the predetermined overhead allocation rate to two decimal places. Manufacturing overhead is allocated using direct labor hours. 2018 Jan Feb Mar Q1 Total 2 Budget #5: Manufacturing Overhead Budget 3. Budgeted units to be produced VOH cost per unit 5 Budgeted VOH 5 Budgeted FOH 7 Depreciation 3 Salaries and maintenance Total budgeted FOH Budgeted manufacturing overhead costs 1 2 Direct labor hours (DLHO) 3 Predetermined overhead allocation rate per DLH Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method. The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hint: In "Cost per unit" table, cell references come from Direct Materials Use'-ROUND' function to round the fixed manufacturing overhead cost per unit to two decimal places. Prepare a cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit Direct material cost per unit Direct labor cost per unit Manufacturing overhead cost per unit Total projected manufacturing cost per unit 2018 Jan Feb Mar Q1 Total Budget #6: Cost of Goods Sold Budget Beginning Finished Goods Inventory, 3,600 units. Units produced and sold in 2018 Cost per unit 1 Units per month 2 Total cost of units produced and sold in 2018 3 Total budgeted cost of goods sold - 84 Thunder Creek Company's variable supplies expenso per month is $300 per unit. The fixed selling and administrative expenses per month consist of Salaries: 89 $245,000, Advertising $30,000, and Depreciation $28,000 86 Prepare a Soling and Administrative Expense Budget (When entering answers in the selling and administrative budget, use the sales budget for your col references) 87 2018 88 Budget #71 Selling and Administrative Expense Budget Jan Feb Mar Q1 Total 09 Salaries expense 90 Advertising expense 91 Depreciation expense 92 Supplies expense 93 Total budgeted 5&A expense 94 95

Answer & Explanation Solved by verified expert

See Answer