11 Jan Sweet Potato Inc. requires a cash budget for the month of december 2014. The following information is available for preparatio
Sweet Potato Inc. requires a cash budget for the month of december 2014. The following information is available for preparation of the cash budget.
-The cash balance on December 1 is $11,000
-Sales for November and December are $55,000 and $60,000 respectively. Cash collections on sales are 40% of the month of sale and 60% in the month after the sale
-General expenses budgeted for December 2014 are $18,000 (depreciation represents $2000 of this amount)
-Inventory purchases will total $30,000 in November and $50,000 in December. The company pays for 40% of its inventory purchases in the month of purchase and 60% in the month after purchase
-The company will pay $5000 in cash for desks in December 2014
-Salaries and wages not included in general expenses above are budgeted at $8,000
-The company plans to issue and pay salary bonuses in December 2014 in the amount of $6,000
-The company maintains a minimum ending cash balance of $10,000 and can borrow from the bank in multiples of $100 all loans are repaid after 60 days
Prepare a cash budget for Sweet Potato Inc. for the month of December 2014 and explain all steps taken in order to solve this question
Stuffed Turkey Inc. whose fiscal year begins on November 1 has just completed a record breaking year producing and selling turkeys. Its inventory account balances on October 31 of this year were:
Materials Inventory: $83,000
Work In Process Inventory: $2,700,000
Finished Goods Inventory: $1,800,200
At the beginning of the year the inventory account balances were:
Materials Inventory: $56,200
Work In Process Inventory: $3,300,000
Finished Goods Inventory: $1,596,400
During the fiscal year the companys purchases of direct materials totaled $750,000 direct labor hours totaled 140,000 and the average labor rate was $11 per hour. The following overage costs were incurred during the year
-Depreciation/plant and equipment $85,600
-Indirect labor $207,300
-Property Tax/ Plant and equipment:$96,000
-Plant maintenance: $8,000
Small Tools: $42,400
Employee Benefits: $176,100
Prepare a statement of cost of goods manufactured for the year ended October 31 2014 and explain each step and how to prepare
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