Question
1:
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
Question 2:
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
Utilities: $96,500
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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