Executive officers of Baird Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two different sources. Source of Estimate Sales manager Marketing consultant First Quarter $ 379,000 518,000 Second Quarter $ 307,000 468,000 Third Quarter $ 287,000 417,000 Fourth Quarter $ 485,000 641,000 Baird's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $23,000. Next year's ending inventory is budgeted to be $24,000. Required a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate.
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- Reton Company is reviewing the results of itts production during tthe most recent fiscal year. Due to seasonality of the business, the volume of production fluctuates during the year. Renton would like to analyze the fixed and variable costs for purposes of estimating the budget for the upcoming fiscal year. The cost accountant provided the following data: UNITS PRODUCED TOTAL COST January 1,100 ₱12,530 February 1,200 13,260 March 1,400 14,720 April 1,500 15,450 May 1,800 17,640 June 2,100 19,830 July 2,000 19,100 August 1,900 18,370 September 1,400 14,720 October 1,500 15,450 November 1,300 13,990 December 1,700 16,910 TOTAL 18,900 191,970 Required: Calculate the variable cost per unit and the total fixed cost using the following: Average method (compare the two lowest quarters) Graphical method Method of least squaresReton Company is reviewing the results of itts production during tthe most recent fiscal year. Due to seasonality of the business, the volume of production fluctuates during the year. Renton would like to analyze the fixed and variable costs for purposes of estimating the budget for the upcoming fiscal year. The cost accountant provided the following data: UNITS PRODUCED TOTAL COST January 1,100 ₱12,530 February 1,200 13,260 March 1,400 14,720 April 1,500 15,450 May 1,800 17,640 June 2,100 19,830 July 2,000 19,100 August 1,900 18,370 September 1,400 14,720 October 1,500 15,450 November 1,300 13,990 December 1,700 16,910 TOTAL 18,900 191,970 Calculate the variable cost per unit and the total fixed cost using the Graphical method.Reton Company is reviewing the results of itts production during tthe most recent fiscal year. Due to seasonality of the business, the volume of production fluctuates during the year. Renton would like to analyze the fixed and variable costs for purposes of estimating the budget for the upcoming fiscal year. The cost accountant provided the following data: UNITS PRODUCED TOTAL COST January 1,100 ₱12,530 February 1,200 13,260 March 1,400 14,720 April 1,500 15,450 May 1,800 17,640 June 2,100 19,830 July 2,000 19,100 August 1,900 18,370 September 1,400 14,720 October 1,500 15,450 November 1,300 13,990 December 1,700 16,910 TOTAL 18,900 191,970 Required: Calculate the variable cost per unit and the total fixed cost using the following: High-low point method Average method (compare the two lowest quarters) Graphical method Method of least squares
- i Required information [The following information applies to the questions displayed below] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month Variable Element per Customer Served Actual Total for May $ 6,600 $ 213,500 $ 62,000 $ 2,300 $ 141,100 $ 540 $ 15,700 $ 41,000 $ 38,900 When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35 customers. 5. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Sarasota Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable: Fixed expenses SARASOTA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2022 Rent Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed Total expenses Budget 8,640 $2,592 864 3,888 1,728 9,072 1,620 1,296 864 540 4,320 $13,392 $2,808 Actual 10,800 2.160 Favorable A 918 4,428 1.512 9.666 1,620 1,296 864 540 Difference Favorable Unfavorable 4,320 $13.986 Neither Favorable nor Unfavorable $216 Unfavorable 54 Unfavorable 540 Unfavorable 216 Favorable. 594 Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -O- Neither Favorable nor Unfavorable…Prepare a complete projected income statement in the contribution format for each scenario, in the manner of a flexible budget. Please show work Carolina Manufacturing Company has been operating at a loss for several years. A management team has assembled to determine what course of action to take next year to reach profitability. They begin by reviewing the most recent income statement (below). Carolina Manufacturing Company Income Statement For the Year Ended December 31 Sales (45,000 units at $15) Less cost of goods sold: Net loss Direct materials Direct labor Manufacturing overhea Gross margin Less operating expenses Selling expenses Variable Sales commissions Shipping 135,000 117,450 147,750 Fixed (advertising, salaries) Administrative expenses Variable (billing and other) Fixed (salaries and other) 40,500 8,100 180,000 $675,000 400,200 274,800 228,600 2,700 72,000 74,700 ($28,500)
- The actual selling expenses incurred in March 2020 by Fallon Company are as follows. Variable Expenses Fixed Expenses Sales commissions $10,994 Sales salaries $35,400 Advertising 10,304 Depreciation 7,100 Travel 8,470 Insurance 1,300 Delivery 3,498 (a) Prepare a flexible budget performance report for March, assuming that March sales were $169,400. Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 6%, traveling 5%, and delivery 2%. Fixed selling expenses will consist of sales salaries $35,400, Depreciation on delivery equipment $7,100, and insurance on delivery equipment $1,300. (List variable costs before fixed costs.) (b)Prepare a flexible budget performance report, assuming that March sales were $176,700. (List variable costs before fixed costs.)Angel Company is a wholesaler that sells a single product at $103.40 per unit. Its cost analyst has colleted the necessary information for the gross profit analysis, comparing actual to budget for its product. The actual and budget data for the month of March of the current year show:The actual selling expenses incurred in March 2020 by Fallon Company are as follows. Variable Expenses Fixed Expenses Sales commissions $14,228 Sales salaries $35,000 Advertising 10,086 Depreciation 7,200 Travel 8,355 Insurance 1,900 Delivery 3,422 (a) Prepare a flexible budget performance report for March, assuming that March sales were $167,100. Variable costs and their percentage relationship to sales are sales commissions 8%, advertising 6%, traveling 5%, and delivery 2%. Fixed selling expenses will consist of sales salaries $35,000, Depreciation on delivery equipment $7,200, and insurance on delivery equipment $1,900. (List variable costs before fixed costs.)
- The actual selling expenses incurred in March 2020 by Fallon Company are as follows. Variable Expenses Fixed Expenses Sales commissions $11,180 Sales salaries $35,500 Advertising 10,530 Depreciation 7,400 Travel 6,920 Insurance 1,100 Delivery 3,580 (a) Prepare a flexible budget performance report for March, assuming that March sales were $173,000. Variable costs and their percentage relationship to sales are sales commissions 6%, advertising 6%, traveling 4%, and delivery 2%. Fixed selling expenses will consist of sales salaries $35,500, Depreciation on delivery equipment $7,400, and insurance on delivery equipment $1,100. (List variable costs before fixed costs.) FALLON COMPANYSelling Expense Flexible Budget ReportFor the Month Ended March 31, 2020 Difference Budget Actual FavorableUnfavorableNeither Favorablenor Unfavorable Select an opening flexible budget report item…As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October. Sales in units Variable expenses Sales commissions Advertising expense Travel expense Free samples given out Total variable Fixed expenses Rent Sales salaries Office salaries Depreciation-autos (sales staff) Total fixed SORIA COMPANY Clothing Department Budget Report For the Month Ended October 31, 2020 Total expenses Budget 7,500 $1,950 975 3,600 1,200 7,725 1,500 1,300 900 600 4,300 $12,025 Actual 11,000 1,210 3,850 1,540 $2,970 $1,020 Unfavorable 9,570 1,500 1,300 900 600 4,300 Difference Favorable Unfavorable Neither Favorable nor Unfavorable 3,500 Favorable 235 Unfavorable 250 Unfavorable 340 Unfavorable -0- 1,845 Unfavorable -0- Neither Favorable nor Unfavorable Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable -0- Neither Favorable nor Unfavorable $13,870…Required information [The following information applies to the questions displayed below.] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates for budgeting purposes and the actual results for May as shown below: Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month Variable Element per Customer $ 70,000 Served $ 6,300 $ 1,700 Actual Total for May $ 49,000 $ 199,000 $ 127,300 $ 620 $ 18,000 $ 46,100 When preparing its planning budget, the company estimated it would serve 30 customers per month; however, during May the company actually served 35 customers. 5. What net operating income would appear in Adger's flexible budget for May? Net operating income