Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March 20,000 April 22,000 19,500 18,000 May June Wright maintains an ending inventory for each month in the amount of two and one-half times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $7 per unit and are paid for in the month after production. Labor cost is $11 per unit and is paid for in the month incurred. Fixed overhead is $19,000 per month. Dividends of $21,400 are to be paid in May. The firm produced 19,000 units in February. Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory. Note: Input all amounts as positive values except Beginning inventory values under Production Schedule which should be entered with a minus sign. Leave no cells blank be certain to enter 0 wherever required. Projected unit sales Desired ending inventory Total units required Beginning inventory Units to be produced Units produced Material cost Labor cost Fixed overhead Dividends Total cash payments Wright Lighting Fixtures Production Schedule March April Cash Payments February March May April June May
Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March 20,000 April 22,000 19,500 18,000 May June Wright maintains an ending inventory for each month in the amount of two and one-half times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $7 per unit and are paid for in the month after production. Labor cost is $11 per unit and is paid for in the month incurred. Fixed overhead is $19,000 per month. Dividends of $21,400 are to be paid in May. The firm produced 19,000 units in February. Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory. Note: Input all amounts as positive values except Beginning inventory values under Production Schedule which should be entered with a minus sign. Leave no cells blank be certain to enter 0 wherever required. Projected unit sales Desired ending inventory Total units required Beginning inventory Units to be produced Units produced Material cost Labor cost Fixed overhead Dividends Total cash payments Wright Lighting Fixtures Production Schedule March April Cash Payments February March May April June May
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
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Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...
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Transcribed Image Text:Wright Lighting Fixtures forecasts its sales in units for the next four months as follows:
20,000
22,000
19,500
18,000
March
April
May
June
Wright maintains an ending inventory for each month in the amount of two and one-half times the expected sales in the following
month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $7 per unit and are paid for
in the month after production. Labor cost is $11 per unit and is paid for in the month incurred. Fixed overhead is $19,000 per month.
Dividends of $21,400 are to be paid in May. The firm produced 19,000 units in February.
Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one
month is equal to sales plus desired ending inventory minus beginning inventory.
Note: Input all amounts as positive values except Beginning inventory values under Production Schedule which should be entered
with a minus sign. Leave no cells blank be certain to enter O wherever required.
Projected unit sales
Desired ending inventory
Total units required
Beginning inventory
Units to be produced
Units produced
Material cost
Labor cost
Fixed overhead
Dividends
Total cash payments
Wright Lighting Fixtures
Production Schedule
March
April
Cash Payments
February
March
May
April
June
May
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