NEED A PERFECT PAPER? PLACE YOUR FIRST ORDER AND SAVE 15% USING COUPON:

Assignment You need to enable JavaScript to run this app. Week 7 – Project: Company Master Budget Question 1 of 1 – / 100

Assignment You need to enable JavaScript to run this app.

Week 7 – Project: Company Master Budget

Question 1 of 1

– / 100

Click here to Order a Custom answer to this Question from our writers. It’s fast and plagiarism-free.

Assignment You need to enable JavaScript to run this app.

Week 7 – Project: Company Master Budget

Question 1 of 1

– / 100

View Policies

Grade Release
Question feedback will display as you Submit Answers.

Access and Availability
Submission after due date is allowed.

Attempts and Assistance
3 attempts allowed on this question.
Your best score will be kept as question score.
Correct Answer assistance is available after last attempt.
eTextbook and Media assistance is always available.
Solution assistance is available after last attempt.

Attempt # Time Raw
Score Used
Assistances Final
Score

Current Attempt in Progress

Practice Problem 1

Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020.

1. Sales: quarter 1, 29,800 bags; quarter 2, 42,400 bags. Selling price is $62 per bag.

2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound.

3. Desired inventory levels:

Type of Inventory
January 1
April 1
July 1

Snare (bags) 8,300 12,400 18,100

Gumm (pounds) 9,300 10,500 13,300

Tarr (pounds) 14,300 20,400 25,400

4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour.

5. Selling and administrative expenses are expected to be 15% of sales plus $178,000 per quarter.

6. Interest expense is $100,000.

7. Income taxes are expected to be 30% of income before income taxes.

Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $300,000 in quarter 1 and $426,500 in quarter 2.

(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)

Part 1

Part 1

Prepare the sales budget.

COOK FARM SUPPLY COMPANY
Sales Budget
choose the accounting period

For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
June 30, 2020

For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020

Quarter
Six
Months

1
2

Expected unit sales
enter a number of units

enter a number of units

enter a number of units

Unit selling price
$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

Total sales
$enter a total dollar amount

$enter a total dollar amount

$enter a total dollar amount

Prepare the production budget.

COOK FARM SUPPLY COMPANY
Production Budget
choose the accounting period

For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020
June 30, 2020

For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020

Quarter
Six
Months

1
2

select an opening production budget item

Required Production Units
Direct Materials Purchases
Cost per Pound
Expected Unit Sales
Total Required Units
Desired Ending Finished Goods Units
Beginning Direct Materials
Total Required Direct Labor Hours
Beginning Finished Goods Units
Desired Ending Direct Materials
Direct Materials per Unit
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Direct Labor Time per Unit
Total Pounds Needed for Production
Direct Labor Cost per Hour
Total Materials Required

Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units

enter a number of units

enter a number of units

select between addition and deduction

Add
Less

Add
Less

: select a production budget item

Desired Ending Direct Materials
Direct Labor Time per Unit
Total Required Direct Labor Hours
Required Production Units
Total Materials Required
Total Cost of Direct Materials Purchases
Direct Materials per Unit
Total Direct Labor Cost
Cost per Pound
Total Required Units
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Direct Materials Purchases
Expected Unit Sales
Beginning Direct Materials
Total Pounds Needed for Production
Direct Labor Cost per Hour

Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units

enter a number of units

enter a number of units

select a summarizing line for the first part

Desired Ending Direct Materials
Direct Labor Time per Unit
Desired Ending Finished Goods Units
Beginning Direct Materials
Total Cost of Direct Materials Purchases
Total Required Direct Labor Hours
Direct Labor Cost per Hour
Direct Materials per Unit
Expected Unit Sales
Beginning Finished Goods Units
Total Required Units
Total Direct Labor Cost
Cost per Pound
Total Pounds Needed for Production
Required Production Units
Total Materials Required
Direct Materials Purchases

Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units

enter a total number of units for the first part

enter a total number of units for the first part

select between addition and deduction

Add
Less

Add
Less

: select a production budget item

Beginning Direct Materials
Direct Labor Time per Unit
Total Materials Required
Total Required Units
Required Production Units
Expected Unit Sales
Direct Labor Cost per Hour
Direct Materials per Unit
Total Direct Labor Cost
Desired Ending Finished Goods Units
Direct Materials Purchases
Total Cost of Direct Materials Purchases
Cost per Pound
Total Pounds Needed for Production
Desired Ending Direct Materials
Beginning Finished Goods Units
Total Required Direct Labor Hours

Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units

enter a number of units

enter a number of units

select a closing production budget item

Desired Ending Direct Materials
Required Production Units
Desired Ending Finished Goods Units
Expected Unit Sales
Total Materials Required
Direct Materials per Unit
Beginning Finished Goods Units
Total Required Units
Direct Materials Purchases
Direct Labor Cost per Hour
Beginning Direct Materials
Cost per Pound
Total Direct Labor Cost
Total Pounds Needed for Production
Total Cost of Direct Materials Purchases
Total Required Direct Labor Hours
Direct Labor Time per Unit

Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units

enter a total number of units

enter a total number of units

enter a total number of units

eTextbook and Media

Save for Later

Attempts: 0 of 3 used
Submit Answer

Part 2

Part 2

Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.)

COOK FARM SUPPLY COMPANY
Direct Materials Budget—Gumm
choose the accounting period

June 30, 2020
For the Six Months Ending June 30, 2020
For the Quarter Ending June 30, 2020

For the Six Months Ending June 30, 2020
June 30, 2020
For the Quarter Ending June 30, 2020

Quarter
Six
Months

1
2

select an opening direct materials budget item

Expected Unit Sales
Direct Labor Cost per Hour
Total Direct Labor Cost
Cost per Pound
Direct Materials Purchases
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Total Materials Required
Total Pounds Needed for Production
Units to be Produced
Total Required Direct Labor Hours
Beginning Direct Materials (Pounds)
Total Required Units
Desired Ending Direct Materials (Pounds)
Direct Materials per Unit
Direct Labor Time (Hours) per Unit
Total Cost of Direct Materials Purchases

Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced

enter a number of units

enter a number of units

select an item

Direct Labor Time (Hours) per Unit
Units to be Produced
Total Direct Labor Cost
Total Pounds Needed for Production
Cost per Pound
Desired Ending Finished Goods Units
Beginning Finished Goods Units
Direct Labor Cost per Hour
Total Required Units
Total Required Direct Labor Hours
Total Cost of Direct Materials Purchases
Expected Unit Sales
Desired Ending Direct Materials (Pounds)
Total Materials Required
Direct Materials Purchases
Direct Materials per Unit
Beginning Direct Materials (Pounds)

Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced

enter the amount of pounds

enter the amount of pounds

select a summarizing line for the first part

Direct Materials Purchases
Expected Unit Sales
Direct Labor Time (Hours) per Unit
Total Direct Labor Cost
Desired Ending Direct Materials (Pounds)
Cost per Pound
Direct Labor Cost per Hour
Beginning Direct Materials (Pounds)
Total Required Units
Total Pounds Needed for Production
Direct Materials per Unit
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Total Required Direct Labor Hours
Units to be Produced
Total Cost of Direct Materials Purchases
Total Materials Required

Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Materials Required
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Units to be Produced

enter a total amount of pounds for the first part

enter a total amount of pounds for the first part

select between addition and deduction

Add
Less

Add
Less

: select an item

Direct Materials per Unit
Total Cost of Direct Materials Purchases
Desired Ending Finished Goods Units
Units to be Produced
Direct Labor Cost per Hour
Direct Materials Purchases
Total Direct Labor Cost
Total Required Direct Labor Hours
Total Materials Required
Direct Labor Time (Hours) per Unit
Total Required Units
Desired Ending Direct Materials (Pounds)
Expected Unit Sales
Beginning Direct Materials (Pounds)
Total Pounds Needed for Production
Cost per Pound
Beginning Finished Goods Units

Beginning Direct Materials (Pounds)
Beginning Finished Goods Units
Cost per Pound
Desired Ending Direct Materials (Pounds)
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Labor Time (Hours) per Unit
Direct Materials per Unit
Direct Materials Purchases

Place your order now for a similar assignment and have exceptional work written by one of our experts, guaranteeing you an A result.

Need an Essay Written?

This sample is available to anyone. If you want a unique paper order it from one of our professional writers.

Get help with your academic paper right away

Quality & Timely Delivery

Free Editing & Plagiarism Check

Security, Privacy & Confidentiality