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Quiz Answers
Quiz Answers
a)
Sales budget
b)
Production budget
c)
Purchase Budget
d)
Direct Labor Cost budget
e)
Factory Overhead budget
The Budget department of Integrated Solutions Inc. gathered the following data concerning future sales and budget requirements:
1.
Anticipated sales for 2013
Product Lines Units Sales Price
A 20,000 P 55
B 50,000 52
C 30,000 60
2.
Expected December 31, 2012 inventories of finished goods
Product A 8,000 units
B 15,000 units
C 6,000 units
3. Desired December 31, 2013 inventories of finished goods
Product A 10,000 units
B 14,000 units
C 7,000 units
4.
Materials used in manufacturing the product
Quantity used per unit of product
Stock No. Units Product A Product B Product C
110 liter 3 - 5
50 liter 2 1 3
41 gram 1 2 -
30 gram - 3 -
40 gal 5 - 4
5.
Anticipated Purchase Price for Raw Materials
Stock No. 110 P3.00/liter
50 2.00 /liter
41 2.50 /gram
30 4.00 /gram
40 3.25/ gal.
6.
Expected December 31, 2012 inventories of raw materials
Stock No. 110 21,000 liters
50 17,000 liters
41 10,000 grams
30 18,000 grams
40 25,000 gal.
7.
Desired December 31, 2013 inventories of raw materials
Stock No. 110 25,000 liters
50 23,000 liters
41 15,000 grams
30 18,000 grams
40 30,000 gal.
8.
Labor requirements and rates (direct labor)
Product Lines Hours per unit Rate
A 4 P 4/hr
B 5 3/hr
C 5 4.20/hr
9.
Manufacturing Overhead (Classify into fixed and variable)
Depreciation- Buildings P 50,000 (straight line method used)
Depreciation-Machinery & Eqmnt. 45,000 (straight line method used)
Supervision 42,000
Insurance 12,000
Miscellaneous 15,000
Indirect Labor P .10 per direct labor hours
Factory supplies .08 per direct labor hours
Miscellaneous .05 per direct labor hours