CHAPTER 9 SOLUTIONS TO PROBLEMS: SET B PROBLEM 9-1B. Expected unit sales... Unit selling price... Total sales...
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1 CHAPTER 9 SOLUTIONS TO PROBLEMS: SET B PROBLEM 9-1B MERCER FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2017 Expected unit sales... Unit selling price... Total sales... Quarter ,000 X $63 $2,520,000 50,000 X $63 $3,150,000 Six Months 90,000 X $63 $5,670,000 MERCER FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2017 Expected unit sales... Add: Desired ending finished goods units... Total required units... Less: Beginning finished goods units... Required production units... Quarter ,000 15,000 55,000 10,000 45,000 50,000 Six Months 20,000 70,000 15,000 55, ,000 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-1
2 PROBLEM 9-1B (Continued) MERCER FARM SUPPLY COMPANY Direct Materials Budget Crup For the Six Months Ending June 30, 2017 Units to be produced... Direct materials per unit... Total pounds needed for production... Add: Desired ending direct materials (pounds)... Total materials required... Less: Beginning direct materials (pounds)... Direct materials purchases... Cost per pound... Total cost of direct materials purchases... Quarter ,000 X 5 225,000 12, ,000 9, ,000 X $3.80 $866,400 55,000 X 5 275,000 15, ,000 12, ,000 X $3.80 Six Months $1,056,400 $1,922,800 MERCER FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30, 2017 Units to be produced... Direct labor time (hours) per unit... Total required direct labor hours... Direct labor cost per hour... Total direct labor cost... Quarter ,000 X.25 11,250 X $12 $135,000 Six Months 55,000 X.25 13,750 X $12 $165,000 $300, Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
3 PROBLEM 9-1B (Continued) MERCER FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2017 Budgeted sales in units... Quarter ,000 50,000 Six Months 90,000 Variable (.10 X sales)... Fixed... Total... $252, ,000 $402,000 $315, ,000 $465,000 $567, ,000 $867,000 MERCER FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2017 Sales... $5,670,000 Cost of goods sold (90,000 X $40)... 3,600,000 Gross profit... 2,070,000 Selling and administrative expenses ,000 Income from operations... 1,203,000 Interest expense... 70,000 Income before income taxes... 1,133,000 Income tax expense (30%) ,900 Net income... $ 793,100 Cost Per Bag Cost Element Quantity Unit Cost Total Direct materials Crup... Dert... Direct labor... Manufacturing overhead (100% of direct labor cost)... Total... 5 pounds 10 pounds.25 hour $ $ $40.00 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-3
4 PROBLEM 9-2B (a) URBINA INC. Sales Budget Expected unit sales... Unit selling price... Total sales... LN 35 LN 40 Total 400,000 X $25 $10,000, ,000 X $35 $8,400, ,000,0 $18,400,000 (b) URBINA INC. Production Budget Expected unit sales... Add: Desired ending finished goods units... Total required units... Less: Beginning finished goods units... Required production units... LN 35 LN ,000 20, ,000 30, , ,000 25, ,000 15, , Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
5 PROBLEM 9-2B (Continued) (c) URBINA INC. Direct Materials Budget Units to be produced... Direct materials per unit... Total pounds needed for production... Add: Desired ending direct materials (pounds)... Total materials required... Less: Beginning direct materials (pounds)... Direct materials purchases... Cost per pound... Total cost of direct materials purchases... LN 35 LN 40 Total 390,000 X 2 780,000 50, ,000 40, ,000 X $2 $1,580, ,000 X 3 750,000 10, ,000 20, ,000 X $3 $2,220,000 $3,800,000 (d) URBINA INC. Direct Labor Budget Units to be produced... Direct labor time (hours) per unit... Total required direct labor hours... Direct labor cost per hour... Total direct labor cost... LN 35 LN 40 Total 390,000 X.5 195,000 X $12 $2,340, ,000 X ,500 X $12 $2,250, , ,500 X $10 $4,590,000 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-5
6 PROBLEM 9-2B (Continued) (e) URBINA INC. Budgeted Income Statement Sales... Cost of goods sold... Gross profit... Operating expenses Selling expenses... Administrative expenses... Total operating expenses... LN 35 LN 40 Total $10,000,000 4,800,000 5,200, , ,000 1,170,000 (1) $8,400,000 5,280,000 3,120, , , ,000 (2) $18,400,000 10,080,000 8,320,000 1,330, ,000 2,130,000 Income from operations... Income expense Income before income taxes. Interest tax expense (30%)... Net income... $ 4,030,000 $2,160,000 6,190, ,000 6,080,000 1,824,000 $ 4,256,000 (1) 400,000 X $12. (2) 240,000 X $ Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
7 PROBLEM 9-3B (a) OGLEBY INDUSTRIES Sales Budget Expected unit sales... Unit selling price... Total sales... (1) 800,000 X 95% = 760,000. (2) 800, ,000 = 950,000. (3) $7.00 X 95% = $6.65. Plan A (1) 760,000 X $7.60 $5,776,000 Plan B 950,000 X $6.65 $6,317,500 (2) (3) (b) OGLEBY INDUSTRIES Production Budget Expected unit sales... Add: Desired ending finished goods units... Total required units... Less: Beginning finished goods units... Required production units... Plan A 760,000 90, ,000 70, ,000 Plan B 950, ,000 1,050,000 70, ,000 (c) Variable costs = $4.00 per unit ($ $ $.50) for both plans. Total variable costs Total fixed costs Total costs (a) Plan A Plan B $3,120,000 (780,000 X $4.00) $3,920,000 (980,000 X $4.00) 980, ,000 $4,100,000 $4,900,000 Total units (b) Unit cost (a) (b) 780,000 $ ,000 $5.00 The difference is due to the fact that fixed costs are spread over a larger number of units (200,000) in Plan B. Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-7
8 PROBLEM 9-3B (Continued) (d) Gross Profit Sales Cost of goods sold Gross profit Plan A $5,776,000 3,997,600 (760,000 X $5.26) $1,778,400 Plan B $6,317,500 4,750,000 (950,000 X $5.00) $1,567,500 Plan A should be accepted because it produces a higher gross profit than Plan B. 9-8 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
9 PROBLEM 9-4B (a) 1. Expected Collections from Customers November ($200,000)... December ($290,000)... January ($350,000)... February ($400,000)... Total collections... January $ 30,000 72, ,000 $312,500 February $ 0 43,500 87, ,000 $371, Expected Payments for Direct Materials December ($90,000)... January ($110,000)... February ($120,000)... Total payments... January $63,000 33,000 $96,000 February $ 0 77,000 36,000 $113,000 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-9
10 PROBLEM 9-4B (Continued) (b) DERBY COMPANY Cash Budget For the Two Months Ending February 28, 2017 Beginning cash balance... Add: Receipts Collections from customers... [See Schedule (1)] Interest receivable... Sale of securities... Total receipts... Total available cash... Less: Disbursements Direct materials... [See Schedule 2] Direct labor... Manufacturing overhead... Selling and administrative expenses... Purchase of land... Total disbursements... Excess (deficiency) of available cash over cash disbursements... Financing Add: Borrowings... Less: Repayments... Ending cash balance... January $ 50, ,500 3, , ,500 96,000 85,000 60,000 75, ,000 49, $ 49,500 February $ 49, ,000 5, , , , ,000 75,000 80,000 20, ,000 22,500 17,500 0 $ 40, Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
11 PROBLEM 9-5B (a) WIDNER COMPANY Westwood Store Merchandise Purchases Budget For the Months of July and August, 2017 Budgeted cost of goods sold... Add: Desired ending merchandise inventory... Total... Less: Beginning merchandise inventory... Required merchandise purchases... July $260,000 43, ,875 39,000 $264,875 (1) (2) (4) August $292,500 48, ,250 43,875 $297,375 (3) (1) $400,000 X 65% = $260,000 (2) $292,500 X 15% = $ 43,875. (3) $500,000 X 65% = $325,000; $325,000 X 15% = $48,750. (4) $260,000 X 15% = $ 39,000. Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only) 9-11
12 PROBLEM 9-5B (Continued) (b) WIDNER COMPANY Westwood Store Budgeted Income Statement For the Months of July and August, 2017 Sales... Cost of goods sold Beginning inventory... Purchases... Cost of goods available for sale... Less: Ending inventory... Cost of goods sold... Gross profit... Operating expenses Sales salaries... Advertising*... Delivery expense**... Sales commissions***... Rent... Depreciation... Utilities... Insurance... Total... Income from operations... Interest expense Income before income taxes. Income tax expense (30%)... Net income... *5% of sales **2% of sales ***4% of sales July $400,000 39, , ,875 43, , ,000 50,000 20,000 8,000 16,000 3, ,500 41,500 3,000 38,500 11,550 $ 26,950 August $450,000 43, , ,250 48, , ,500 50,000 22,500 9,000 18,000 3, ,000 53,500 3,000 50,500 15,150 $ 35, Copyright 2015 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 7e Problems: Set B Solutions (For Instructor Use Only)
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