Comprehensive Problem 5 Part B: Note: This section is a continuation from Part A

Question

Comprehensive Problem 5
Part B:

Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section.

Part B—August Budgets

There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January.

Required:

5. Prepare the August production budget. Enter all amounts as positive numbers.

6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. Enter all amounts as positive numbers.

7. Prepare the August direct labor budget. For hours required, round to nearest whole hour. For hourly rate, enter to the nearest cent, if required.

8. Prepare the August factory overhead budget. If an amount box does not require an entry, leave it blank.

9. Prepare the August budgeted income statement, including selling expenses. Enter all amounts as positive numbers.

Genuine Spice Inc.
Production Budget
For the Month Ended August 31, 2014 Cases Expected cases to be sold Plus desired ending inventory Total Less estimated beginning inventory Total units to be produced

Explanation / Answer

Answer:5

Answer:6

Answer:7

Genuine Spice Inc. Production Budget For the Month Ended August 31, 2014 Cases Expected cases to be sold 1500 Plus desired ending inventory 175 Total 1675 Less estimated beginning inventory 300 Total units to be produced 1375

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