The following information applies to the questions displayed below.] The Gingham
ID: 2501472 • Letter: T
Question
The following information applies to the questions displayed below.]
The Gingham Company's budgeted income statement reflects the following amounts:
Sales are collected 50% in the month of sale, 25% in the month following sale, and 24% in the second month following sale. 1 percent of sales is uncollectible and expensed at the end of the year.
Gingham pays for all purchases in the month following purchase and takes advantage of a 2% discount. The following balances are as of January 1:
*Of this balance, $32,500 will be collected in January and the remaining amount will be collected in February.
The monthly expense figures include $5,700 of depreciation. The expenses are paid in the month incurred.
rev: 10_29_2012
14.
Required information
Gingham's expected cash balance at the end of January is:
$88,880.
$94,580.
$98,300.
$92,600.
$113,580.
15.
Required information
Gingham's budgeted cash receipts in February are:
$94,250.
$90,250.
$122,750.
$122,390.
$121,840.
The following information applies to the questions displayed below.]
Jamal & Co. makes and sells two types of shoes, Plain and Fancy. Data concerning these products are as follows:
Sixty percent of the unit sales are Plain, and annual fixed expenses are $58,500.
The weighted-average unit contribution margin is:
rev: 10_29_2012
16.
Required information
The weighted-average unit contribution margin is (Round intermediate calculations and final answer to 2 decimal places):
an amount other than those above.
$15.80.
$8.05.
$3.60.
$7.80.
17.
Required information
Assuming that the sales mix remains constant, the total number of units that Jamal must sell to break even is (Round intermediate calculations to 2 decimal places and final answer to nearest whole number):
5,147.
7,237.
4,932.
7,500.
an amount other than those above.
18.
Required information
Assuming that the sales mix remains constant, the number of units of Plain that Jamal must sell to break even is (Round intermediate calculations to 2 decimal places and final answer to nearest whole number):
8,125.
4,875.
7,500.
4,500.
3,500.
31. The master budget contains the following components, among others: (1) direct-material budget, (2) budgeted balance sheet, (3) production budget, and (4) cash budget. Which of these components would be prepared first and which would be prepared last?
Choice B
Choice D
Choice C
Choice A
Choice E
More than one of the other answers is true.
The variable maintenance cost is $47 per hour.
The fixed maintenance cost is $725,000 per month.
The variable maintenance cost is $43 per hour.
The variable maintenance cost is $45 per hour.
33.
$155,000.
$240,500.
None of the other answers are correct.
$230,000.
$592,000.
Sales Purchases Expenses January $ 127,000 $ 85,000 $ 24,700 February 117,000 73,000 24,900 March 132,000 88,250 27,700 April 137,000 91,500 29,300Explanation / Answer
14)
Gingham's expected cash balance at the end of January = Beginning Cash balance in january + cash collected in january - cash disbursement in january
Beginning Cash balance in january = 95000
cash collected in january = cash collected from account recievable + cash collected from january sale
cash collected in january = 32500 + 127000*50%
cash collected in january = 96000
cash disbursement in january = Accounts payable less discount + Cash expenses
cash disbursement in january = 79000*(1-2%) + (24700-5700)
cash disbursement in january = 96420
Gingham's expected cash balance at the end of January = 95000+96000-96420
Gingham's expected cash balance at the end of January = $ 94,580
Answer
94,580
15)
Gingham's budgeted cash receipts in February = cash collected from account recievable at december 31 + Cash collected from january sale + Cash collected from February sale
Gingham's budgeted cash receipts in February = (65000-32500) + 127000*25% + 117000*50%
Gingham's budgeted cash receipts in February = 122750
Answer
122750
16)
weighted-average unit contribution margin = Contribution Margin of plain*weight of plain + Contribution Margin of Fancy*weight of Fancy
weighted-average unit contribution margin = (19-10)*60% + (31-25)*(1-60%)
weighted-average unit contribution margin = 7.80
Answer
7.80
18)
Combined Break Even (Unit) = Fixed Cost/weighted-average unit contribution margin
Combined Break Even (Unit) = 58500/7.8
Combined Break Even (Unit) = 7500
The number of units of Plain that Jamal must sell to break even = Combined Break Even (Unit) *percentage
The number of units of Plain that Jamal must sell to break even = 7500*60%
The number of units of Plain that Jamal must sell to break even = 4500
Answer
4500
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