Diltex Farm Supply is located in a small town in the rural west. Data regarding

Question

Diltex Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:

   
• Sales are budgeted at $300,000 for November, $280,000 for December, and $290,000 for January.
• Collections are expected to be 67% in the month of sale, 30% in the month following the sale, and 3% uncollectible.
• The cost of goods sold is 65% of sales.
• The company desires to have an ending merchandise inventory at the end of each month equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
• Other monthly expenses to be paid in cash are $26,500.
• Monthly depreciation is $17,500.
• Ignore taxes.
    

964,000   

$1,185,000   

    

153,000   

$1,185,000   

    

The net income for December would be:

$71,500

$51,060

$45,600

$54,000

Young Enterprises has budgeted sales in units for the next five months as follows:
    

     
Past experience has shown that the ending inventory for each month should be equal to 10% of the next month's sales in units. The inventory on May 31 fell short of this goal since it contained only 500 units. The company needs to prepare a Production Budget for the next five months.

The total number of units to be produced in July is:

8,730 units

8,100 units

7,920 units

8,280 units

Tolentino Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 4,000 tenant-days, but its actual level of activity was 4,050 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for November:

Data used in budgeting:

   

7,900    

0.40    

$19,900    

$21.90    

  

Actual results for November:

  

  

$39,690

$39,200

$19,300

$19,790

  

  

  

   

What is the materials price variance for the month? (Input the amount as positive value. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

  

  

What is the materials quantity variance for the month? (Input the amount as positive value. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answer to the nearest dollar amount.)

  

The Reedy Company uses a standard costing system. The following data are available for November:

   

  

$8.20

$7.60

$7.75

$7.90

Stuchlik Catering uses two measures of activity, jobs and meals, in the cost formulas in its flexible budgets. The cost formula for catering supplies is $640 per month plus $84 per job plus $20 per meal. A typical job involves serving a number of meals to guests at a corporate function or at a host's home. The company expected its activity in January to be 49 jobs and 230 meals, but the actual activity was 50 jobs and 235 meals. The actual cost for catering supplies in January was $7,600. The catering supplies in the planning budget for January would be closest to:

$7,600

$9,440

$9,356

$9,540

Diorio Corporation keeps careful track of the time required to fill orders. The times recorded for a particular order appear below:

The throughput time was:

5.0 hours

10.7 hours

32.6 hours

27.6 hours

Statement of Financial Position
October 31   Assets   Cash $24,000      Accounts receivable (net of allowance for uncollectible accounts) 80,000      Merchandise inventory 117,000      Property, plant and equipment (net of $(expression error) accumulated depreciation)

964,000   

  Total assets

$1,185,000   

Explanation / Answer

1)

December

Net Income = Sale - cost of goods sold - Other monthly expenses - Depreciation Expenses

Net Income = 280000-65%*280000 - 26500 - 17500

Net Income = 54000

Answer

54000

2)

Total number of units to be produced in July = Expected sale in July + Ending Inventory - Beginning Inventory

Total number of units to be produced in July = 8100+ 6300*10% - 8100*10%

Total number of units to be produced in July = 7920

Answer

7920

Note : Please dont ask mutiple Question in single Question , Please ask seperately

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