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ACCT221 – Principles of Accounting II
Individual Assignment
S22-8 Preparing an operating budget—cost of goods sold budget
Young Company expects to sell 1,800 units in January and 1,900 units in February. The company
expects to incur the following product costs: The beginning balance in Finished Goods Inventory is 260 units at $137 each for a total of
$35,620. Young uses FIFO inventory costing method. Prepare the cost of goods sold budget for
Young for January and February. Manufacturing cost per unit in January and February:
Direct materials cost per unit
Direct labor cost per unit
Manufacturing overhead cost per unit
Total projected manufacturing cost per unit YOUNG COMPANY
Cost of Goods Sold Budget
For the Two Months Ended February 28
January
Beginning inventory,
Units produced and sold $137 each
Total budgeted cost of goods sold February Total S22-9 Preparing a financial budget—schedule of cash receipts
Yeaman expects total sales of $333,000 in January and $407,000 in February. Assume that
Yeaman’s sales are collected as follows:
60% in the month of the sale
30% in the month after the sale
8% two months after the sales
2% never collected
November sales totaled $260,000, and December sales were $330,000. Prepare a schedule of cash
receipts from customers for January and February. Round answers to the nearest dollar. Schedule of Cash Receipts from Customers
January February January February Total sales
Cash Receipts from Customers: Total cash receipts from customers
Net Accounts Receivable balance, February 28: Total S22A-16 Preparing an operating budget—inventory, purchases, and cost of goods sold
budget
Smith Company expects to sell 5,500 units for $195 each for a total of $1,072,500 in January and
3,000 units for $210 each for a total of $630,000 in February. The company expects cost of goods
sold to average 70% of sales revenue, and the company expects to sell 4,000 units in March for
$210 each. Smith’s target ending inventory is $14,000 plus 50% of the next month’s cost of goods
sold. Prepare Smith’s inventory, purchases, and cost of goods sold budget for January and
February. SMITH COMPANY
Inventory, Purchases, and Cost of Goods Sold Budget
For the Two Months Ended February 28
January February Total Cost of goods sold (70% of Sales)
Desired ending merchandise inventory(a)
Total merchandise inventory required
Less: Beginning merchandise inventory
Budgeted purchases Calculations: (a) + = January: + = February: + = (b) + = Desired ending
merchandise inventory S22A-17 Preparing a financial budget—schedule of cash receipts
Packers expects total sales of $697,500 for January and $345,000 for February. Assume that
Packers’s sales are collected as follows:
60% in the month of the sale
20% in the month after the sale
17% two months after the sale
3% never collected
November sales totaled $389,000, and December sales were $401,000. Prepare a schedule of cash
receipts from customers for January and February. Round answers to the nearest dollar. PACKERS
Budgeted Cash Receipts from Customers
For the Two Months Ended February 28
January
February Total cash receipts from customers Net Accounts Receivable balance, February 28: Total Total S22A-18 Preparing a financial budget—schedule of cash payments
Johnson Company has budgeted purchases of merchandise inventory of $456,250 in January and
$531,250 in February. Assume Johnson pays for inventory purchases 70% in the month of
purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is
$97,575. Prepare a schedule of cash payments for purchases for January and February. JOHNSON COMPANY
Budgeted Cash Payments for Purchases
For the Two Months Ended February 28
January
February
Dec. 31 Accounts Payable, paid in Jan. Total cash payments for purchases Total

 


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