WellWheats, Inc. produces brea

[The following information applies to the questions displayed
below.]
We discuss how to prepare the different component budgets of the
operating budget, including the sales, production, direct materials,
direct labor, manufacturing overhead, cost of goods sold, and
selling and administrative expense budgets. We also discuss how
to use information from all of these operating budgets to prepare a
budgeted income statement.

Knowledge Check 04
WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.
The company has forecast production for the next three months as follows: July
5,000 units, August 6,000 units, September 3,500 units. Monthly manufacturing
overhead is budgeted to be $20,000 plus $5 per unit produced. What is
budgeted manufacturing overhead for July?

WellWheats, Inc. produces brea

We discuss how to prepare the different component budgets of the
operating budget, including the sales, production, direct materials,
direct labor, manufacturing overhead, cost of goods sold, and
selling and administrative expense budgets. We also discuss how
to use information from all of these operating budgets to prepare a
budgeted income statement.

Knowledge Check 05
WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.
The company is projecting sales of 1,000 units for the month of March. The total
cost of producing one unit includes $2 for direct materials, $1 for direct labor,
and $0.50 for manufacturing overhead.
Calculate the cost of goods sold for the month of March.

WellWheats, Inc. produces brea

[The following information applies to the questions displayed
below.]
We discuss how to prepare the different component budgets of the
operating budget, including the sales, production, direct materials,
direct labor, manufacturing overhead, cost of goods sold, and
selling and administrative expense budgets. We also discuss how
to use information from all of these operating budgets to prepare a
budgeted income statement.

 

WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7. The
company is projecting sales of 1,000 units for the month of March. There are 30
units in the beginning inventory. Each unit requires 20 ounces of raw materials and
0.20 direct labor hours to make. The company’s policy is to keep ending finished
goods inventory of 10% of the current month’s sales. Selling and administrative
expenses for the month have been budgeted at $2,000.
Knowledge Check 02
Assume that the beginning raw materials inventory is 2,000 ounces. If the desired
ending raw materials inventory is 20% of the current month’s production needs,
calculate the budgeted raw materials to be purchased.

Knowledge Check 03
If the direct labor cost per hour is $0.75, calculate the budgeted direct labor cost for
the month of March.

WellWheats, Inc. produces brea

[The following information applies to the questions displayed
below.]
We discuss how to prepare the different component budgets of the
operating budget, including the sales, production, direct materials,
direct labor, manufacturing overhead, cost of goods sold, and
selling and administrative expense budgets. We also discuss how
to use information from all of these operating budgets to prepare a
budgeted income statement.

WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.
The company is projecting sales of 1,000 units for the month of March. There
are 30 units in the beginning inventory. Each unit requires 20 ounces of raw
materials and 0.20 direct labor hours to make. The company’s policy is to keep
ending finished goods inventory of 10% of the current month’s sales. Selling and
administrative expenses for the month have been budgeted at $2,000.
How many units should WellWheats produce in March?

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