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Forecast Sales Volume and Sales Budget
Raphael Frame Company prepared the following sales budget for the current year: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_1a1.gif
At the end of December 2014, the following unit sales data were reported for the year: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_1a2.gif
For the year ending December 31, 2015, unit sales are expected to follow the patterns established during the year ending December 31, 2014. The unit selling price for the 8" × 10" frame is expected to increase to $17 and the unit selling price for the 12" × 16" frame is expected to increase to $32, effective January 1, 2015.
Required:
1. Compute the increase or decrease of actual unit sales for the year ended December 31, 2014, over budget.
Unit Sales, Year Ended 2014
Increase (Decrease) Actual Over Budget
Budget
Actual Sales
Difference
Percent
8" × 10" Frame:
East
%
Central
%
West
%
12" × 16" Frame:
East
%
Central
%
West
%
2. Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 2015, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2015. Round budgeted units to the nearest whole unit.
2014 Actual Units
Percentage Increase (Decrease)
2015 Budgeted Units (rounded)
8" × 10" Frame:
East
%
Central
%
West
%
12" × 16" Frame:
East
%
Central
%
West
%
Hide
3. Prepare a sales budget for the year ending December 31, 2015.
Raphael Frame Company
Sales Budget
For the Year Ending December 31, 2015
Product and Area
Unit Sales Volume
Unit Selling Price
Total Sales
8" 10" Frame:
East
$
$
Central
West
Total
$
12" 16" Frame:
East
$
$
Central
West
Total
$
Total revenue from sales
$
Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets
The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July 2014 is summarized as follows:
a. Estimated sales for July by sales territory: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a1.gif
b. Estimated inventories at July 1: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a2.gif
c. Desired inventories at July 31: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a3.gif
d. Direct materials used in production: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a4.gif
e. Anticipated purchase price for direct materials: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a5.gif
f. Direct labor requirements: http://sjc.cengagenow.com/ilrn/books/waac25h/images/ch22/waac25h_ch22_pr22_2a6.gif
Required:
1. Prepare a sales budget for July.
Gourmet Grill Company Sales Budget For the Month Ending July 31, 2014
Product and Area
Unit Sales Volume
Unit Selling Price
Total Sales
Backyard Chef:
Maine
Vermont
New Hampshire
Total
Master Chef:
Maine
Vermont
New Hampshire
Total
Total revenue from sales
2. Prepare a production budget for July.
Gourmet Grill Company Production Budget For the Month Ending July 31, 2014
Units
Backyard Chef
Master Chef
Expected units to be sold
Plus desired inventory, July 31, 2014
Total
Less estimated inventory, July 1, 2014
Total units to be produced
3. Prepare a direct materials purchases budget for July.
Gourmet Grill Company Direct Materials Purchases Budget For the Month Ending July 31, 2014
Grates (units)
Stainless Steel (lbs.)
Burner Sub- assemblies (units)
Shelves (units)
Total
Required units for production:
Backyard Chef
Master Chef
Plus desired inventory, July 31, 2014
Total
Less estimated inventory, July 1, 2014
Total units to be purchased
Unit price
Total direct materials to be purchased
4. Prepare a direct labor cost budget for July.
Gourmet Grill Company Direct Labor Cost Budget For the Month Ending July 31, 2014
Stamping Department
Forming Department
Assembly Department
Total
Hours required for production:
Backyard Chef
Master Chef
Total
Hourly rate
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