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F. Naz
F. Naz, Chartered Accountant
Category: Homework
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Experience:  Experience with chartered accountancy
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Problem 1 - Picture Pretty manufactures picture frames. Sales

Resolved Question:

Problem 1 - Picture Pretty manufactures picture frames. Sales for August are expected to be 15,000 units of various sizes. Historically, the average frame requires 4.5 feet of framing, 1.5 square feet of glass, and 2.5 square feet of backing. Beginning inventory includes 1,750 feet of framing, 600 square feet of glass, and 800 square feet of backing. Prices are $0.40 per foot of framing, $5.75 per square foot of glass, and $2.50 per square foot of backing. Ending inventory should be 150% of beginning inventory. Purchases are paid for in the month acquired.
Question 1: Determine the quantity of framing, glass, and backing that is to be purchased during August. (5 points)
Question 2: Determine the total costs of direct materials for August purchases. (5 points)
Problem 2 - Russell Company has the following projected account balances for June 30, 20X3:
Accounts payable $55,000 Sales $925,000
Accounts receivable $125,000 Capital stock $500,000
Depreciation, factory $28,000 Retained earnings ?
Inventories (5/31 & 6/30) $195,000 Cash $66,000
Direct materials used $225,000 Equipment, net $280,000
Office salaries $90,000 Buildings, net $540,000
Insurance, factory $6,000 Utilities, factory $21,000
Wages, factory $155,000 Selling expenses $65,000
Bonds payable $170,000 Maintenance, factory $38,000
Question 1: Calculate the budgeted net income for June 20X3.(5 points)
Question 2: Calculate the budgeted total assets as of June 30, 20X3. (5 points)
Problem 3 - Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations. For 20X3, the company used the following anticipated activity for budgeting purposes:
Sales in units 104,000 units
Customer shipments 742 shipments
Average storage bin usage 220 per day

The costs and cost drivers were determined to be as follows:

Cost Pool Fixed Variable Cost Driver

Product Handling $12,000 $1.50 per 100 units
Storage $3.50 per storage bin
Utilities $3,000 $1.25 per 100 units
Shipping Clerks $1,250 $1.20 per shipment
Supplies $0.65 per shipment

During the year, the warehouse experienced the following actual activity:

Sales in units 128,000 units
Customer shipments 778 shipments
Average storage bin usage 235 per day

The actual costs for 20X3 were:

Cost Pool Amount

Product Handling $13,827
Storage $808
Utilities $4,420
Shipping Clerks $2,152
Supplies $528
Question 1: Determine the 20X3 static budget variances for each cost pool and in total. (5 points)
Question 2: Determine the 20X3 flexible budget variances for each cost pool and in total. (5 points)

1. Related to problem 1, determine the quantity of framing, glass, and backing that is to be purchased during August (Points : 5)

2. Related to problem 1, determine the total costs of direct materials for August purchases (Points : 5)
3. Related to problem 2, calculate the budgeted net income for June 20X3. (Points : 5)
4. Related to problem 2, calculate the budgeted Total Assets as of June 30, 20X3. (Points : 5)
5. Related to problem 3, determine the 20X3 static budget variances (Points : 5)
6. Related to problem 3, determine the 20X3 flexible budget variances (Points : 5)
Submitted: 10 months ago.
Category: Homework
Expert:  F. Naz replied 10 months ago.
Thanks for asking me, by what time do you need the answers, thanks.
Customer: replied 10 months ago.

1 hour and can you please show work? Let me know if you can do it I just dont get it!!! I have to show work and im hoping ill be bale to understand it as well by you showing work

Expert:  F. Naz replied 10 months ago.
Will try my best to answer it by an hour from now, take care.
Customer: replied 10 months ago.

ok ty ill be here

Expert:  F. Naz replied 10 months ago.
Have a nice day

Click here for solution
Customer: replied 10 months ago.

i didnt get in time and i needed flexible not actual. Thanks anyway I know you tried

Expert:  F. Naz replied 10 months ago.
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F. Naz, Chartered Accountant
Category: Homework
Satisfied Customers: 4088
Experience: Experience with chartered accountancy
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