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9-4

The flowchart on the following page depicts the components of the master budget
for a service station.

Flowchart for Review Question 9-4


Sales Budget:
Gasoline, Related
Products, and
Services

Sales
Budget

Operational
Budgets

Ending
Inventory
Budget:
Gasoline

Materials Budget:
Gasoline and
Related Products

Labor
Budget

Overhead
Budget

Selling and
Administrative
Expense
Budget

Cash
Budget
Budgeted
Income
Statement

Budgeted
Financial
Statements

Budgeted
Balance Sheet

Budgeted
Statement of
Cash Flows

PROBLEM 9-39 (60 MINUTES)


1.

Sales budget:
Box C
500,000
$1.35
$675,000

Sales (in units)


Sales price per unit
Sales revenue
2.

Box P
500,000
$1.95
$975,000

$1,650,000

Production budget (in units):

Sales......................................................................................
Add: Desired ending inventory...........................................
Total units needed................................................................
Deduct: Beginning Inventory..............................................
Production requirements.....................................................

3.

Total

Box C
500,000
5,000
505,000
10,000
495,000

Box P
500,000
15,000
515,000
20,000
495,000

Raw-material budget:
CORRUGATING MEDIUM
Production requirements (number of boxes).........
Raw material required per box (pounds)................
Raw material required for
production (pounds)............................................
Add: Desired ending
raw-material inventory.........................................
Total raw-material needs.........................................
Deduct: Beginning raw-material inventory............
Raw material to be purchased.................................
Price (per pound).....................................................
Cost of purchases (corrugating medium)..............
Total cost of raw-material purchases
($145,500 + $37,875).............................................

Box C
495,000
.2

Box P
495,000
.3

Total

99,000

148,500

247,500
10,000
257,500
5,000
252,500
$.15
$ 37,875
$183,375

PROBLEM 9-39 (CONTINUED)


PAPERBOARD
Production requirement (number of boxes)...........
Raw material required per box (pounds)................
Raw material required for
production (pounds)............................................
Add: Desired ending
raw-material inventory.........................................
Total raw-material needs.........................................
Deduct: Beginning raw-material inventory............
Raw material to be purchased.................................
Price (per pound).....................................................
Cost of purchases (paperboard).............................
4.

Box P
495,000
.7

Total

148,500

346,500

495,000
5,000
500,000
15,000
485,000
$.30
$145,500

Direct-labor budget:
Production requirements (number of boxes)
Direct labor required per box (hours).....................
Direct labor required for production (hours)
Direct-labor rate.......................................................
Total direct-labor cost..............................................

5.

Box C
495,000
.3

Box C
495,000
.0025
1,237.5

Box P
495,000
.005
2,475

Total

3,712.5
$18
$66,825

Production-overhead budget:
Indirect material...........................................................................................
Indirect labor................................................................................................
Utilities..........................................................................................................
Property taxes..............................................................................................
Insurance......................................................................................................
Depreciation.................................................................................................
Total overhead..............................................................................................

$ 15,750
75,000
37,500
27,000
24,000
43,500
$222,750

PROBLEM 9-39 (CONTINUED)


6.

Selling and administrative expense budget:


Salaries and fringe benefits of sales personnel........................................
Advertising...................................................................................................
Management salaries and fringe benefits..................................................
Clerical wages and fringe benefits.............................................................
Miscellaneous administrative expenses....................................................
Total selling and administrative expenses.................................................

7.

$112,500
22,500
135,000
39,000
6,000
$315,000

Budgeted income statement:


Sales revenue [from sales budget, req. (1)]...............................................
Less: Cost of goods sold:
Box C: 500,000 $.315*............................................................. $157,500
Box P: 500,000 $.645* ............................................................ 322,500
Gross margin................................................................................................
Selling and administrative expenses..........................................................
Income before taxes.....................................................................................
Income tax expense (35%)...........................................................................
Net income....................................................................................................

$1,650,000
480,000
$1,170,000
315,000
$ 855,000
299,250
$ 555,750

*Calculation of production cost per unit:


(a)

Predetermined overhead rate

budgeted manufacturing overhead


volume of direct -labor hours
$222,750

= (495,000)(.0025) (495,000)(.005)
$222,750

= 3,712.5 hours $60 per hour

PROBLEM 9-39 (CONTINUED)


(b)

Calculation of production cost per unit:


Box C
Direct material:
Paperboard
.3 lb. $.30 per lb.........................................
.7 lb. $.30 per lb.........................................
Corrugating medium
.2 lb. $.15 per lb.........................................
.3 lb. $.15 per lb.........................................
Direct labor:
.0025 hr. $18 per hr....................................
.005 hr. $18 per hr......................................
Applied production overhead:
.0025 hr. $60 per hr....................................
.005 hr. $60 per hr......................................
Production cost per unit...........................................

Box P

$.090
$.210
.030
.045
.045
.090
.150
___
$.315

.300
$.645