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An asterisk (*) will appear to the right of an incorrect entry.
1.
Unit Sales Unit Selling Total
Product Volume Price Sales
Batting helmet
Football helmet
Total revenue from sales
2.
Batting Football
Helmet Helmet
Expected units to be sold
Total
Total units to be produced
3.
Plastic Foam Lining
(lbs.) (lbs.) Total
Required units for production:
Batting helmet
Football helmet
Total
Total units to be purchased
Unit price
Total direct materials to be purchased
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[Key code here]
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Instructions
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GOLD MEDAL ATHLETIC CO.
Sales Budget
For the Month Ending March 31, 2014
Problem 21(6)-3B
Name:
Section:
GOLD MEDAL ATHLETIC CO.
Direct Materials Purchases Budget
GOLD MEDAL ATHLETIC CO.
Production Budget
For the Month Ending March 31, 2014
Units
For the Month Ending March 31, 2014
4.
Molding Assembly
Department Department Total
Hours required for production:
Batting helmet
Football helmet
Total
Hourly rate
Total direct labor cost
5.
Indirect factory wages
Depreciation of plant and equipment
Power and light
Insurance and property tax
Total
6.
Direct materials:
Direct materials purchases
Cost of direct materials available for use
Cost of direct materials placed in production
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during period
Cost of goods manufactured
Cost of finished goods available for sale
Cost of goods sold
Supporting calculations:
Units Cost Total
Finished goods inventory, March 1, 2014:
Batting helmet
Football helmet
Total
Direct Labor Cost Budget
For the Month Ending March 31, 2014
GOLD MEDAL ATHLETIC CO.
Factory Overhead Cost Budget
GOLD MEDAL ATHLETIC CO.
For the Month Ending March 31, 2014
GOLD MEDAL ATHLETIC CO.
Cost of Goods Sold Budget
For the Month Ending March 31, 2014
Finished goods inventory, March 31, 2014:
Batting helmet
Football helmet
Total
Direct materials inventory, March 1, 2014
Plastic
Foam lining
Total
Direct materials inventory, March 31, 2014
Plastic
Foam lining
Total
7.
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total operating expenses
8.
Revenue from sales
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses
Administrative expenses
Total operating expenses
Income from operations
Other income
Interest revenue
Other expense:
Interest expense
Income before income tax
Income tax expense
Net income
Budgeted Income Statement
For the Month Ending March 31, 2014
GOLD MEDAL ATHLETIC CO.
GOLD MEDAL ATHLETIC CO.
Selling and Administrative Expenses Budget
For the Month Ending March 31, 2014
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1.
Unit Sales Unit Selling Total
Product Volume Price Sales
Batting helmet 1,200 $40.00 48,000$
2.
Batting Football
Helmet Helmet
Expected units to be sold 1,200 6,500
3.
Plastic Foam Lining
(lbs.) (lbs.) Total
Required units for production:
Batting helmet 1,452 605
GOLD MEDAL ATHLETIC CO.
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Sales Budget
For the Month Ending March 31, 2014
Problem 21(6)-3B
Name:
Solution
Section:
Answers are entered in the cells with gray backgrounds.
ON
GOLD MEDAL ATHLETIC CO.
Production Budget
For the Month Ending March 31, 2014
Units
GOLD MEDAL ATHLETIC CO.
Direct Materials Purchases Budget
For the Month Ending March 31, 2014
4.
Molding Assembly
Department Department Total
Hours required for production:
Batting helmet 242 605
5.
Indirect factory wages 86,000$
6.
19,480$
GOLD MEDAL ATHLETIC CO.
Factory Overhead Cost Budget
For the Month Ending March 31, 2014
GOLD MEDAL ATHLETIC CO.
Direct Labor Cost Budget
GOLD MEDAL ATHLETIC CO.
Cost of Goods Sold Budget
For the Month Ending March 31, 2014
For the Month Ending March 31, 2014
Finished goods inventory, March 1, 2014
7.
Selling expenses:
184,300$
8.
Revenue from sales 1,088,000$
Cost of goods sold 533,368
GOLD MEDAL ATHLETIC CO.
Selling and Administrative Expenses Budget
For the Month Ending March 31, 2014
Sales salaries expense
For the Month Ending March 31, 2014
GOLD MEDAL ATHLETIC CO.
Budgeted Income Statement
