Acc 349 Week 4 Team Assignment Clip

Team Assignment, Part 2Due Mar 20, 11:59 PMPOINTS 8Team PaperResource: Jeemp Template.Mr. Beridon received your requests for information and returned data which you have compiled in an Microsoft® Excel® spreadsheet (see document template). He also said, "We grow sod and trees at Jeemp Farms. We sell the sod mainly to home builders in the area, although we sell to some individuals who are purchasing square footages to re-sod their yard. Many home builders will purchase to sod an entire subdivision. They then may come back to us to purchase trees for the yards. It really is a package deal. For builders like that, we are a one-stop-shop. In most cases, however, we sell the trees to orchards and some individuals. The purchaser is responsible for all shipping costs related to their product."Our production process is different for each product. For sod, we plant the seed, irrigate, cut, and roll the sod and then transport it. For the trees, we plant the root stock, graft the tree, water until a particular maturity and then dig it up and sell it. We inspect the plants as needed to make sure we

2 Week 4 Textbook Problems •BE23.6 Iden±fy the budgets in Column B from which dollar amounts are transferred directly in construc±ng the budgets listed in Column A. Column A Column B 1. Budgeted income statement b, e 2. Budgeted balance sheet b,d 3. Cash Fow budget d,e 4. Cost of goods sold budget a,c 5. Produc±on budget e b. Cost of goods sold budget c. Produc±on budget d. Payables budget e. Sales budget f. Budgeted income statement •E23.1 The following informa±on is from the manufacturing budget and the budgeted ²nancial statements of ³abor ³abrica±on: Direct materials inventory, Jan. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,000 Direct materials inventory, Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000 Direct materials budgeted for use during the year . . . . . . . . . . . . . . . . . . . . . . . . . 264,000 Accounts payable to suppliers of materials, Jan. 1 . . . . . . . . . . . . . . . . . . . . . . . . 46,000 Accounts payable to suppliers of materials, Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . 77,000 Compute the budgeted amounts for: a. Purchases of direct materials during the year. Direct Materials budgeted for use this year 264,000 Add: budgeted direct materials inventory, dec 31 85,000 Total direct materials budgeted 349,000 Less: direct materials inventory Jan 1 73,000 Budgeted direct materials purchase for year 276,000 B. Cash payments during the year to suppliers of materials amount owed to suppliers jan 1 46,000 add: budgeted purchase of direct materials 276,000 total owed to suppliers 322,000

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