Problem 13-56 (Algo) Prepare Budgeted Financial Statements (LO 13-5)Coyle Manufacturing reports the following information for year 1:Sales revenue (77,000 units) $ 5,385,000Manufacturing costs  Materials $ 319,000Variable cash costs 256,000Fixed cash costs 607,000Depreciation (fixed) 1,817,000Marketing and administrative costs  Marketing (variable, cash) 930,000Marketing depreciation 286,000Administrative (fixed, cash) 933,000Administrative depreciation 151,000Total costs $ 5,299,000Operating profits (losses) $ 86,000All depreciation charges are fixed. Manufacturing depreciation is expected to increase by 10 percent in year 2. Marketing and administrative depreciation are expected to remain the same for year 2. Sales volume is expected to increase by 5 percent, but prices are expected to fall by 10 percent. Materials costs per unit are expected to decrease by 8 percent. Unit variable cash manufacturing costs are expected to increase by 15 percent. Fixed cash costs are expected to increase by 6 percent.Variable marketing costs will change with unit volume. Administrative cash costs are expected to decrease by 10 percent. Inventories are kept at zero. Coyle Manufacturing operates on a cash basis.Required:Prepare a budgeted income statement for year 2 for Coyle Manufacturing.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts.

Required informationUse the following information for the Exercise below. (Algo)Skip to question[The following information applies to the questions displayed below.]Trio Company reports the following information for its first year of operations. Direct materials $ 16 per unitDirect labor $ 20 per unitVariable overhead $ 7 per unitFixed overhead $ 390,450 per yearUnits produced 20,550 unitsUnits sold 15,500 unitsEnding finished goods inventory 5,050 unitsExercise 19-1 (Algo) Computing unit and inventory costs under absorption costing LO P11. Compute the product cost per unit using absorption costing.2. Determine the cost of ending finished goods inventory using absorption costing.3. Determine the cost of goods sold using absorption costing.

During its first month of operations, a manufacturer incurs the following costs (in dollars) related to activities within its factory:Direct materials $15,000Direct labor $30,000Manufacturing overhead $40,000What amount should be reported as cost of goods sold on the income statement if 5,000 units are produced and 4,000 are sold? $56,000 $68,000 $70,000 $85,000

Problem 13-66 (Algo) Comprehensive Budget Plan (LO 13-3, 4, 5)Lane Products manufactures a popular kitchen utensil. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It opened negotiations with the local bank for a one-month loan of $76,000 starting March 1. The bank would charge interest at the rate of 0.5 percent per month and require the company to repay interest and principal on March 31. In considering the loan, the bank requested a projected income statement and cash budget for March.The following information is available:The company budgeted sales at 30,000 units per month in February, April, and May and at 27,000 units in March. The selling price is $78 per unit.The company offers a 2 percent discount for cash sales. The company's experience is that bad debts average 1 percent of credit sales.The inventory of finished goods on February 1 was 4,200 units. The desired finished goods inventory at the end of each month equals 25 percent of sales anticipated for the following month. There is no work in process.The inventory of raw materials on February 1 was 3,180 pounds. At the end of each month, the raw materials inventory equals no less than 20 percent of production requirements for the following month. The company purchases materials in quantities of 340 pounds per shipment.Selling expenses are 6 percent of gross sales. Administrative expenses, which include depreciation of $1,650 per month on office furniture and fixtures, total $79,200 per month.The manufacturing budget for the utensil, based on normal production of 29,000 units per month, follows.Materials (½ pound per utensil, 14,500 pounds, $30 per pound) $ 435,000Labor 138,000Variable overhead 78,000Fixed overhead (includes depreciation of $56,000) 138,000Total $ 789,000Required:a-1. Prepare schedules computing inventory budgets by months for production in units for February, March, and April.a-2. Prepare schedules computing inventory budgets by months for raw materials purchases in pounds for February and March.b. Prepare a projected income statement for March. Cost of goods sold should equal the variable manufacturing cost per unit times the number of units sold plus the total fixed manufacturing cost budgeted for the period. Assume that 40 percent of sales are cash sales.

Problem 1-24 (Static) Different Cost Classifications for Different Purposes [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5]Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month:Direct materials   $ 69,000Direct labor   $ 35,000Variable manufacturing overhead $ 15,000  Fixed manufacturing overhead 28,000  Total manufacturing overhead   $ 43,000Variable selling expense $ 12,000  Fixed selling expense 18,000  Total selling expense   $ 30,000Variable administrative expense $ 4,000  Fixed administrative expense 25,000  Total administrative expense   $ 29,000Required:With respect to cost classifications for preparing financial statements:What is the total product cost?What is the total period cost?With respect to cost classifications for assigning costs to cost objects:What is the total direct manufacturing cost?What is the total indirect manufacturing cost?With respect to cost classifications for manufacturers:What is the total manufacturing cost?What is the total nonmanufacturing cost?What are the total conversion cost and prime cost?With respect to cost classifications for predicting cost behavior:What is the total variable manufacturing cost?What is the total fixed cost for the company as a whole?What is the variable cost per unit produced and sold?With respect to cost classifications for decision making:a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit?

Calculate NON-CURRENT LIABILITIES Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000