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The following information has been gathered by the Budget Director of the DRAGONITE COMPANY, another outfit managed by the DEOXYS CORP. The firm manufactures and sells only one product. The selling price during the coming month is expected to be the prevailing price of P5 per unit. Expected sales during the month is a total of 75,000 units of finished goods. Finished goods expected to be on hand at the end of the month total 50,000 units. Finished goods expected to be on hand at the beginning of the month total 42,000 units.
Direct labor cost is P3.00 per hour. One-fourth an hour of direct labor is required to manufacture each unit of finished product.
Factory overhead is applied to work-in-process on the basis of direct labor hours. Variable factory expenses at the planned level of operations is expected to amount to P33,200; fixed overhead is expected to amount to P99,600.
The raw materials expected to be on hand at the beginning of the month total 5,000 gallons. Only one kind of raw material is used to produce the finished goods. One and one-half gallons of raw material are needed to manufacture each unit of finished product. Raw materials are expected to cost P0.18 per gallon during the coming month, its prevailing cost. Raw materials expected to be on hand at the end of the month total 8,000 gallons.
Variable administrative and selling expenses is P1.00 per unit.
In assisting the company to formulate the budget, you determined the following budget parameters. 17. Budgeted cost of raw materials to be used in production is
A. P8,910 B. P14,940
18. Budgeted raw materials purchases cost is A. P22,410
B. P22,950
19. Budgeted direct labor is A. P20,750
B. P33,200
20. Variable overhead cost per direct labor hour is A. P1.60
B. P1.80
21. Fixed overhead cost per direct labor hour is A. P1.60
B. P1.80
22. Budgeted contribution margin is A. P1.80
B. P2.58
23. Budgeted cost of goods sold (full cost) is A. P76,500
B. P96,500
24. Net profit before tax is A. P53,000
B. P103,500
C. P22,410 D. P124,500
C. P23,760 D. P124,500
C. P62,250 D. P83,000
C. P4.80 D. P6.40
C. P4.80 D. P6.40
C. P3.40 D. P5.00
C. P196,500 D. P304,000
C. P178,500 D. P249,500
25. JIGGLYPUFF INC. makes payments for purchases 10% during the month of purchase, 60% in the following month, and the remainder in the second month following the purchase. Purchases are projected to be P130,000 in January, P140,000 in February, and P160,000 in March. The March 31 accounts payable balance will be
A. P48,000. C. P144,000. B. P96,000. D. P186,000.
26. GYARADOS INC. budgeted sales of 50,000 units for January, 60,000 for February. GYARADOS desires an ending inventory equal to one-half of the following month's sales needs. Inventory on January 1 was as desired. Budgeted production for January is
A. 22,000 units. C. 55,000 units.
B. 52,000 units. D. 74,000 units.
Use the following information in answering the next item(s):
GIRATANA CORP. is one of the manufacturers of a part used in the pro

 

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17. Budgeted cost of raw materials to be used in production is
Calculation:
Raw materials needed for production = (75,000 units + 50,000 units) - 42,000 units = 83,000 units
Raw materials per unit = 1.5 gallons
Total raw materials needed = 83,000 units * 1.5 gallons = 124,500 gallons
Cost per gallon of raw material = P0.18
Budgeted cost of raw materials = 124,500 gallons * P0.18 = P22,410

Therefore, the answer is B. P22,410

18. Budgeted raw materials purchases cost is
Since the expected raw materials to be on hand at the end of the month is 8,000 gallons, the raw materials purchases needed would be:
Total raw materials needed = 124,500 gallons
Raw materials on hand at the beginning of the month = 5,000 gallons
Raw materials to be purchased = Total raw materials needed - Raw materials on hand at the beginning of the month - Raw materials on hand at the end of the month
Raw materials to be purchased = 124,500 gallons - 5,000 gallons - 8,000 gallons = 111,500 gallons
Cost per gallon of raw material = P0.18
Budgeted raw materials purchases cost = 111,500 gallons * P0.18 = P20,070

Therefore, the answer is neither A. P22,410 nor B. P22,950

19. Budgeted direct labor is
Since one-fourth an hour of direct labor is required to manufacture each unit of finished product:
Total direct labor hours = 75,000 units * 0.25 hours = 18,750 hours
Direct labor cost per hour = P3.00
Budgeted direct labor cost = 18,750 hours * P3.00 = P56,250

Therefore, the answer is neither A. P20,750 nor B. P33,200

20. Variable overhead cost per direct labor hour is
Variable factory overhead = P33,200
Direct labor hours = 18,750 hours
Variable overhead cost per direct labor hour = P33,200 / 18,750 hours = P1.77

Therefore, the answer is neither A. P1.60 nor B. P1.80

21. Fixed overhead cost per direct labor hour is
Fixed factory overhead = P99,600
Direct labor hours = 18,750 hours
Fixed overhead cost per direct labor hour = P99,600 / 18,750 hours = P5.31

Therefore, the answer is neither A. P1.60 nor B. P1.80

22. Budgeted contribution margin is
Contribution margin per unit = Selling price - Variable expenses per unit
Contribution margin per unit = P5 - (P3 + P1) = P1
Budgeted contribution margin = 75,000 units * P1 = P75,000

Therefore, the answer is neither A. P1.80 nor B. P2.58

23. Budgeted cost of goods sold (full cost) is
Calculation:
Direct materials cost = P22,410
Direct labor cost = P56,250
Variable overhead cost = P33,200
Fixed overhead cost = P99,600
Total cost of goods sold = P22,410 + P56,250 + P33,200 + P99,600 = P211,460

Therefore, the answer is neither A. P76,500 nor B. P96,500

24. Net profit before tax is
Calculation:
Total revenue = 75,000 units * P5 = P375,000
Total cost of goods sold = P211,460
Total variable administrative and selling expenses = 75,000 units * P1 = P75,000
Net profit before tax = Total revenue - Total cost of goods sold - Total variable administrative and selling expenses
Net profit before tax = P375,000 - P211,460 - P75,000 = P88,540

Therefore, the answer is neither A. P53,000 nor B. P103,500

25. The March 31 accounts payable balance will be
Calculation:
Purchases in January = P130,000
Purchases in February = P140,000
Purchases in March = P160,000
Accounts payable balance = 10% of January purchases + 60% of February purchases + 30% of March purchases
Accounts payable balance = 0.10 * P130,000 + 0.60 * P140,000 + 0.30 * P160,000 = P13,000 + P84,000 + P48,000 = P145,000

Therefore, the answer is neither A. P48,000 nor C. P144,000

26. Budgeted production for January is
Ending inventory for January = 60,000 / 2 = 30,000 units
Desired ending inventory for January = 30,000 units
Beginning inventory for January = 30,000 units
Budgeted production for January = 60,000 units + 30,000 units - 30,000 units = 60,000 units

Therefore, the answer is neither A. 22,000 units nor C. 55,000 units

 

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