Accounting Help due 23 August 1830 EST

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Complete problem 9-43 and exercise 11-26 in the textbook.

Prepare your responses in Excel with each problem on a separate tab.

Accounting Help due 23 August 1830 EST
Problem 9-43 Preparation of Master Budget (LO 2, 3, 4) (1. Total sales revenue: $1,100,000 3. Cost of purchases (paper-board): $97,000 5. Total overhead: $148,500 7. Predetermined overhead rate: $40 per hour) FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box C P Direct material required per 100 boxes: Paperboard ($.20 per……………………………………………………30 pounds 70 pounds Corrugating medium ($.10 per pound) ………………………….20 pounds 30 pounds Direct labor required per 100 boxes ($12.00 per hour) .25 hour .50 hour The following manufacturing-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 495,000 units for each type of box. Manufacturing overhead is applied on the basis of direct-labor hours. Indirect material……………………………………………………………………………………………$ 10,500 Indirect labor………………………………………………………………………………………………. 50,000 Utilities……………………………………………………………………………………………………….. 25,000 Property taxes……………………………………………………………………………………………… 18,000 Insurance……………………………………………………………………………………………………. 16,000 Depreciation………………………………………………………………………………………………. 29,000 Total………………………………………………………………………………………………………….. $148,500 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel…………………………………………………..$ 75,000 Advertising………………………………………………………………………………………………….. 15,000 Management salaries and fringe benefits……………………………………………………….. 90,000 Clerical wages and fringe benefits……………………………………………………………….. 26,000 Miscellaneous administrative expenses…………………………………………………………. 4,000 Total………………………………………………………………………………………………………… $210,000 The sales forecast for the next year is as follows: Sales Volume Sales Price Box type C ……………………………………………………. 500,000 boxes $ 90.00 per hundred boxes Box type P ……………………………………………………. 500,000 boxes 130.00 per hundred boxes The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Expected Inventory Desired Ending Inventory January 1 December 31 Finished goods: Box type C ……………………….. 10,000 boxes 5,000 boxes Box type P ………………………. 20,000 boxes 15,000 boxes Raw material: Paperboard ……………………… 15,000 pounds 5,000 pounds Corrugating medium ………. 5,000 pounds 10,000 pounds Required: Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Include the following schedules. 1. Sales budget. 2. Production budget. 3. Direct-material budget. 4. Direct-labor budget. 5. Manufacturing-overhead budget. 6. Selling and administrative expense budget. 7. Budgeted income statement. ( Hint: To determine cost of goods sold, first compute the manufactur-ing cost per unit for each type of box. Include applied manufacturing overhead in the cost.) Exercise 11-26 The following data are the actual results for Marvelous Marshmallow Company for October. Actual output………………………………………………………………………………………..9,000 cases Actual variable overhead……………………………………………………………………$405,000 Actual fixed overhead…………………………………………………………………………..$122,000 Actual machine time ……………………………………………………………….40,500 machine hours Standard cost and budget information for Marvelous Marshmallow Company follows: Standard variable-overhead rate………………………………$9.00 per machine hour Standard quantity of machine hours ………………………..4 hours per case of marshmallows Budgeted fixed overhead ………………………………………$120,000 per month Budgeted output …………………………………………………..10,000 cases per month Required: 1. Use any of the methods explained in the chapter to compute the following variances. Indicate whether each variance is favorable or unfavorable, where appropriate. a. Variable-overhead spending variance. b. Variable-overhead efficiency variance. Flexible Budgeting and the Management of Overhead and Support Activity Costs c. Fixed-overhead budget variance. d. Fixed-overhead volume variance. 2. Build a spreadsheet: Construct an Excel spreadsheet to solve the preceding requirement. Show how the solution will change if the following information changes: actual output was 9,100 cases, and actual variable overhead was $395,000.

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