ACC700 Principles of Accounting Assessment Answer – Assignment Help Aus

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Assignment Details: 

  • Referencing Styles: APA
  • Words/Pages: 6
  • Course Code: ACC700
  • Course Title: principles of accounting

Question: Budgeting (Production, RM, Labour, Cash)

Anjana expects to begin the coming year with 2,000 units of a specific product in finished goods inventory. It expects to sell 5,000 units and end the year with 4,000 units in FG inventory.

  1. Calculate the number of the products budgeted for production in the coming year 5,000 + 4,000 – 2,000 = 7,000 (units)
  2. Each unit of production requires 2kgs of Raw Material. The company expects to have 1,000 kg at the beginning of the coming year and wishes to end the year with 3,000 kg in inventory. How many kilograms of Material must the company purchase during the year?(7,000 X 2) + 3,000 – 1,000 = 16,000 (kg)
  3. Each of the production workers can produce two products per hour. How numerous hours of direct labour must be estimated to meet production needs? 7,000 / 2 = 3,500 (hours)
  4. The sales budget for the first three months of the coming year is expected to be $30,000, $50,000 and $70,000 with 50% of each month’s sales being on credit. Collections of accounts receivable are scheduled at 50% during the month of sale, 50% is collected in the month following. The total budgeted cash receipts from sales for the second month of the coming year will be: $30,000 X 25% + $50,000 X 75% = $45,000

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