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(Solved by Expert Tutors) Problem 1 - Picture Pretty manufactures picture frames. Sales for Augus


various sizes. Historically, the average frame requires four feet of framing, one square foot of glass, and two square feet of backing. Beginning inventory includes 1,500 feet of framing, 500 square feet of glass, and 500 square feet of backing. Prices are $0.30 per foot of framing, $6.00 per square foot of glass, and $2.25 per square foot of backing. Ending inventory should be 150% of beginning inventory. Purchases are paid for in the month acquired.Question 1: Determine the quantity of framing, glass, and backing that is to be purchased during August. (five points)Question 2: Determine the total costs of direct materials for August purchases. (five points)Problem 2 - Russell Company has the following projected account balances for June 30, 20X2:Accounts payable$40,000Sales$800,000Accounts receivable100,000Capital stock400,000Depreciation, factory24,000Retained earnings?Inventories (5/31 & 6/30)180,000Cash56,000Direct materials used200,000Equipment, net240,000Office salaries80,000Buildings, net400,000Insurance, factory4,000Utilities, factory16,000Plant wages140,000Selling expenses60,000Bonds payable160,000Maintenance, factory28,000Question 1: Calculate the budgeted net income for June 20X2.(five points)Question 2: Calculate the budgeted total assets as of June 30, 20X2. (five points)Problem 3 - Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations. For 20X2, the company anticipated that it would have 96,000 sales units for 664 customer shipments. Average storage bin usage for various inventories was estimated to be 200 per day. The costs and cost drivers were determined to be as follows:ItemFixedVariableCost driverProduct handling$10,000$1.25per 100 unitsStorage-3.00per storage binUtilities1,0001.50per 100 unitsShipping clerks1,0001.00per shipmentSupplies-0.50per shipmentDuring the year, the warehouse processed 90,000 units for 600 customer shipments. The workers used 225 storage bins on average each day to sort, store, and process goods for shipment. The actual costs for 20X2 were:ItemActual costsProduct handling$10,900Storage465Utilities2,020Shipping clerks1,400Supplies340Question 1: Determine the 20X2 static budget variances. (five points)Question 2: Determine the 20X2 flexible budget variances. (five points)

 


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