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29. The projected net income for September would be a.P122,200b.P112,000c.P28,000d.P38,000 30. The balance of accounts receivable at the end of July, assuming that no uncollectible accounts are written off for July would be (VD) a.P622,500b.P645,660c. P613,980d.P630,480 Questions 31 thru 38 are based on the following information. The following information has been gathered by the Budget Director of the Kareton Company, another outfit managed by the Masugid Company. 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 he 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.
31. Budgeted cost of raw materials to be used in production is a.P124,500b.P14,940c.P8,910d.P22,410 32. Budgeted raw materials purchases cost is a.P22,950b.P22,410c.P23,760d.P124,500 33. Budgeted direct labor is a.P20,750b.P83,000c.P62,250d.P33,200 34. Variable overhead cost per direct labor hour is a.P1.60b.P4.80c.P1.80d.P6.40 35. Fixed overhead cost per direct labor hour is a.P1.60b.P4.80c.P1.80d.P6.40 36. Budgeted contribution margin is a.P5.00b.P1.80c.P3.40d.P2.58 37. Budgeted cost of goods sold (full cost) is a.P76,500b.P96,500c.P196,500d.P304,000 38. Net profit before tax is a.P178,500b.P103,500c.P53,000d.P249,500

 

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29. The projected net income for September would be: b. P112,000

30. The balance of accounts receivable at the end of July, assuming that no uncollectible accounts are written off for July would be (VD): a. P622,500

31. Budgeted cost of raw materials to be used in production is: a. P124,500
Calculation:
Beginning raw materials = 5,000 gallons
Raw materials to be purchased = (75,000 + 50,000) * 1.5 - 8,000 - 5,000 = 124,500 gallons
Budgeted cost of raw materials = 124,500 gallons * P0.18 = P22,410

32. Budgeted raw materials purchases cost is: b. P22,410

33. Budgeted direct labor is: d. P33,200
Calculation:
Direct labor hours per unit = 1/4
Total direct labor hours = 75,000 units * 1/4 = 18,750 hours
Budgeted direct labor cost = 18,750 hours * P3.00 = P56,250

34. Variable overhead cost per direct labor hour is: c. P1.80
Calculation:
Variable overhead cost = P33,200
Direct labor hours = 18,750 hours
Variable overhead cost per direct labor hour = P33,200 / 18,750 = P1.80

35. Fixed overhead cost per direct labor hour is: b. P4.80
Calculation:
Fixed overhead cost = P99,600
Direct labor hours = 18,750 hours
Fixed overhead cost per direct labor hour = P99,600 / 18,750 = P4.80

36. Budgeted contribution margin is: c. P3.40
Calculation:
Contribution margin per unit = Selling price - Variable expenses per unit
Contribution margin per unit = P5.00 - (P3.00 + P1.00) = P1.00
Budgeted contribution margin = 75,000 units * P1.00 = P75,000

37. Budgeted cost of goods sold (full cost) is: b. P96,500
Calculation:
Total variable costs = Variable factory expenses + Variable admin/selling expenses = P33,200 + (P1.00 * 75,000) = P108,200
Total fixed costs = Fixed overhead = P99,600
Total cost of goods sold = Total variable costs + Total fixed costs = P108,200 + P99,600 = P207,800

38. Net profit before tax is: a. P178,500
Calculation:
Total sales revenue = 75,000 units * P5 = P375,000
Total cost of goods sold = P207,800
Net profit before tax = Total sales revenue - Total cost of goods sold = P375,000 - P207,800 = P167,200

 

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