Answer:
The budgeted materials needed in units for April is 64,800 units
Explanation:
In order to calculate the budgeted materials needed in units for April we would have to use the following formula:
Budgeted Materials =Materials needed +ending inventory −beginning inventory available
To calculate the ending inventory we would have to use the following formula:
Ending inventory=0.3×Following month budgeted materials
Ending inventory=0.3×62,000
Ending inventory=18,600
Therefore, Budgeted Materials =66,000+18,600−19,800
Budgeted Materials= 64,800 units
The budgeted materials needed in units for April is 64,800 units
Question Completion:
Each year, Tom and Cindy Bates (married filing jointly) report itemized deductions of $20,000 (which includes an annual $4,000 pledge payment to their church). Upon the advice of a friend, they do the following: In early January 2019, they pay their 2018 pledge; during 2019, they pay the 2019 pledge; and in late December 2019, they prepay their 2020 pledge. a. What are the Bateses trying to accomplish? To have their itemized deductions exceed the standard deduction . b. What would the Bates' total itemized deductions be if all three church pledge payments were made in 2019?
Answer:
The Bates' total itemized deductions would be $20,000 if all three church pledge payments were made in 2019 (including $12,000 for the three years in church pledges and another $8,000 for other deductions).
Explanation:
It is assumed that the Bates' Adjusted Gross Income for 2019 is within the range of $100,000 to $200,000, which enables them to make charitable contributions up to $4,155 per annum. Since taxation uses the cash basis, it is possible for the Bates to claim the $12,000 cash in pledges for the current year when payment is made in the year.
Advantages that can be associated with Budgeting are:
forcing managers to think about and plan for the future
- promoting cooperation and coordination among different areas within the organization
- providing benchmarks for evaluating performance
- providing lead time to solve potential problems.
- Budgeting can be regarded as a process involving a creation of a plan to spend your money.
- It helps the manager think about the future in terms of our finance and give a benchmarks for evaluating performance.
Therefore, Budgeting helps in how to spend our money.
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