1. get the ending finished goods inventory budget

2.get the cash Budget

Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit Budgeted sales: Q1 of 2019 22,000 cases 32,000 cases Q3 27,000 cases 15,000 cases Unit selling price $22.50 dollars per unit Q2 04 All sales are on account (on credit). Collection pattern: Cash collected in the quarter of sale Cash collected in the quarter following sale 60% 40% Beginning FG inventory (in units) Desired ending FG inventoryext quarter's sales Desired ending FG inventory at year end 2,200 cases 30% 10,000 cases Beginning RM inventory (in units) Quantity of DM needed per unit DM cost per pound Desired ending RM inventoryext quarter's RM needs Desired ending RM inventory at year end 21,000 pounds 15.00 pounds $0.25 dollars 10% 23,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases DL hours per unit DL rate per hour 0.50 hours $15.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per DLH $24,000 per quarter Noncash MOH Depreciation $17,000 per quarter $0.80 per case Selling and administrative expenses Variable SA Fixed SA Advertising Executive Salaries Environmental Impact Fees General and Administrative Depreciation $5,000 per quarter $27,000 per quarter $9,000 per quarter $3,000 per quarter $4,000 per quarter Sharp Products has an agreement with a local bank that would supply any amount of loan it needs to maintain the minimum cash balance. Interest is not compounded and paid at the end of each year. Interest rate for bank loan Minimum cash balance Equipment purchases 5% per quarter $5,000 Q1 Q2 Q3 04 Cash dividends $5,000 for 21 $4,000 for Q2 $0 for Q3 $26,000 for 24 $5,000 per quarter Sharp Products Co. Balance Sheet For the Year Ended Dec 31, 2019 $92,000 130,000 5,250 18,300 Assets Current assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Plant and equipment Land Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets $245,550 300,000 750,000 -292,000 758,000 $1,003,550 $68,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable (raw materials) Stockholders' equity: Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $112,505 823,045 935,550 $1,003,550 Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit Budgeted sales: Q1 of 2019 22,000 cases 32,000 cases Q3 27,000 cases 15,000 cases Unit selling price $22.50 dollars per unit Q2 04 All sales are on account (on credit). Collection pattern: Cash collected in the quarter of sale Cash collected in the quarter following sale 60% 40% Beginning FG inventory (in units) Desired ending FG inventoryext quarter's sales Desired ending FG inventory at year end 2,200 cases 30% 10,000 cases Beginning RM inventory (in units) Quantity of DM needed per unit DM cost per pound Desired ending RM inventoryext quarter's RM needs Desired ending RM inventory at year end 21,000 pounds 15.00 pounds $0.25 dollars 10% 23,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases DL hours per unit DL rate per hour 0.50 hours $15.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per DLH $24,000 per quarter Noncash MOH Depreciation $17,000 per quarter $0.80 per case Selling and administrative expenses Variable SA Fixed SA Advertising Executive Salaries Environmental Impact Fees General and Administrative Depreciation $5,000 per quarter $27,000 per quarter $9,000 per quarter $3,000 per quarter $4,000 per quarter Sharp Products has an agreement with a local bank that would supply any amount of loan it needs to maintain the minimum cash balance. Interest is not compounded and paid at the end of each year. Interest rate for bank loan Minimum cash balance Equipment purchases 5% per quarter $5,000 Q1 Q2 Q3 04 Cash dividends $5,000 for 21 $4,000 for Q2 $0 for Q3 $26,000 for 24 $5,000 per quarter Sharp Products Co. Balance Sheet For the Year Ended Dec 31, 2019 $92,000 130,000 5,250 18,300 Assets Current assets: Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Plant and equipment Land Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets $245,550 300,000 750,000 -292,000 758,000 $1,003,550 $68,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable (raw materials) Stockholders' equity: Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $112,505 823,045 935,550 $1,003,550