1. Sales Forecasts for the first quarter of 2022 : January 11,000 units February 13,000 units March 14,000 units Unit selling price $100 Prepare the Sales Budget for Jan, Feb, and March. 2. In addition to the info in problem \#1, the company requires 20% of next month's budgeted sales as ending finished goods inventory each month. Ending inventory for 12/31/21 was 2,200 units. The Sales forecast for April is 20,000 units. Prepare the Production Budget for Jan, Feb, and March. 3. In addition to the info in problem #2, it takes 4 lbs of material to produce one finished good unit. The company requires 50% of next month's production as raw materials ending inventory each month. Ending inventory for 12/31/21 was 22,800lbs. Units to be produced in April were 15,000. Material costs $3 per pound. Prepare the Raw Materials Purchases Budget for Jan, Feb, \& March. 4. In addition to the info in problem \#2, it takes 45 minutes to prepare one unit of final product. Production workers make $25 per hour, and no overtime is necessary. Prepare the Direct Labor Budget for Jan, Feb, and March. 5. In addition to the info in problem #2, it costs $4.5 per unit produced for variable manufacturing overhead, plus $50,000 per month for fixed manufacturing overhead. Prepare the Manufacturing Overhead Budget for Jan, Feb, \& March. 6. Using the info from problems #3,#4,, calculate the cost of producing one unit of final product (round to the nearest whole dollar). 7. Using the info from problems #1 and \#6, calculate the Cost of Goods Sold 'Budget for Jan, Feb, \& March. 8. In addition to the info in problem #1, the following cost behavior patterns are budgeted for the operating expenses each month: Fixed Costs: $15,000 Admin Salaries, $6,000 Depreciation, $3,000 Advertising Variable Costs per unit sold: \$4 Sales Commissions, \$2 Supplies, \$3 Marketing Mixed Costs: Utilities $4,000 plus $3 per unit sold Prepare the Operating Expense Budget for Jan, Feb \& March. 9. Using the info from the previous 6 problems, prepare an Income Statement in good format for Jan, Feb, \& March, and for the Total Quarter 1/1/22 - 3/31/22. -Also calculate the Gross Margin Ratio for the quarter ending 3/31/22. 10. In addition to the info in problem \#1, and based on past experience, the company expects to collect 90% of the month's sales in the current month, and 10% in the month following the sale. The accounts receivable balance at 12/31/122 was $100,000 and is deemed fully collectible. Prepare the Cash Receipts Budget for Jan, Feb, \& March. Also calculate the Accounts Receivable balance on 3/31/22. 11. In addition to the info from previous problems, the following cash disbursements were made each month: - Equipment purchases $85,000 in Jan, $60,000 in Feb, \& $75,000 in March. - Dividends paid of $200,000 in Jan, $300,000 in Feb and $400,000 in March. Materials purchases are paid for 100% in the month of purchase. Operating expenses include $6,000 of Depreciation each month, which is a non-cash expense. Prepare the Cash Disbursements Budget for Jan, Feb, \& March, which should also include the cash payments for materials, labor, MOH, and operating exenses. 12. The bank requires a minimum cash balance at the end of each month of $500,000. The company has a $500,000 line of credit with $0 outstanding balance as of 1/1/22. Interest on the line of credit is 12% annually, and is paid at the end of each month. Ending cash balance on 12/31/21 was $285,000. In addition to the info in problems #10 and #11, prepare a Comprehensive Cash Budget for Jan, Feb, and March. 13. In addition to the info from problems #10, the following balances are as of 3/31/22 : Equipment, net of Accum. Deprec. =$389,560 Bonds Payable =$250,000 (one annual payment in July) Interest Payable =$15,000( due in July) Beginning Retained Earnings Bal 1/1/22 =$290,743 Common Stock =$170,000 Prepare a Balance Sheet in good format as of 3/31/22. Reminders/Hints: Values of Raw Materials Ending Inventory \& Finished Goods Ending Inventory will need to be calculated, \& don't forget the Acounts Receivable balance. Ending Retained Earnings will need to be calculated as well. Total Assets must equal Total Liabilities + Total Equity to balance