4. Master Budget (6pts): Frozen Britain, Corp. makes one product, frozen pizzas, and it provided the following information to help prepare the master budget for the next several months of operations: The budgeted selling price per unit is $8.00. Budgeted unit sales for March, April, May, June, July, and August are 55,000; 56,900; 57,400; 58,000; 57,600; and, 58,200 units, respectively. All sales are on credit. Regarding credit sales, 10% are collected in the month of the sale and 90% in the following month. The ending finished goods inventory equals 30% of the following month's sales. The ending raw materials inventory equals 40% of the following month's raw materials production needs. Each unit of finished goods requires 12 grams of raw materials. The raw materials cost $0.16 per gram. Regarding raw materials purchases, 10% are paid for in the month of purchase and 90% in the following month. The direct labor wage rate is $15.00 per hour. Each unit of finished goods requires 0.2 direct labor-hours. Variable overhead is $2.50 per direct labor-hour. Assume there is no Fixed OH. The variable selling, general, and administrative expense per unit sold is $1.05. The fixed selling, general and administrative expense per month is $56,420. a. C. e. Prepare the sales budget for the four-month budget period of April, May, June, and July. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period. (1pt) b. Prepare the production budget for the four-month budget period of April, May, June, and July. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period. (1pt) Calculate the budgeted direct material cost for June. (0.5pts) d. Calculate the budgeted direct labor cost for June. (0.5pt) Calculate the budgeted OH cost for June. (0.5pt) f. Calculate the budgeted per unit product cost. (0.5pt) Calculate the budgeted Selling, General and Administrative expenses for June. (0.5pt) h. Calculate budgeted net income for the month of June. Assume interest expense is $300 for June and income taxes are assessed at 30% (0.5pt) i. Calculate the budgeted Accounts Receivable (A/R) balance that would appear on the budgeted balance sheet as of June 30th (0.5pts) j. Calculate the budgeted finished goods inventory dollar amount that would appear on the budgeted balance sheet as of June 30th (0.5pts) 4. Master Budget (6pts): Frozen Britain, Corp. makes one product, frozen pizzas, and it provided the following information to help prepare the master budget for the next several months of operations: The budgeted selling price per unit is $8.00. Budgeted unit sales for March, April, May, June, July, and August are 55,000; 56,900; 57,400; 58,000; 57,600; and, 58,200 units, respectively. All sales are on credit. Regarding credit sales, 10% are collected in the month of the sale and 90% in the following month. The ending finished goods inventory equals 30% of the following month's sales. The ending raw materials inventory equals 40% of the following month's raw materials production needs. Each unit of finished goods requires 12 grams of raw materials. The raw materials cost $0.16 per gram. Regarding raw materials purchases, 10% are paid for in the month of purchase and 90% in the following month. The direct labor wage rate is $15.00 per hour. Each unit of finished goods requires 0.2 direct labor-hours. Variable overhead is $2.50 per direct labor-hour. Assume there is no Fixed OH. The variable selling, general, and administrative expense per unit sold is $1.05. The fixed selling, general and administrative expense per month is $56,420. a. C. e. Prepare the sales budget for the four-month budget period of April, May, June, and July. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period. (1pt) b. Prepare the production budget for the four-month budget period of April, May, June, and July. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period. (1pt) Calculate the budgeted direct material cost for June. (0.5pts) d. Calculate the budgeted direct labor cost for June. (0.5pt) Calculate the budgeted OH cost for June. (0.5pt) f. Calculate the budgeted per unit product cost. (0.5pt) Calculate the budgeted Selling, General and Administrative expenses for June. (0.5pt) h. Calculate budgeted net income for the month of June. Assume interest expense is $300 for June and income taxes are assessed at 30% (0.5pt) i. Calculate the budgeted Accounts Receivable (A/R) balance that would appear on the budgeted balance sheet as of June 30th (0.5pts) j. Calculate the budgeted finished goods inventory dollar amount that would appear on the budgeted balance sheet as of June 30th (0.5pts)