8 2023 2024 9 Sales: OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY 10 Sales in Units (Candles) 14,000 15,500 18,000 12,500 13,000 11 Selling Price per Candle $ 11.50 12 13 Collections: 14 Cash Collected in the Month of Sale 90% 15 Cash Collected in Following Month 10% 16 17 Finished Goods Inventory: 18 Ending FG Inventory Requirement 15% of next month's unit sales 19 Beginning FG Inventory, Oct. 1, 2023 2,100 candles 20 21 Raw Materials Inventory: 22 Raw Materials Required per Candle 8 ounces of wax 23 Raw Materials Cost per Ounce $0.25 per ounce 24 Ending RM Inventory Requirement 30% of next month's production needs 25 Paid in Month of Purchase 75% 26 Paid in Following Month 25% 27 Beginning RM Inventory, Oct. 1, 2023 34,140 ounces of wax 28 29 Direct Labor: 30 Labor Required per Candle 0.15 hours 31 Labor Cost per Hour 17.00 per hour 32 33 |Manfacturing Overhead: 34 Variable OH 0.50 per candle 35 Fixed OH 14,000 per month 36 Noncash Fixed OH (included in above) 3,250 per month 37 38 Selling & Administrative Expenses: 39 Variable S&A 1.35 per unit sold 40 Fixed S&A 18,000 per month 41 Noncash Fixed S&A (included in above) 2,300 per month 42 43 Other: 44 Machine Purchase 4,000 purchased on October 1, 2023 45 *depreciation is already included in noncash fixed OH above 46 Note Payable $ 2,500 paid on November 30, 2023 47 *this is a non-interest bearing noteASSETS Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory PP&E, net TOTAL ASSETS B simplistic Scents Candle Co. C Balance Sheet As of September 30, 2023 $196,000 $7,600 $8,535 $10,605 $64,000 $285,740 LIABILITIES & EQUITIES Accounts Payable Note Payable Interest Payable TOTAL LIABILITIES Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES $9,300 $2,500 $0 $11,800 $274,940 $274,940 $285,740 B5 X V fx A B 1 C D E 2 Sales Budget 3 4 2023 October 5 Unit Sales November December TOTAL 6 Selling Price per Unit 7 TOTAL SALES 8 9