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Jamison and Co makes lightweight yoga mats. Jamison is preparing its budget for the second quarter of 2022.

1.Each mat sells for $22. Sales in units are as follows:

February12,000$264,000

March12,000264,000

April13,500297,000

May 15,000330,000

June15,500341,000

July 16,000352,000

In order to prevent stockouts they maintain an ending inventory at the end of each month.That inventory is 30% of the following month's sales.

2.The mats are made of a compound made of rubber and plastic which comes in a variety of colors and is made in India.Jamison buys the compound, rolls it flat, cuts the mats and stamps its logo on each one.Each mat requires 1.5 square yards of compound.

Because the compound comes from India, they require that a 20% inventory of the following months production.The compound costs $3 per square yard.Materials needed for production in July are $25,125.

3.Each mat requires .3 hours of direct labor and Jamison pays its assembly line workers $15 per hour. Variable overhead includes inexpensive cording that is attached to the mats and is included in the Variable OH application rate of $12 per direct labor hour.Fixed manufacturing overhead is applied at $8 per direct labor hour.

4.Delivery expenses are 8% of sales and sales commissions are another 4%.Fixed general and administrative are $24,000 per month and 50% of that amount is depreciation.

5.Sales are 30% cash and 70% on credit.Credit sales are collected as follows:

a.10% in the month of sale

b.50% in the month following sale

c.10%in the second month following sale

6.Payments for Purchases are made 25% in the month of purchase and 75% in the month following purchase. Purchases for March total $57,375

7.Jamison requires that a minimum of $20,000 remain in the bank at all times.If the balance drops below $20,000 Jamison borrows from it's line of credit in increments of $10,000.It pays all borrowings back as soon as possible. There are no borrowings on the line of credit on April 1. The beginning cash balance on April 1 is $21,000.

8.Jamison expects to purchase new equipment in April totaling $25,000 and pays a $10,000 dividend in the last month of each quarter.

Requirements:

Using the template provided, master budget and financial budgets for Jamison for the months of April-June 2022, showing quarterly totals.These should include the following:

a.Sales Budget

b.Production Budget

c.Materials purchases budget

d.Direct labor Budget

e.Manufacturing Overhead

f.Selling, General and Administrative Budget

g.Cost of Goods Sold Budget

h.Budgeted Income Statement

i.Cash receipts budget

j.Cash payments budget

k.Cash budget

Selling General and Administrative Budget April May June Total Total Sales Delivery & Sales Commissions Total Selling Expenses Fixed G&A Expenses Total Selling General and Administrative Exp Cost of Goods Sold: April May June Total # Units Sold Cost Per Unit (See below) Cost of Goods Sold Income Statement April May June Total Sales Cost of Goods Sold 18 Gross Profit Selling General and Administrative Operating Income Cost of Goods Sold: Material: Direct Labor VOH FOH Total Cost per Mat SoldSales Budget April May June Total # of mats sold Price per Mat Total Sales Formulas Production Budget April May June Total Numbers # Units Sol Ending Inventory Beginning Inventory Units to be pro Materials Purchases Budget April May June Total # Units Produced Yds per mat Materials Needed for Production Ending Materials Inventory Beginning Inventory Total Purchases of materials Cost per Yard Total Cost of Direct Materials Purchases Direct Labor Budget April May June Total # Units to be produced Hours per Unit Total Direct Labor Hours Cost per hour Total Direct Labor Manufacturing Overhead Zoom In May June Total # Units Produced Hours Per Unit Total Hours Variable OH rate per hour Total Variable Overhead Fixed OH rate per hour Fixed Overhead Total OverheadVariable Overhead Fixed Overhead Selling Expenses General & Administrative Less Depreciation: General & Administrative Cash paid for Equipment Cash Paid for Dividends Total Cash Payments Cash Budget April May June Total Cash Balance, Beginning of Period Cash Receipts Cash Payments Cash Balance Before Financing Cash Borrowed or ( Repaid] Ending Cash Balance