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Sundancer Boats, Inc. manufactures paddle boats in various colors for 5-Stal Management is preparing the budget for 2022 and has asked for the accountants help. Last year was a tough year with price increases and a decrease in unit sales. Prepare the 2022 budget. You should use: 1. Information provided for you within each Budget section below. 2. The 2021 Actual Cost information from the "CH24 Standard Costs" tab as the 2022 Standard Cost Budget. Sales in 2021 were 625 units. The company worked hard to bring on some new customers in 2022. Overall, they are expecting a 20% increase in units overall from 2021. Management will keep the increase of the selling price of the boats $4,750 because they already fear of pricing themselves out of the market. Sundancer, Inc. Sales Budget For the Year Ended December 31, 2022 1 2 3. Expected sales units 4 Unit selling price 5 Total sales $ $ 750 4,750 3,562,500 At the end of 2021, there were 75 boats left in inventory to sell in 2022. They would like to budget to end 2022 with 10 completed and finished units. Sundancer, Inc. Production Budget For the Year Ended December 31, 2022 Expected sales units 5 Add: Desired ending finished goods units (ending balance 2022) 5 Total required units Less: Beginning finished goods units (ending balance 2021) Required production units 750 10 760 75 685 Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mater on hand as well. Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance 2 Use the 2021 Actual Cost Information for: Per Pound Balance 2022 Per Unit 2021 Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mate on hand as well. 31 Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance Per Pound Balance 2022 2021 32 Use the 2021 Actual Cost Information for: Per Unit 2,000 1,000 33 Plastic Parts Direct materials: 34 Metal Parts Direct materials: 3,000 1,500 50 35 Paint and Stickers Direct materials: 25 36 37 Sundancer, Inc. 38 Direct Materials Budget 39 For the Year Ended December 31, 2022 40 41 Required production units 42 Plastic Parts Direct materials pounds per unit produced: 43 Total pounds needed for production 44 Add: Desired ending direct materials in pounds (ending balance 2022) 45 Total materials required 46 Less: Beginning direct materials in pounds (ending balance 2021) 47 Direct materials purchases 48 Cost per pound 49 Total cost of Plastic Parts direct materials purchases 50 51 Required production units 52 Metal Parts Direct materials pounds per unit produced: 53 Total pounds needed for production 54 Add: Desired ending direct materials in pounds (ending balance 2022) 55 Total materials required 56 Less: Beginning direct materials in pounds (ending balance 2021) 57 Direct materials purchases 58 Cost per pound 59 Total cost of Metal Parts direct materials purchases 60 61 Required production units 62 Paint and Stickers Direct materials pounds per unit produced: 63 Total pounds needed for production 64 Add: Desired ending direct materials in pounds (ending balance 2022) 65 Total materials required 66 Less: Beginning direct materials in pounds (ending balance 2021) 67 Direct materials purchases 68 Cost per pound 69 Total cost of Paint and Stickers direct materials purchases 70 1 -2 Total cost of ALL direct materials purchases 3 4 Use the 2021 Actual Cost Information for: 1. Direct Labor hours per Boat and 2. Direct Labor cost per hour "5 6 7 Sundancer, Inc. 8 Direct Labor Budget 9 For the Year Ended December 31, 2022 50 51 Units to be produced 32 Direct labor time (hours) per unit 33 Total required direct labor hours 34 Direct labor cost per hour 55 Total direct labor cost 36 Use the 2021 Actual Cost Information for: 1. Machine Overhead hours per Boat and 2. Machine Overhead cost per hour 37 58 59 Sundancer, Inc. 20 Manufacturing Overhead Budget 1 For the Year Ended December 31, 2022 22 3 Units to be produced 4 Machine hours per unit 5 Total required machine hours 6 Machine cost per hour +7 Total manufacturing overhead 08 9 Management also anticipates the following fixed costs, some anticipated changes from last year: 00 01 Building and Equipment Depreciation $55,000 02 Company Insurance $18,000 03 Company Advertising $150,000 04 Administrative Salaries and Benefits $360,000 05 06 07 Sundancer, Inc. 08 Selling and Administrative Expense Budget 09 For the Year Ended December 31, 2022 10 11 Fixed expenses 12 Building and Equipment Depreciation Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mate on hand as well. 31 Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance Per Pound Balance 2022 2021 32 Use the 2021 Actual Cost Information for: Per Unit 2,000 1,000 33 Plastic Parts Direct materials: 34 Metal Parts Direct materials: 3,000 1,500 50 35 Paint and Stickers Direct materials: 25 36 37 Sundancer, Inc. 38 Direct Materials Budget 39 For the Year Ended December 31, 2022 40 41 Required production units 42 Plastic Parts Direct materials pounds per unit produced: 43 Total pounds needed for production 44 Add: Desired ending direct materials in pounds (ending balance 2022) 45 Total materials required 46 Less: Beginning direct materials in pounds (ending balance 2021) 47 Direct materials purchases 48 Cost per pound 49 Total cost of Plastic Parts direct materials purchases 50 51 Required production units 52 Metal Parts Direct materials pounds per unit produced: 53 Total pounds needed for production 54 Add: Desired ending direct materials in pounds (ending balance 2022) 55 Total materials required 56 Less: Beginning direct materials in pounds (ending balance 2021) 57 Direct materials purchases 58 Cost per pound 59 Total cost of Metal Parts direct materials purchases 60 61 Required production units 62 Paint and Stickers Direct materials pounds per unit produced: 63 Total pounds needed for production 64 Add: Desired ending direct materials in pounds (ending balance 2022) 65 Total materials required 66 Less: Beginning direct materials in pounds (ending balance 2021) 67 Direct materials purchases 68 Cost per pound 69 Total cost of Paint and Stickers direct materials purchases 70 130 Interest expense 131 Income before income taxes 132 Income tax expense 133 Net Income 154 135 "Supplemental Schedule - COGS Cost Budget per Unit 136 Cost Element Quantity Unit Cost Total 137 Plastic Parts Direct materials: pounds 138 Metal Parts Direct materials: pounds 139 Paint and Stickers Direct materials: pounds 140 Direct labor hour 141 Manufacturing overhead - machine hours hour 42 Total COGS Budget per Unit 45 44 25 Budget Reflection - Write a short reflection about the changes from the 2021 Actual and how those compare to 2022 46 Budgeted Results. Write a short statement about: 47 48 1. Using unit change and change in selling price, explain overall change in sales between the 2022 Master Budget Sales 29 and 2021 Actual Sales. 50 31 2. Why are we using 2021 actual cost and actual usage in creating the 2022 Master Budget? Would there be any reasons we would consider changing the 2021 actual cost or actual usage amounts used in the 2022 Master Budget? 4 5 3. Was the business profitable in 2021? How does that compare to the business bottom line in the 2022 Master Budget? In your answer, think about ALL of the costs that impact net income, such as changes in revenue, COGS expense and selling and administrative expense. THIS General Insert Arial B I 12 ' ' ab U Conditional Formatting Format as Table Cell Styles 9X Delete $ % ) 48 Format Font Alignment Number Styles Cells Editing X N 0 2021 ACTUAL COST - Current Standard Predetermined Unit Costs Pounds Per Unit Plastic Parts Direct Materials: Metal Parts Direct Materials: Paint and Stickers Direct Materials: Direct Labor Hours: Manufacturing Overhead Machine Hours: 380 470 7 20 40 Usage Measurement pounds pounds pounds hours hours $ $ $ $ Cost Per Cost Per Pound Unit 3.00 $ 1,140.00 2.00 $ 940.00 5.00 $ 35.00 28.00 $ 560.00 12.00 $ 480.00 50.00 $ 3,155.00 2021 ACTUAL COST - Current Standard Predetermined Unit Costs Pounds Per Unit Usage Measurement Cost Per Pound 380 pounds Direct Materials Price and Quantity Standard Plastic Parts Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for waste $ $ $ $ 3.00 2.00 0.50 0.50 375 5 470 pounds Direct Materials Price and Quantity Standard Metal Parts Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for vaste * * * $ $ 2.00 1.50 0.25 0.25 $ 450 20 7 pounds $ $ Direct Materials Price and Quantity Standard Paint and Stickers Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for vaste 5.00 4.25 0.50 0.25 5 20 hours Direct Labor Price and Quantity Standard Direct Labor Hours: Hourly wage rate Cost of living adjustments Payroll taxes Other benefits Actual production Breaks Setup and cleaning $ $ $ 28.00 21.00 1.00 4.00 2.00 15 2 3 40 hours Manufacturing Overhead Quantity Standard Manufacturing Overhead Manufacturing Insurance Manufacturing Plant Utilities Manufacturing Cleanup 2 times Direct Labor Hours $ $ $ $ 12.00 2.00 7.00 3.00 IN H22 Master Budget Blank CH24 Standard Costs Change Info CH24 Standard Costs Actual + Sundancer Boats, Inc. manufactures paddle boats in various colors for 5-Stal Management is preparing the budget for 2022 and has asked for the accountants help. Last year was a tough year with price increases and a decrease in unit sales. Prepare the 2022 budget. You should use: 1. Information provided for you within each Budget section below. 2. The 2021 Actual Cost information from the "CH24 Standard Costs" tab as the 2022 Standard Cost Budget. Sales in 2021 were 625 units. The company worked hard to bring on some new customers in 2022. Overall, they are expecting a 20% increase in units overall from 2021. Management will keep the increase of the selling price of the boats $4,750 because they already fear of pricing themselves out of the market. Sundancer, Inc. Sales Budget For the Year Ended December 31, 2022 1 2 3. Expected sales units 4 Unit selling price 5 Total sales $ $ 750 4,750 3,562,500 At the end of 2021, there were 75 boats left in inventory to sell in 2022. They would like to budget to end 2022 with 10 completed and finished units. Sundancer, Inc. Production Budget For the Year Ended December 31, 2022 Expected sales units 5 Add: Desired ending finished goods units (ending balance 2022) 5 Total required units Less: Beginning finished goods units (ending balance 2021) Required production units 750 10 760 75 685 Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mater on hand as well. Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance 2 Use the 2021 Actual Cost Information for: Per Pound Balance 2022 Per Unit 2021 Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mate on hand as well. 31 Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance Per Pound Balance 2022 2021 32 Use the 2021 Actual Cost Information for: Per Unit 2,000 1,000 33 Plastic Parts Direct materials: 34 Metal Parts Direct materials: 3,000 1,500 50 35 Paint and Stickers Direct materials: 25 36 37 Sundancer, Inc. 38 Direct Materials Budget 39 For the Year Ended December 31, 2022 40 41 Required production units 42 Plastic Parts Direct materials pounds per unit produced: 43 Total pounds needed for production 44 Add: Desired ending direct materials in pounds (ending balance 2022) 45 Total materials required 46 Less: Beginning direct materials in pounds (ending balance 2021) 47 Direct materials purchases 48 Cost per pound 49 Total cost of Plastic Parts direct materials purchases 50 51 Required production units 52 Metal Parts Direct materials pounds per unit produced: 53 Total pounds needed for production 54 Add: Desired ending direct materials in pounds (ending balance 2022) 55 Total materials required 56 Less: Beginning direct materials in pounds (ending balance 2021) 57 Direct materials purchases 58 Cost per pound 59 Total cost of Metal Parts direct materials purchases 60 61 Required production units 62 Paint and Stickers Direct materials pounds per unit produced: 63 Total pounds needed for production 64 Add: Desired ending direct materials in pounds (ending balance 2022) 65 Total materials required 66 Less: Beginning direct materials in pounds (ending balance 2021) 67 Direct materials purchases 68 Cost per pound 69 Total cost of Paint and Stickers direct materials purchases 70 1 -2 Total cost of ALL direct materials purchases 3 4 Use the 2021 Actual Cost Information for: 1. Direct Labor hours per Boat and 2. Direct Labor cost per hour "5 6 7 Sundancer, Inc. 8 Direct Labor Budget 9 For the Year Ended December 31, 2022 50 51 Units to be produced 32 Direct labor time (hours) per unit 33 Total required direct labor hours 34 Direct labor cost per hour 55 Total direct labor cost 36 Use the 2021 Actual Cost Information for: 1. Machine Overhead hours per Boat and 2. Machine Overhead cost per hour 37 58 59 Sundancer, Inc. 20 Manufacturing Overhead Budget 1 For the Year Ended December 31, 2022 22 3 Units to be produced 4 Machine hours per unit 5 Total required machine hours 6 Machine cost per hour +7 Total manufacturing overhead 08 9 Management also anticipates the following fixed costs, some anticipated changes from last year: 00 01 Building and Equipment Depreciation $55,000 02 Company Insurance $18,000 03 Company Advertising $150,000 04 Administrative Salaries and Benefits $360,000 05 06 07 Sundancer, Inc. 08 Selling and Administrative Expense Budget 09 For the Year Ended December 31, 2022 10 11 Fixed expenses 12 Building and Equipment Depreciation Management ended 2021 with some direct materials on hand. They would also like to end 2022 with some direct mate on hand as well. 31 Expected Actual Expected Expected 2022 Ending 2022 Cost Ending Pounds Balance Per Pound Balance 2022 2021 32 Use the 2021 Actual Cost Information for: Per Unit 2,000 1,000 33 Plastic Parts Direct materials: 34 Metal Parts Direct materials: 3,000 1,500 50 35 Paint and Stickers Direct materials: 25 36 37 Sundancer, Inc. 38 Direct Materials Budget 39 For the Year Ended December 31, 2022 40 41 Required production units 42 Plastic Parts Direct materials pounds per unit produced: 43 Total pounds needed for production 44 Add: Desired ending direct materials in pounds (ending balance 2022) 45 Total materials required 46 Less: Beginning direct materials in pounds (ending balance 2021) 47 Direct materials purchases 48 Cost per pound 49 Total cost of Plastic Parts direct materials purchases 50 51 Required production units 52 Metal Parts Direct materials pounds per unit produced: 53 Total pounds needed for production 54 Add: Desired ending direct materials in pounds (ending balance 2022) 55 Total materials required 56 Less: Beginning direct materials in pounds (ending balance 2021) 57 Direct materials purchases 58 Cost per pound 59 Total cost of Metal Parts direct materials purchases 60 61 Required production units 62 Paint and Stickers Direct materials pounds per unit produced: 63 Total pounds needed for production 64 Add: Desired ending direct materials in pounds (ending balance 2022) 65 Total materials required 66 Less: Beginning direct materials in pounds (ending balance 2021) 67 Direct materials purchases 68 Cost per pound 69 Total cost of Paint and Stickers direct materials purchases 70 130 Interest expense 131 Income before income taxes 132 Income tax expense 133 Net Income 154 135 "Supplemental Schedule - COGS Cost Budget per Unit 136 Cost Element Quantity Unit Cost Total 137 Plastic Parts Direct materials: pounds 138 Metal Parts Direct materials: pounds 139 Paint and Stickers Direct materials: pounds 140 Direct labor hour 141 Manufacturing overhead - machine hours hour 42 Total COGS Budget per Unit 45 44 25 Budget Reflection - Write a short reflection about the changes from the 2021 Actual and how those compare to 2022 46 Budgeted Results. Write a short statement about: 47 48 1. Using unit change and change in selling price, explain overall change in sales between the 2022 Master Budget Sales 29 and 2021 Actual Sales. 50 31 2. Why are we using 2021 actual cost and actual usage in creating the 2022 Master Budget? Would there be any reasons we would consider changing the 2021 actual cost or actual usage amounts used in the 2022 Master Budget? 4 5 3. Was the business profitable in 2021? How does that compare to the business bottom line in the 2022 Master Budget? In your answer, think about ALL of the costs that impact net income, such as changes in revenue, COGS expense and selling and administrative expense. THIS General Insert Arial B I 12 ' ' ab U Conditional Formatting Format as Table Cell Styles 9X Delete $ % ) 48 Format Font Alignment Number Styles Cells Editing X N 0 2021 ACTUAL COST - Current Standard Predetermined Unit Costs Pounds Per Unit Plastic Parts Direct Materials: Metal Parts Direct Materials: Paint and Stickers Direct Materials: Direct Labor Hours: Manufacturing Overhead Machine Hours: 380 470 7 20 40 Usage Measurement pounds pounds pounds hours hours $ $ $ $ Cost Per Cost Per Pound Unit 3.00 $ 1,140.00 2.00 $ 940.00 5.00 $ 35.00 28.00 $ 560.00 12.00 $ 480.00 50.00 $ 3,155.00 2021 ACTUAL COST - Current Standard Predetermined Unit Costs Pounds Per Unit Usage Measurement Cost Per Pound 380 pounds Direct Materials Price and Quantity Standard Plastic Parts Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for waste $ $ $ $ 3.00 2.00 0.50 0.50 375 5 470 pounds Direct Materials Price and Quantity Standard Metal Parts Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for vaste * * * $ $ 2.00 1.50 0.25 0.25 $ 450 20 7 pounds $ $ Direct Materials Price and Quantity Standard Paint and Stickers Direct Materials: Purchase price, net of discounts Freight Receiving/handling Required materials Allowance for vaste 5.00 4.25 0.50 0.25 5 20 hours Direct Labor Price and Quantity Standard Direct Labor Hours: Hourly wage rate Cost of living adjustments Payroll taxes Other benefits Actual production Breaks Setup and cleaning $ $ $ 28.00 21.00 1.00 4.00 2.00 15 2 3 40 hours Manufacturing Overhead Quantity Standard Manufacturing Overhead Manufacturing Insurance Manufacturing Plant Utilities Manufacturing Cleanup 2 times Direct Labor Hours $ $ $ $ 12.00 2.00 7.00 3.00 IN H22 Master Budget Blank CH24 Standard Costs Change Info CH24 Standard Costs Actual +