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FILE HOME INSERT PAGE LAYOUT FORMULAS DATA Cut -10A N = = = U Copy Paste Format Painter BIU. 3- A. ES3 Clipboard Font REVIEW . VIEW Wrap Text Merge & Center - $ . % 1898 Conditional Format as Cel Formatting Table Style Styles Alignment Number K L M F G I See The Light Projected Balance Sheet As of December 31, 20x1 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 500 @ 500 @ $9.20 $1.25 4,600.00 625.00 3000 @ $28.93 86.790.00 194,225.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6.800.00 $ 13,200.00 207.425.00 S $ 54.000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Farninns 2 3 4 5 S 12,000.00 141425 on 13 14 15 6 7 - 8 9 10 11 12 32 16 17 18 Pres... con 4 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are: Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead: Fixed Overhead: $9.2000000 per lamp 12500000 per lamp 6.0000000 per lamp 2.2500000 per lamp (4 lamps/hr) 0.2250000 per lamp 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp: $28.9250000 per lamp 32 Expected increases for 20x2 39 When calculating projected increases round to SEVEN decimal places $0.0000000 1 ... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Pres.... READY $ - % , *8.98 Paste Number FILE HOME INSERT PAGE LAYOUT PORMULAS & Cut MS Sans Serif - 8.5 : A A Wrap Text ES Copy BIU - - - A- ES E E Merge & Center - Format Painter Clipboard Alignment A1 - : X DEFG Lamp Shade 6.0000000 per lamp Direct Labor 2.2500000 per lamp (4 lamps/hr.) Variable Overhead: 0.2250000 per lamp Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $28.9250000 per lamp 32 Expected increases for 20x2 39 When calculating projected increases round to SEVEN decimal places, 50.0000000 1. Material Costs are expected to increase by 2.00% 2. Labor Costs are expected to increase by 3.00% 3. Variable Overhead is expected to increase by 4.50%. 4. Fixed Overhead is expected to increase to $270,000. 5. Fixed Administrative expenses are expected to increase to $60.000 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.50% 7. Fixed selling expenses are expected to be $39.000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 5.00% ... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Pres.... READY REVIEW VIEW . Wrap Text Merge & Center - $ % , *8. Con Number H FILE HOME INSERT PAGE LAYOUT FORMULAS DATA - Cut MS Sans Serif -85 SAA E e Copy Paste BIU .S.A.EE Format Painter Clipboard Font - : x for C D E F 2. Labor Costs are expected to increase by 3.00% Alignment 3. Variable Overhead is expected to increase by 4.50% 4. Fixed Overhead is expected to increase to $270,000 5. Fixed Administrative expenses are expected to increase to $60,000 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.50% 7. Fixed selling expenses are expected to be $39,000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 5.00% 83 On the following schedule develop the following figures. 1. 20x2 Projected Variable Manufacturing Unit Cost of a lamp 2- 20x2 Projected Variable Unit Cost per lamp. 3. 20x2 Projected Fixed Costs. 105 . .. 2 17 18 Pres... 3 4 5 6 7 13 14 15 16 8 9 10 11 12 READY Tune here to search 4 PART 3 Budgets 12 Division N has decided to develop its budget based upon projected sales of 41,000 lamps at 13 $49.00 per lamp 18 The company has requested that you prepare a master budget for the year. This budget is to be used 19 for planning and control of operations and should be composed of 21 1. Production Budget 27 2. Materials Budget 29 3. Direct Labor Budget 31 4. Factory Overhead Budget 37 5. Selling and Administrative Budget 38 39 6. Cost of Goods Sold Budget 45 7. Budgeted Income Statement 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Pres OBCU -8.5AA A E Wrap Text Merge & Center - Alignment 5. % *808 Font MS Sans Serif Da Copy - Paste Format Painter ter BIU. Clipboard AIX & fix A 39 6. Cost of Goods Sold Budget 40 45 7. Budgeted Income Statement Conditional fo Formatting 1 Sty Number 46 47 8. Cash Budget 49 Notes for Budgeting 56 The company wants to maintain the same number of units in the beginning and ending inventories of 57 work-in-process, and electrical parts while increasing the figurines inventory to 725 pieces and 58 decreasing the finished goods by 20%. 64 Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory (701) Total Production 3 4 .... 2 5 6 7 9 17 8 10 11 12 15 16 18 Pres... 13 14 st 2 Materials Budget {8.01) {8.02) UAWNOWN Figurines Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.03) {804 AL {8.05) {8.06) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) {8.07) Lamp Shades Needed for Production ... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Pres... EADY 1 Type here to search FORMULAS DATA REVIEW VIEW HOME INSERT PAGE LAYOUT 16 Cut MS Sans Serif -8.5 2 Copy - Format Painter BIU . Tipboard Font x fc A A = = = ). AEE Wrap Text Merge Center - $ . % *899 Conditional Formata Formatting Table Styles Alignment Number DIE Lamp Shades Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, St ##) {8.08) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $#####) {8.09) 4 Factory Overhead Budget (8.10) Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, S####) Fixed Factory Overhead 11 12 13 14 15 16 17 18 Pres... 3 4 5 6 7 8 9 10 Type here to search DATA REVIEW VIEW FILE HOME INSERT PAGE LAYOUT eX Cut MS Sans Serif -8.5 Da Copy - Format Painter BIU.. Clipboard Font X fx FORMULAS A A. 2- Wrap Text E Merge Center - E $ . % * 3.9 Conditional Formatas Formatting Tables Styles Alignment Number B 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, S. ) {8.09 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, S.) Fixed Factory Overhead Total Factory Overhead (Round to two places, S.) Ooh I WO 15 16 12 13 14 17 18 Pres... 10 11 4 5 6 7 ...213 8 9 14 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to seven places, Sw # ##) {9.01) 2. Direct Labor Hours Total Factory Overhead / Direct Labor Hours Number of lamps to be Produced Number of lamps per hour Number of Direct Labor Hours (Round to seven places, S )) {9.02) 3. Direct Labor Cost Total Factory Overhead /Direct Labor Cost {9.03) (Round to four places % is two of those places #####%) 5 Selling and Admin Budget 13 14 15 16 17 18 Pres.. 11 12 10 7 9 8 ... 3 4 5 6 . 2 o t e O ODS Type here to search FILE HOME INSERI PAGE LAYOUT PORMULAS UAIA REVIEW VIEW MS Sans Serif 8.5 EWrap Text X Cut Copy Paste Format Painter Clipboard BIU - - - A S S E Merge & Center - $ - % *8.09 Conditional Formata Formatting Table- Styles Font Alignment Number A1 D E F G H 5 Selling and Admin Budget 50 57 58 60 61 68 Fixed Selling Variable Selling (Round to two places, SH.) Fixed Administrative Variable Administrative (Round to two places, SW ) Total Selling and Administrative (Round to two places, S . ) 19.04 'Round dollars to two places, S . ## 70 71 (905) Cost of Goods Sold Budget - Assume FIFO (First-In, 6 First-Out) and overhead is applied based on the number of units to be produced Beginning Inventory, Finished Goods Production Costs: Materials: Figurines: Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamn Shades: ... 2 3 4 5 6 7 8 {9.06) (907 11 12 13 14 15 16 17 18 Pres... READY Type here to search TURMULAS UAIA REVIEW VIEW e of Cut Em Copy Paste Format Painter Clipboard - X MS Sans Serif BTU -8. 5 . A A A. Wrap Text Merge Center - = $ % 89 Conditional Formatas Formatting Tables Styles Font Alignment Number AL fx DE 71 19.06) Beginning Inventory. Finished Goods Production Costs: Materials: Figurines: Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades: Lamp Shades Used In Production Total Materials Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold 19.07) (9.08) (9.09) 19.10) (9.11) (9.12) (913) (9.14 109 110 111 112 113 114 115 2 3 4 6 7 8 9 5 10 14 11 12 13 15 16 17 18 Pres... READY O Ate O Type here to search 7 7 15 Budgeted Income Statement 16 18 Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income {10.01) 40 8 Cash Budget 41 42 Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and 43 Payables of 12/31/X1 will have a cash impact in 20x2.) 52 1. 22.00% of sales for the year are made in November and December. Since our customers have 60 day terms 53 those funds will be collected be collected in January and February 54 2. 80.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 55 3. All other manufacturing and operating costs are paid for when incurred 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 READY 18 Pres... Type here to search Copy - * Cut MS Sans Serif -8. 5 * Format Painter BIU. . Clipboard Font X fr AA . A Wrap Text Merge & Center - ste + $ . % *8. Conditional Format as Formatting Table - S Styles Alignment Number A BCD F G H I 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 11. 22.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February 2. 80.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $175,000 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places, SA Beginning Cash Balance Cash Inflows Sales Collections Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available {10.02) 10.03} (10.04 Cash Outflows: ... 213 17 4 14 15 16 18 Pres... 11 13 5 6 7 8 9 10 12 UN SERT FURTUNURIVIUUSUAI KEVIEW VIEW X Cut J Copy MS Sans Serif -3.5 A BIU.. DA. Font Wrap Text Merge & Center - S -% 8 - Format Painter Clipboard Conditional Format as Cell Formatting Table Styles Styles Alignment Number F G H . A BCD Sales made and collected in 20x2 Cash Available (10.03) (10.04 {10.05) Cash Outflows Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) | (10.08 Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) (10.09) Budgeted Cash Balance (10.10) 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Pres... Type here to search
