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classy company needs a three month budget for next year. Use the information provided forms to complete the three month budget for Classy Co.

BA 257 Budget Extra Credit Classy company needs a 3 month budget for next year. Use the information and provided forms to complete the 3 month budget for Classy Co. 1. COGS are 35% of sales, 2. Variable costs are 25% of sales. 3. Fixed costs are $30,000 per month. 4. Sales are collected 60% the month following the sale and 40% the month after that. 5. Classy plans to end each month with 80% of next month's cogs in ending inventory. 6. Fixed & variable costs are paid in the month incurred. Inv. purchases are paid the next 7. Classy uses a line of credit to ensure that it begins each month with exactly $30,000. 8. Classy will start the year with a $50,000 balance on their line of credit. 9. Classy plans to purchase $20,400 on new equipment in January 10. Classy also plans to pay a $50,000 dividend in February 11. The line of credit charges 1% of the beg. Bal each month for interest Income Statement Jan-13 Feb-13 Nov-12 Dec-12 Mar 13 Apr-13 Sales 180,000 220,000 200,000 250,000 240,000 190,000 OOGS %) Gross Margin Variable Costs %) Fixed Costs a Total Expense Net Income Accounts Rec. % the following month Collect % next month and Nov-12 Dec 12 Jan-13 Feb-13 Mar 13 Apr-13 Beg Bal XOCX XOOK Sales XOOK XOOK -Cash Receipts%) -Cash Receipts %) XOOK XXX End Bal XOOK Inventory % of next months Cost of goods sold) (end with Dec 12 Jan-13 Feb-13 Mar 13 Apr-13 Beg.Bal Purchases -CORS A Ending Accounts Payable Fixed & Var, costs are paid in the current month. Inv. purchases are paid the next month Dec-12 Jan-13 Feb-13 Mar 13 Beg Bal Apr-13 XXX *Current Purchases *Current Variable Current Fixed -Payments XXX Ending Balance Cash Jan-13 Feb-13 Mar-13 Beg Bal + Cash Receipts -Cash Payments Capital Purchases - Dividends -Interest Payments (1% of prev.month) 23 Preliminary Cash Bal Change in Loan Bal. Ending Cash Bal Loan Balance Jan-13 Feb-13 Mar 13 Beg. Loan Balance Change in loan balance End. Loan Balance