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Managerial Accounting Chapter 9Budget Excel Spreadsheet Complete and Return Course Mail Attachment Budgeted sales are expected to be: April May June July August 40,000 Units 30,000 Units 20,000 Units 35,000 Units 30,000 Units Selling Price $20 Per unit Prepare the Budgets for second quarter!! 1) Sales Budget with expected Cash Collections All sales are on account. The company collects 60% in month of sale and 35% in the following month. The remaining 5% is uncollectable. March 31 AR is 40,000 and all is collectable Month of sale Collections Following month collections 60% 35% Sales Budget April 40,000 Budgeted sales in units May 30,000 June 20,000 Quarter 90,000 Times selling price per unit Budgeted sells in dollars Check # $ 1,800,000 Schedule of Cash Collections April AR March 31 Balance April Sales $ May June Quarter 40,000 May Sales June Sales Total Cash Collections Check # $1,610,000 2) Production Budget Production budget does not have a total column, instead does an extra period. The company desires to have inventory on hand at the end of each month 10% of the following month's budgeted sales in units. This was meet on March 31. (Hint: April 1 beginning Inventory would be 10% of April's budgeted sales in units) Desired ending inventory Sales in units Add desired ending Inv. Total needs Less Beginning Inv. Production in units 10% * April 40,000 May 30,000 June 20,000 July 35,000 Aug. 30,000 Check # $34,500 3) Materials Purchases Budget and Expected Cash Payments two pounds of material are needed for each unit of product. The company desires to have on hand at the end of each month equal to 20% of follow month's production needs. This was meet at the end of March. Material cost .60 per pound. 60% is paid for in current month, other 40% is paid in the next month. March 31 balance owed is 15,000. Desired inventory Material cost Paid in current month Paid in next month 20% 0.60 per pound 60% 40% $ April May 2 pounds per unit June Quarter July PRODUCTION in units times materials per unit in lbs. Production need in lbs. Add desired ending inv. (lbs.) Total needs (lbs.) Less beg. Inv. (lbs.) Materials to be Purch. (lbs.) Times cost per pound Total Cost of Purchases Schedule of Cash Payments: AP March 31 April Purchases Check # $106,320 April $ May June Quarter 15,000 May Purchases June Purchases Total Cash Payments for Materials Check # $109,752 4) Direct Labor Budget Each unit requires .08 hours of direct Labor. The Company pays over time. Employees make $15 per hour for first 40 hours, time and a half for anything over 40 hours. If each employee works 40 hours, it would be 2,000 hours total. Labor hours per unit Number of hours at 40 hours per week Hourly rate 0.08 2000 $15 April May June Quarter PRODUCTION in units Direct labor hours per unit Labor hours required Hours at Regular rate Times regular rate Regular labor costs Hours at overtime Times overtime rate Overtime Labor costs Total DL costs (add rows 130 and 133) (first 2,000 hours or less) (Any over 2,000 hours) Check # $118,200 5) Manufacturing Overhead Budget Variable MOH is $2 per unit produced. Fixed MOH is $30,000 per month. The Fixed MOH includes $10,000 of depreciation that is not a cash outflow. Variable MOH Fixed MOH Depreciation $2 per unit $30,000 per month $10,000 per month April May June Quarter PRODUCTION in units Variable MOH per unit Variable MOH Costs Plus Fixed MOH per month Total MOH Costs Less non-cash costs Cash paid for MOH Check # $239,000 6) Selling and Administrative Budget Variable Selling and Administrative expenses are $.60 per unit SOLD. Fixed Selling and Administrative expenses is $50,000 per month. The Fixed expenses include $20,000 of depreciation that is a non cash outflow. Variable S & A Fixed S & A Depreciation $0.60 per unit $50,000 per month $20,000 per month April SALES in units Variable S & A per unit Variable S & A expense Plus Fixed S & A expense Total S & A expense Less noncash expense Cash paid for S & A May June Quarter Check # $144,000 7) Cash Budget Other cash expenses and information for the month include A) An open line of credit allows our company to borrow up to $75,000 per quarter B) We must have a minimum cash balance each month of $40,000 C) All borrowing is done at beginning of month, repayments at end of month D) Interest is paid at 10% per year on all amounts borrowed E) Cash dividends to be paid in April are (cell E187): F) Cash equipment purchases in May (cell E188) and in June (cell F188) G) Cash balance at beginning of April is $60,000 April May June $ 0.1 $300,160 439,240 $ 200,000 Quarter Cash Balance, beginning Add cash receipts (budget 1) Total Cash Available Less Disbursements: Material Purchases (Budget 3) Direct labor (Budget 4) MOH (Budget 5) Selling and Adm. (budget 6) Dividends (Letter E) Equipment purchases (letter F) Total Disbursements Excess (deficiency) of cash Financing (if needed) Borrowing Repayment Interest ** Total Financing Cash Balance, Ending Check # $119,423