BC company assembles wire (light-metal) closet shelving units at a manufacturing facility andships them to home builders and "big box" do-it-yourself chains. It is October, 2020 and you, the budget manager, just received an e-mail from the CFO, asking you to put together a 2021 budget. The projected (because the year is not yet over) 2020 financial information is below. I need to prepare a 2021 budget by filling in the 2021 data and missing 2020 data as well. This information (reflecting some real-world vagueness and uncertainty) is in the detail further below:

2020

Sales 2,200,000

Production Costs:

Direct Material 630,000

Direct Labor 420,000

Manufacturing Overhead ?

Other Expenses:

Sales commissions 440,000

Office/Mgmt. Salaries 325,000

Rent 144,000

Utilities 9,000

Supplies 25,000

All Other 60,000

Total costs and expenses ?

Net Income ?

Budget input from key personnel:

SALES MANAGER

The Sales Manager is in charge of sales of wire shelving in linear feet (the key metric for this business).. She solicits and receive orders from home builders and chain stores

The following is projected sales data for (full year) 2020: 190,000 linear feet to the home builders at a sales price of $10 per linear foot. 20,000 linear feet to the chain store market at a sales price of $15 per linear foot. In 2020, COVID-19 had a detrimental

effect of the home builders market, but it is expected to improve somewhat in 2021. However, COVID-19 had a favorable impact on the chain store market as more people had more time to work on home improvement projects. This is expected to decline significantly

in 2021. Sales prices (what is charged to the customers) per linear foot will remain the same in 2021.

PRODUCTION MANAGER

The production manager is in charge of assembly of these units in the assembly facility adjacent to the office. Production at the company facility is based on the assembly of the

shelving by the linear foot. You assemble what you need to fill orders, since there is no space for unsold inventory. The production manager is also responsible for procurement of the raw materials (metal). You currently pay at a rate of $3 per linear foot,

but your supplier is planning a price increase. The production manager is also responsible for the assemblers that he directly supervises. They are paid by production at $2 per linear foot. The production manager earns an annual salary of $80,000. Direct

material and direct labor are both variable costs

ADMINISTRATION MANAGER

The administration manager is in charge of basically everything at your facility except sales and production. A couple of the issues she is working on include: Negotiating with

the landlord - your lease is up in December and she wants to increase the rent. Hiring an administrative assistant to help implement the new accounts payable software.

Can you help me fill in the gaps for 2020 and complete 2021 with the information provided.