Bear manufacturing two products: Product A and product B. Ms, sarah Plourde, the business owner needs help with preparing operating and financial budgets for the month of November 2020. she has gathered and provided the following information for the month of Novemeber 2020.

BI UB EEES + Merge & Center Format Painter Clipboard Fant Alignment B D E Product A Product B Sales Data: Expected sales volume in units 650,000 350,000 Selling price per unit 25$ 40 90% sales were collected from customers in November 2020. The balanance will be collected in December 2020 Production Data: Units in beginning finished goods inventory Units desired in ending finished goods inventory 30,000 40,000 60,000 40,000 2 3 Direct Materials Data: Direct material required to manufacture one unit (kgs) Units in beginning raw materials inventory 50,000 15,000 Units desired in raw materials inventory 60,000 20,000 Cost of raw material per kilogram 2.50$ 80% of material purchases were paid for by cash in November 2020. The rest were payable in December 2020. 3.00 0.75 Direct Labour Data: Direct labour time required to manufacture one unit (hours) Direct labour rate per hour 100% of direct labour costs were paid for in November 2020 1.00 15$ 15 Manufacturing Overhead Data: Variable overhead is expected to be the following per unit produced: Fixed overhead 100% of manufacturing overhead were paid for by cash in November 2020. 1.00 0.50 S 167,500 Selling & Administrative Data: Data Budgets 1.50 500,000 Selling & Administrative Data: Variable selling & Administration is expected to be the following per unit sold $ 1.00 $ Fixed overhead $ 1,500,000 $ 100% of selling & administrative expenseses were paid for in cash Other Data: Income Taxes 30%. Income tax is not paid until December 2020 All redievables at November 1st, 2020 were collected during the month All payables (accounts payable and income tax payable) at November 1st, 2020 were paid during the month. Accounts payable were a balance owed from purchase of raw material. Required: Prepare the necessary operating and financial budgets for the month ended November 30, 2020. Do not prepare the budgeted balance sheet. Balance Sheet As at October 31, 2020 Assets Cash Accounts recievable $ Raw materials inventory Work-in-process inventory Finished goods inventory Equipment (net) Total Assets $ 2,000,000 $ 4,000,000 $ 170,000 $ $ 1,430,000 $ 4,500,000 $ 12,100,000 Liabilities Accounts payable Income tax payable $ 4,000,000 $ 1,600,000 Shareholders' Equity Common Shares Retained Earnings Total Liabilities & Shareholders Equity $5,000,000 $ 1,500,000 $ 12,100,000 $ 5 Font Clipboard 1 E B A Sales Budget Product A Product B Total 650,000 350,000 s 25 S 40 Expected sales in units Unit selling price Total Sales $ 16,250,000 5 14,000,000 $30,250,000 November December Schedule of Cash Collections $ 14,625,000 5 12,600,000 Product B Production Budget 15 Product A 16 Expected unit sales 17 - Desired ending finished goods inventory 18 Beginning finished goods inventory 19 Units to be produced 20 0 Product B Total 0 0 21 Direct Materials Budget Product A 23 Units to be produced 24 Ditect material used per unit 25 Total material required for production 26 Desired ending direct material inventory 27 - Beginning materials inventory 28 Direct materials to be purchased 29 Cost per kilogram 30 Direct Material Purchases 31 22. Schedule of Cash payments to suppliers November 33 34 0 0 0 05 December Font Clipboard F51 2 A B D A AC S S RE 34 35 36 37 w FIL Eq Product B Total Tote Liab 38 Direct Labour Budget 39 Product A 540 Units to be produced 41: Direct labour hours per unit 12 Total direct labour hours required for production 43 Cost per drect labour hour 44 Total direct labour cost S 0 0 AC inc S 18 Schedule of Cash payments to employees November December Shar Re 48 Totz 13 58 Manufacturing Overhead Budget Product A Product B Total 52 53 Variable Costs 54 Fixed Costs D OS 88 98 55 57 Schedule of Cash payments for MOH expenses November December 5 5 59 50 61 Product B Total Selling and Administrative Budget 63 Product A 64 Variable Costs 60 Fixed Costs 66 Total selling & Administrative Expenses S 67 58 Schedule of Gosh payments for SA expenses November 09 70 5 S $ December 5 Data Budgets Merge & Center Conditional Formatting Number 2 Alignment G H CAL Budgeted Income Statement Product A Product B Total Dirt Sales Less: Cost of Goods Sold Gross Profit S S S R Selling & Administrative Expenses $ $ Dire Income Taxes Expense Net Income S Mar Tote tess COG Unit Cost S FG, E Cash Budget Beginning cash balance Add: Cash receipts Total Cash Available Tess: Cash disbursements Direct Material Direct Labour Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance EFG COGS $ $ $ $ Budgeted Balance Sheet Assets Cach Merge & Center $ % 898 Conditional Formatting Alignment Number D E F G H Direct Material Direct Labour FG, E olal -FG COGS Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance $ S S S Budgeted Balance Sheet Assets Cash Accounts recievable Raw materials inventory Work-in-process inventory Finished goods inventory Equipment (net) Total Total Assets $ Liabilities Accounts payable Income tax payable s Shareholders' Equity Common Shares Retained Earnings Total Liabilities & Shareholders Equity $ Cheeft for balance sheets Total Styles Cells K L M N Note: Most textbooks will give you the cost data for producing each unit: Total $ $ CALCULATIONS FOR COST OF GOODS SOLD Product A Product B WIP - Beginning $ Direct Material RM, Beginning $ $ +RM purchases $ $ RM, Ending S $ S $ - - $ $ S $ $ S $ S - $ - - S - un $ - - Direct Labour S Manufacturing Overhead $ Total Manufacturing cost $ Less WIP, End s $ S $ $ $ S $ S COGM Units Produced Cost per unit #DIV/0! #DIV/0! FG, Beginning + COGM #DIV/0! #DIV/0! #DIV/0! S S S -FG, Ending COGS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0