Betty's Design Projected Balance Sheet As of December 31, 2022 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 500 @ $9.20 500 @ $1.25 0 3000 @ $28.93 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 20,000.00 6,800.00 $ 12,000.00 141,425.00 $ 34,710.00 67,500.00 4,600.00 625.00 86,790.00 $ 194,225.00 13,200.00 $ 207,425.00 $ 54,000.00 $ 54,000.00 153,425.00 $ 207,425.00 Sales Cost of Goods Sold Gross Profit Selling Expenses: Fixed Variable Administrative Expenses: Fixed Variable Total Selling and Administrative Expenses Net Profit Projected Income Statement As of December 31, 2022 25,000 Lamps @$45.00 @ $28.93 $ 1,125,000.00 723,250.00 401,750.00 23,000.00 (Commission per unit) @$3.15 78,750.00 101,750.00 @ $0.06 42,000.00 1,500.00 43,500.00 145,250.00 256,500.00 PART 5 BUDGETS Division B has decided to develop its budget based upon projected sales of 27,000 lamps at $ 48.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes For Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the figurines inventories to 525 pieces and decreasing the finished goods by 20%. Complete the following budgets 1. Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production 27,000.00 5,400.00 32400 4125 Ref # 28275 units {7.01} 5. Materials Budget Figurines Needed For Production Desired Ending Inventory Total Needed Less: Beginning Inventory Ref # From 7.01 units 8.01 units 8.02 units units 8.03 Total Purchases units 8.04 Cost per piece From 4.01 $ Cost of Purchases (Round to two places, $##.##) $ 8.05 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, $##.##) Lamp Shades Needed For Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases From 7.01 28275 units 500 units Ref # 28775 units 8.06 500 units 28275 units 2.5 From 4.02 $ $ 70687.5 8.07 Ref # From 7.01 28275 units 600 units 28875 units -600 units 28275 units Cost per piece From 4.03 $ 1.5 Cost of Purchases (Round to two places, $##.##) $ 42412.5 3. Direct Labor Budget Labor Cost per Lamp Production Total Labor Cost (Round to two places, $##.## 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, $##.##) Fixed Factory Overhead Total Factory Overhead (Round to two places, $##.##) 8.08 From 4.04 $ $ $ 3.00 28,275.00 units $ $ 84,825.00 8.09 Ref # From 4.05 $ $ From 7.01 $ 0.50 28,275.00 units $ $ 14,137.50 8.10 $ $ $ 300,000.00 314,137.50 8.11 4. Factory Overhead Budget Overhead Allocation rate based on: A. Number of Units Total Factory Overhead Total Number of Units to be Produced Total Factory Overhead/Total Number of Units (Round to seven places, $##.#######) B. Direct Labor Hours Number of Lamps to be Produced Number of Lamps Per Hour Number of Direct Labor Hours Needed for Production Total Factory Overhead/Direct Labor Hours (Round to seven places, $##.#######) C. Direct Labor Cost {9.01} {9.01) {9.02} Total Factory Overhead Total Labor Cost (Total Factory Overhead/Direct Labor Cost) * 100 % {9.03) (Round to four places, % is two of those places ##.## %) 5. Selling and Administrative Budget Fixed Selling 5. Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, $##.##) Cost of Goods Sold Budget Assume FIFO (First-In, First-Out) and overhead is applied based on the number of units to be produced. (Round dollars to two places $XX.XX) 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 (Part 5(b) * 4.02) 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 From B/S From B/S $ From B/S $ {9.04) {9.06} {9.05} {9.07} {9.08) {9.09} $ {9.10} (9.11) $ (9.12) {9.13} $ (9.14)