Calculate the following forecasts based upon the above data Q1 Forecast Revenues from Product 1 (P1) Q2 Forecast Revenues from Product 2(P2) A B C D E F Q3 Forecast Total Revenues Q4 How many units of P1 should SBM manufacture in 2023? Q5 How many units of P2 should SBM manufacture in 2023? PART 2 Assume all sales occur evenly during the year, i.e., each month represents 1/12th of annual sales (as estimated for Q3). All sales are made on account and the following additional information pertaining to Accounts Receivable is used for budgeting purposes: Sales by month in 2022 November Sales December Sales $$750,000700,000 Accounts Receivable Collection Schedule as \% of Sales In month of Sale In month following the Sale In the 2 nd month following the Sale Expected Bad Debts A B C D E F G H Complete the following Cash Collections Schedule on Sales for Q1 2023 in order to answer Questions 6,7 , and 8. The production of P1 and P2 requires direct labor (2 types), machine hours, and direct materials (3 types: Z1, Z2, and Z3). Input - output relations are given in the table above per unit of output. For example, one unit of P1 is budgeted to require 0.2 hours of Type 1 labor. Input prices are per unit of input such as a per pound, hour, foot, or unit. E.g., 1 hour of Type 1 labor is budgeted to cost $40.00 per hour. Ignore your answers to Questions 4 and 5 in Part 1. Assume SBM has budgeted production for 2023 as: 76 Answer the following questions regarding the annual production / purchases budgets using the information in Part 3. Q9 The total number of T1 labor hours required in 2023 is? Q10 The total number of T2 labor hours required in 2023 is? Q11 The total number of machine hours required in 2023 is? Q12 The total number of Ibs. of input Z1 required for production in 2023 is? Q13 The total number of units of input Z2 required for production in 2023 is? Q14 The total number of feet of input Z3 required for production in 2023 is? Q15 What is the budget for T1 direct labor (dollars)? Q16 What is the budget for T2 direct labor (dollars)? Q17 What is the total direct labor budget (dollars)? Q18 What is the purchases budget for material Z1 (dollars)? Q19 What is the purchases budget for material Z2 (dollars)? Q20 What is the purchases budget for material Z3 (dollars)? 2 PART 4 Use the following information to answer questions regarding the budgeted Manufacturing Overhead for 2023. SBM has estimated the cost of OH to be ==> These costs are divided into two cost pools and are assigned to WIP based on the use of predetermined rates. (These are Plant-wide rates.) Q21 The amount of budgeted MFG overhead assigned to machinery \& facilities is? Q22 The amount of budgeted MFG overhead assigned to personnel \& scheduling is? Q23 The predetermined OH rate for machinery \& facilities is? Q24 The predetermined OH rate for personnel \& scheduling is? Q25 The amount of machinery \& facilites OH assigned to Product P1 is? Q26 The amount of personnel \& scheduling OH assigned to Product P1 is? Calculate the following forecasts based upon the above data Q1 Forecast Revenues from Product 1 (P1) Q2 Forecast Revenues from Product 2(P2) A B C D E F Q3 Forecast Total Revenues Q4 How many units of P1 should SBM manufacture in 2023? Q5 How many units of P2 should SBM manufacture in 2023? PART 2 Assume all sales occur evenly during the year, i.e., each month represents 1/12th of annual sales (as estimated for Q3). All sales are made on account and the following additional information pertaining to Accounts Receivable is used for budgeting purposes: Sales by month in 2022 November Sales December Sales $$750,000700,000 Accounts Receivable Collection Schedule as \% of Sales In month of Sale In month following the Sale In the 2 nd month following the Sale Expected Bad Debts A B C D E F G H Complete the following Cash Collections Schedule on Sales for Q1 2023 in order to answer Questions 6,7 , and 8. The production of P1 and P2 requires direct labor (2 types), machine hours, and direct materials (3 types: Z1, Z2, and Z3). Input - output relations are given in the table above per unit of output. For example, one unit of P1 is budgeted to require 0.2 hours of Type 1 labor. Input prices are per unit of input such as a per pound, hour, foot, or unit. E.g., 1 hour of Type 1 labor is budgeted to cost $40.00 per hour. Ignore your answers to Questions 4 and 5 in Part 1. Assume SBM has budgeted production for 2023 as: 76 Answer the following questions regarding the annual production / purchases budgets using the information in Part 3. Q9 The total number of T1 labor hours required in 2023 is? Q10 The total number of T2 labor hours required in 2023 is? Q11 The total number of machine hours required in 2023 is? Q12 The total number of Ibs. of input Z1 required for production in 2023 is? Q13 The total number of units of input Z2 required for production in 2023 is? Q14 The total number of feet of input Z3 required for production in 2023 is? Q15 What is the budget for T1 direct labor (dollars)? Q16 What is the budget for T2 direct labor (dollars)? Q17 What is the total direct labor budget (dollars)? Q18 What is the purchases budget for material Z1 (dollars)? Q19 What is the purchases budget for material Z2 (dollars)? Q20 What is the purchases budget for material Z3 (dollars)? 2 PART 4 Use the following information to answer questions regarding the budgeted Manufacturing Overhead for 2023. SBM has estimated the cost of OH to be ==> These costs are divided into two cost pools and are assigned to WIP based on the use of predetermined rates. (These are Plant-wide rates.) Q21 The amount of budgeted MFG overhead assigned to machinery \& facilities is? Q22 The amount of budgeted MFG overhead assigned to personnel \& scheduling is? Q23 The predetermined OH rate for machinery \& facilities is? Q24 The predetermined OH rate for personnel \& scheduling is? Q25 The amount of machinery \& facilites OH assigned to Product P1 is? Q26 The amount of personnel \& scheduling OH assigned to Product P1 is
