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QUESTION 2 The purpose of this assignment is to enable students to understand the relevance of the financial planning of the company through the preparation of a budget. Woody Sdn Bhd is a furniture manufacturer made from teak wood. The following is the information that has been collected from other sections. 1. The company's managers estimate that 420.000 tables from teak wood will be sold for RM700 each. 2. According to accounting records, the initial stock of tables from teak wood is 3,700 with the cost of each wooden table being RM550.60. The manager is of the opinion that the final stock should be increased to 4,200 units as the sales volume is expected to increase. 3. The initial stock of direct raw materials is as follows: RM Wood teak 95,000 Nails and components 30,000 Cat Polyurethane 65,000 Total 190,000 4. Cost per unit of direct raw materials: RM Wood teak Nails and components Cat Polyurethane 95 30 65 5. The manager requires the final stock to be as follows: RM Wood teak 80,000 Nails and components 26,500 Cat Polyurethane 60,500 Total 167,000 1 Total hours and direct labor costs: Direct labour Hours Cost per hour RM22 Installation 1.5 Testing 0.15 RM12 2. Based on the operating costs of the previous year the overhead costs are: The cost of overheads changes manufacturing RM Purchase 15.50 22.00 Indirect Labour Maintenance 12.60 Others 7.80 Total 57.60 3. The fixed cost of the plant is: RM Depreciation 2,750,000 1.660.000 Tax on property Insurance 1,560,000 2,711,000 Factory Supervisor Side benefits/Fringe benefit Others 6,231,000 1,270,00 Overhead costs are absorbed into the production quantity budget. 4 The estimated operating costs of the support parts that are considered to be fixed costs are: RM Administration Promotion 14,720,550 12,110,170 3,190,000 Delivery Customer service 1,970,600 5. Income tax on profit is estimated at 27% 4. 5. 6. Direct labour budget Manufacturing overhead budget Final stock budget Budget of cost of goods of sale Support share budget (3 marks) (3 marks) (3 marks) (3 marks) (3 marks) 7. 8