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** ALDA A/P $ 77,900 Mynor Company Balance Sheet As of December 31, 2019 Assets Liabilities & Owners' Equity Current Assets Current Liabilities Cash $ 31,400 A/R 65,000 Raw Materials 19,500 Owners' Equity Finished Goods_128,820 Common Stock $125,000 Total Current Assets $244,720 Retained Earnings 520,000 Long Term Assets PP&E $922,180 Total Owners'Equity Accum Deprec (444,000) Net PPE 478,180 Total Assets $722,900 Total Liabs & Owners Equity 645,000 $722,900 1. Sales projections for the 2020 are: 1 Quarter 70,000 units 2nd Quarter_ 60,000 units 3rd Quartet 90,000 units 4th Quarter 120,000 units Each unit sells for $17 and is sold on account. Cash collections are 80% in the month of sale and 20% in the following month. Production: The company desires a finished goods inventory at the end of each quarter equal to 20% of the budgeted sales for the next quarter. 1" quarter beginning finished goods Inventory is 10,000 units and 4th quarter ending finished goods inventory is 25,000 units Materials o Each unit requires 3 pounds of raw materials that cost $2.00 per pound. The company desires an ending materials inventory equal to 10% of the following quarter's production needs. (Beginning raw materials inventory equals 30,000 pounds and ending raw materials inventory equals 45,000 pounds). O Raw materials are purchased on account. The company pays 50% of the A/P in the period the materials are purchased and 50% in the following period. Labor Each unit of product requires 30 minutes (.5 hours) to produce and workers are Page 102432 words English (United States) Focus E -- DELL Posto Biura x x A- autrd T. Styles Styles Pano o Each unit of product requires 30 minutes (.5 hours) to produce and workers are paid $10 per hour. o O 343-1 Variable MOH is $4 per direct labor hour and fixed MOH is $70,000 per quarter. Depreciation makes up $30,000 of each quarter's fixed overhead. #3 3. Selling & Administrative Variable S&A is $2.00 per unit and fixed S&A is $20,000 per quarter. Depreciation included in Fixed S& A = $8,000. REQUIREMENTS ON NEXT PAGE budget apter 8 mpletingt mplete it ass. Prepare a Master budget. Be sure to include (each worth 1 point): Sales Budget (including schedule of cash collections) Production Budget Direct Materials budget (including schedule of cash payments) Direct Labor Budget MOH Budget Selling & Administrative Budget Ending Finished Goods Budget Cash Budget Budgeted Income Statement Budgeted Balance Sheet ission ubmit. que changes Focus E- Page 1 of 2 432 words English (United States)