can i get help with calculating the budgeted costs of goods manufacture and sold

Bertraits Lalimited Compans Fodactiog Proiest Ian Jennings, president of Portraits Ualienited Coepany, was just concluding a budget mecting with his senior staff. It was Novenber of 2022 , and the group was discussing preparation of the firm's master badget for 2023. -1've decided to go ahead and parchave the industrial robot we've been talking about. We'll make the acquisitien en January 3 of next year, and I expect it will take most of the year to train the pervonel and reveganixe the production process to take full advantage of the new equipencet." In response to a question aboed financing the acquasition, Jernings replicd as follows: "The robot will eest $250,000. There will abe be an adsitional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a ene-year $300.000 loan from Shark Bank and Trust Ceenpany ou January 2. I've negotiated a repoyment schedule of four equal installments on the last day of each quarter. The interest rate will be 10 pereent per annam on the reducing bulance basis, and interest payments will be quarterly as well. "With that the mecting beoke up, and the badget process was on. Portraits Unlimited Company is a manafacturer of metal picture Pertraits. The firm's two product lines are devignated as S (emall Portraits; 57 inches) and L. (large Portraits; 810 inches). The primary raw matctials are flecible metal strips and 9-incta by 24-inch glass sheets. Each 5 Portrait reyuires a 2-foot metal strp, ass an L. Portrait requires a 3-foot strip. Allowing for notmal beeakage and serap glass, the coepuey caa get either four S Portraits of two L Portraits out of a glass sheet. Other maw matcrials, sock as cardboard backing, are insignificant in cost and are treased as indirest muterials. lane Williams, Portraits Unlimited's controller is in charge of preparing the master budget foe 2023 . She has gathered the following infoemation: 1. Sales in the foerth cuarter of 2022 are cypected to be 50,000$S Portraits and 40,000L Portraits. The sales manager predicts thut ever the neat two years, sales in each product line wall grow by 5,000 units cach quarter over the previsex quarter. For ecample, $ Poetraits sales in first quarter of 2023 are expedod to be 55,000 umits. 2. Pontraits Unlimited Comgany sales hisery indicutes that 60 percent of all sales are en credit, with the remainder of the sales in eask. The compaay's collection experience shows that 80 percent of the credit sales are collected during the quarter in which the ale is nade, while the remaining 20 percent is collected in the following quarter. 3. The $ Portrait sells for $10, and the L. Porthiit sells foe $15. These prices are expected to bold constant throughout 2023. 4. The production manager antempts to esd cach quarter with enveagh finished gnods inventory in each peoduct line to cever 20 percent of the following quarter's sales. Moeconer, an antemipt is made to end cach quarter with 20 perecat of the glass sheets needed for the following quarter's prodaction. Assume an ending inventory of glass theets of 10,400 for the fourth quarter of 2023. Metal strips are purchased locally, the eocpuny tuys them en a just-in-time basis; inventory is ncyligible. The opening inventory for qaarter 4,2022 for both finished goods and raw materials can be found by deternining the desired enditg inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on accuent, and 80 percent of each quarter's purchases are paid in cash during the same quitter as the purchase. The other 20 percent is paid in the next quarter. 6. Indirect materials are nurchased with cait as nocted. Woek-in-process is negligible. 7. The following manuticturing overhead conts are badgcted for 2093: 8. Projected manefacturing costs is 2023 are as follows: 9. The following relates to past sciling and administrative copenues. (tise regnssiva analysis to derive a cost function and ase this cost fasction to estimuse the selling and adaniaistrative sost). 10. Jackson anticipates that dividend of $50,000 will be declared and paid in cach each quarter. 11. Portrasts Unlimited Company projected balance sheet as of Docomber 31, 2022, follows: (j) Portraits Unlimited Company Budgeted Cost of Goods Manufactured and Sold for the year 2023. (Show budget for the entire year only). In Jennings, president of Portraits Unlimited Company, was just concluding a badget meeting with his senior staff. It was November of 2022 , and the group was discussing preparation of the fim's master budget for 2023 . "Tve decided to go ahead and purchase the industrial robot we've been talking about. We'll make the acquisition on January 3 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment." In reponse to a question about financing the acquisition, Jennings replied as follows: "The robot will cost $250,000. There will also be an additional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a one-year $300,000 loan from Shark Bank and Trust Company on January 2 . I've negotiated a repayment schedule of four equal installments on the last day of each quarter. The interest nate will be 10 percent per annum on the reducing balance basis, and interest payments will be quarterly as well." With that the meeting broke up, and the budget process was on. Portraits Unlimited Company is a manufacture of metal picture Portraits. The firm's two product lines are designated as S (small Portraits; 57 inches) and L (large Portraits; 810 inches). The primary raw materials are flexible metal strips and 9-inch by 24 -inch glass sheets. Each S Portnait requires a 2-foot metal strip; and an L Portnit requires a 3-foot strip. Allowing for normal breakage and scrap glass, the company can get either four S Portraits or two L Portraits out of a glass sheet. Other naw materials, such as cardboard backing, are insignificant in cost and are treated as indirect materials. Jane Williams, Portraits Unlimited's controller is in charge of preparing the master budget for 2023. She has gathered the following information: 1. Sales in the fourth quarter of 2022 are expected to be 50,000S Portraits and 40,000L Portraits. The sales manager predicts that over the next two years, sales in each product line will grow by 5,000 units each quarter over the previous quarter. For example, S Portraits sales in first quarter of 2023 are expected to be 55,000 units. 2. Portraits Unlimited Company sales history indicates that 60 percent of all sales are on credit, with the remainder of the sales in cash. The company's collection experience shows that 80 percent of the credit sales are collected during the quarter in which the sale is made, while the remaining 20 percent is collected in the following quarter. 3. The $ Portrait sells for $10, and the L Portrait sells for $15. These prices are expected to hold constant throughout 2023. 4. The production manager attempts to end each quarter with enough finished goods inventory in each product line to cover 20 percent of the following quarter's sales. Moreover, an attempt is made to end each quarter with 20 percent of the glass sheets needed for the following quarter's production. Assume an ending inventory of glass sheets of 10,400 for the fourth quarter of 2023 . Metal strips are purchased locally, the company buys them on a just-in-time basis, inventory is negligible. The opening inventory for quarter 4,2022 for both finished goods and raw materials can be found by determining the desired ending inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on account, and 80 percent of each quarter's purchares are paid in cash during the same quarter as the purchase. The other 20 percent is paid in the next quarter. 6. Indireet materials are purchased with cash as needed. Work-in-process is negligible. 7. The fallowing manufacturing everhead costs are badgeded for 2023 : 1. Projected anatufacturing costs in 2023 are as follows: 9. The following relates to past selling and acministrative expenses. (Use regreteion andilytis to derive a cost fanction and use this cost fianction to extimate the seliing and administrative (x)st) 10. feckwon anticipates that dividend of 550.000 wit be declared aod paid in cash each quarter 11. Portraits Uelimitiod Company projected balance sheet as of December 31, 2022, follown: Bertraits Lalimited Compans Fodactiog Proiest Ian Jennings, president of Portraits Ualienited Coepany, was just concluding a budget mecting with his senior staff. It was Novenber of 2022 , and the group was discussing preparation of the firm's master badget for 2023. -1've decided to go ahead and parchave the industrial robot we've been talking about. We'll make the acquisitien en January 3 of next year, and I expect it will take most of the year to train the pervonel and reveganixe the production process to take full advantage of the new equipencet." In response to a question aboed financing the acquasition, Jernings replicd as follows: "The robot will eest $250,000. There will abe be an adsitional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a ene-year $300.000 loan from Shark Bank and Trust Ceenpany ou January 2. I've negotiated a repoyment schedule of four equal installments on the last day of each quarter. The interest rate will be 10 pereent per annam on the reducing bulance basis, and interest payments will be quarterly as well. "With that the mecting beoke up, and the badget process was on. Portraits Unlimited Company is a manafacturer of metal picture Pertraits. The firm's two product lines are devignated as S (emall Portraits; 57 inches) and L. (large Portraits; 810 inches). The primary raw matctials are flecible metal strips and 9-incta by 24-inch glass sheets. Each 5 Portrait reyuires a 2-foot metal strp, ass an L. Portrait requires a 3-foot strip. Allowing for notmal beeakage and serap glass, the coepuey caa get either four S Portraits of two L Portraits out of a glass sheet. Other maw matcrials, sock as cardboard backing, are insignificant in cost and are treased as indirest muterials. lane Williams, Portraits Unlimited's controller is in charge of preparing the master budget foe 2023 . She has gathered the following infoemation: 1. Sales in the foerth cuarter of 2022 are cypected to be 50,000$S Portraits and 40,000L Portraits. The sales manager predicts thut ever the neat two years, sales in each product line wall grow by 5,000 units cach quarter over the previsex quarter. For ecample, $ Poetraits sales in first quarter of 2023 are expedod to be 55,000 umits. 2. Pontraits Unlimited Comgany sales hisery indicutes that 60 percent of all sales are en credit, with the remainder of the sales in eask. The compaay's collection experience shows that 80 percent of the credit sales are collected during the quarter in which the ale is nade, while the remaining 20 percent is collected in the following quarter. 3. The $ Portrait sells for $10, and the L. Porthiit sells foe $15. These prices are expected to bold constant throughout 2023. 4. The production manager antempts to esd cach quarter with enveagh finished gnods inventory in each peoduct line to cever 20 percent of the following quarter's sales. Moeconer, an antemipt is made to end cach quarter with 20 perecat of the glass sheets needed for the following quarter's prodaction. Assume an ending inventory of glass theets of 10,400 for the fourth quarter of 2023. Metal strips are purchased locally, the eocpuny tuys them en a just-in-time basis; inventory is ncyligible. The opening inventory for qaarter 4,2022 for both finished goods and raw materials can be found by deternining the desired enditg inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on accuent, and 80 percent of each quarter's purchases are paid in cash during the same quitter as the purchase. The other 20 percent is paid in the next quarter. 6. Indirect materials are nurchased with cait as nocted. Woek-in-process is negligible. 7. The following manuticturing overhead conts are badgcted for 2093: 8. Projected manefacturing costs is 2023 are as follows: 9. The following relates to past sciling and administrative copenues. (tise regnssiva analysis to derive a cost function and ase this cost fasction to estimuse the selling and adaniaistrative sost). 10. Jackson anticipates that dividend of $50,000 will be declared and paid in cach each quarter. 11. Portrasts Unlimited Company projected balance sheet as of Docomber 31, 2022, follows: (j) Portraits Unlimited Company Budgeted Cost of Goods Manufactured and Sold for the year 2023. (Show budget for the entire year only). In Jennings, president of Portraits Unlimited Company, was just concluding a badget meeting with his senior staff. It was November of 2022 , and the group was discussing preparation of the fim's master budget for 2023 . "Tve decided to go ahead and purchase the industrial robot we've been talking about. We'll make the acquisition on January 3 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment." In reponse to a question about financing the acquisition, Jennings replied as follows: "The robot will cost $250,000. There will also be an additional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a one-year $300,000 loan from Shark Bank and Trust Company on January 2 . I've negotiated a repayment schedule of four equal installments on the last day of each quarter. The interest nate will be 10 percent per annum on the reducing balance basis, and interest payments will be quarterly as well." With that the meeting broke up, and the budget process was on. Portraits Unlimited Company is a manufacture of metal picture Portraits. The firm's two product lines are designated as S (small Portraits; 57 inches) and L (large Portraits; 810 inches). The primary raw materials are flexible metal strips and 9-inch by 24 -inch glass sheets. Each S Portnait requires a 2-foot metal strip; and an L Portnit requires a 3-foot strip. Allowing for normal breakage and scrap glass, the company can get either four S Portraits or two L Portraits out of a glass sheet. Other naw materials, such as cardboard backing, are insignificant in cost and are treated as indirect materials. Jane Williams, Portraits Unlimited's controller is in charge of preparing the master budget for 2023. She has gathered the following information: 1. Sales in the fourth quarter of 2022 are expected to be 50,000S Portraits and 40,000L Portraits. The sales manager predicts that over the next two years, sales in each product line will grow by 5,000 units each quarter over the previous quarter. For example, S Portraits sales in first quarter of 2023 are expected to be 55,000 units. 2. Portraits Unlimited Company sales history indicates that 60 percent of all sales are on credit, with the remainder of the sales in cash. The company's collection experience shows that 80 percent of the credit sales are collected during the quarter in which the sale is made, while the remaining 20 percent is collected in the following quarter. 3. The $ Portrait sells for $10, and the L Portrait sells for $15. These prices are expected to hold constant throughout 2023. 4. The production manager attempts to end each quarter with enough finished goods inventory in each product line to cover 20 percent of the following quarter's sales. Moreover, an attempt is made to end each quarter with 20 percent of the glass sheets needed for the following quarter's production. Assume an ending inventory of glass sheets of 10,400 for the fourth quarter of 2023 . Metal strips are purchased locally, the company buys them on a just-in-time basis, inventory is negligible. The opening inventory for quarter 4,2022 for both finished goods and raw materials can be found by determining the desired ending inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on account, and 80 percent of each quarter's purchares are paid in cash during the same quarter as the purchase. The other 20 percent is paid in the next quarter. 6. Indireet materials are purchased with cash as needed. Work-in-process is negligible. 7. The fallowing manufacturing everhead costs are badgeded for 2023 : 1. Projected anatufacturing costs in 2023 are as follows: 9. The following relates to past selling and acministrative expenses. (Use regreteion andilytis to derive a cost fanction and use this cost fianction to extimate the seliing and administrative (x)st) 10. feckwon anticipates that dividend of 550.000 wit be declared aod paid in cash each quarter 11. Portraits Uelimitiod Company projected balance sheet as of December 31, 2022, follown