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Budget Excel Project - Astro Co. Astro Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 Unit sales for December 2019 112,500 102,100 113,000 Expected unit sales for January 2020 Expected unit sales for February 2020 112,500 116,000 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 125,000 137,500 $12 Astro likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totalled $183,780. Direct Materials Direct materials cost 75 cents per pound. Two pounds of direct materials are required to produce each unit. Astro likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019 were 11,295 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable balance on December 31, 2019 was $120,595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Salaries Depreciation Property taxes Insurance 30 per labor hour 50 per labor hour 45 per labor hour 25 per labor hour $42,000 per month $16,800 per month $ 2,675 per month $1,200 per month $ 1,300 per month Janitorial Selling and Administrative Variable selling and administrative cost per unit is $1.60. Advertising $15,000 a month $1,400 a month Insurance Salaries $72,000 a month Depreciation $2,500 a month Other fixed costs $ 3,000 a month Other Information The Cash balance on December 31, 2019 is $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with Crown Bank. The terms of the agreement require borrowing to be in $1,000 increments at 8% interest. Astro borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February. Instructions (Round all numbers to whole dollars, except COGS per unit) For the first quarter of 2020, do the following. (1) Prepare a Sales budget. (8 points) (2) Prepare a Production budget. (8 points) (3) Prepare a Direct Materials budget. (8 points) (4) Prepare a Direct Labor budget. (8 points) (5) Prepare a Manufacturing Overhead budget. (10 points) (6) Prepare a Selling and Administrative budget. (10 points) (7) Compute the Cost of Goods Sold (5 points) (8) Prepare a Budgeted Income Statement (10 points) (9) Prepare an expected Cash Collections schedule. (9 points) (10) Prepare an expected Cash Payments schedule (9 points) (11) Prepare a Cash Budget. (15 points) Computation of Cost of Goods Sold For the Quarter Ending Cost of Goods sold Direct materials cost Direct labor cost Manufacturing overhead cost Cost of Goods sold Budgeted Income Statement For the Quarter Ending Total Revenue Less Cost of Goods Sold Gross Profit Less: Selling & Admin Expenses Operating Profit Less: Interest Less Dividend Net income Amount 512,250 546,400 293,690 1,352,340 1st quater January February March 13,56,000 13,50,000 13,92,000 ||40,98,000 5,05,090 4,99,485 5,08,150 1,352,340 8,50,910 8,50,515 8,83,850 25,85,275 2,74,700 2,73,900 2,79,500 8,28,100 5,76,210 5,76,615 6,04,350 17,57,175 773 773 0 1,546 12,500 12,500 12,500 37,500 5,62,937 5,63,342 5,91,850 17,18,129