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SECTION 1 st Quarter 4th Quarter 2nd Quarter 2021 48,100 3rd Quarter 2021 2021 34,500 31,000 2021 43,000 41,000 530 per production unit (Finished Goods) 5 4th 7 Quarter B 2020 9 Budgeted Sales in units 10 11 Budgeted Selling Price $ 12 13 14 VABLES 15 Receivables Collection Schedule 16 17 18 19 Policy 20 21 TORY COSTS 22 Direct Labor 23 $ 24 25 Raw Materials 26 $ 27 28 Variable Overhead $ 29 30 Fixed Overhead 31 Depreciation $ 32 Other Fixed Overhead $ 33 83.00% quarter of sale 15.00% quarter following sale 2.00% uncollectible 100.00% Entire projected uncollectible receivables are written off each quarter 4.5 hours 18.00 per direct labor hour 3 pounds per finished goods unit 85.00 per pound 10.50 per Direct Labor Hour 195,000 per quarter 950,000 per quarter Fixed Overhead Depreciation $ Other Fixed Overhead $ 195,000 per quarter 950,000 per quarter Fixed Overhead Application Rate CALCULATE FROM PRODUCTION BUDGET 1st Quarter 2021 15,000 2nd Quarter 2021 19,000 3rd Quarter 2021 20,000 4th Quarter 2021 16,000 41,368 pounds 26,000 pounds 25.00% of next quarters' needs for production is in ending Raw Materials Inventory STORY ACCOUNTS 7 Finished Goods Inventory 8 4th Quarter 9 2020 0 Ending units 11 #2 Raw Materials Inventory 43 Beginning units on 1/1/2021 44 Planned Ending units on 12/31/2021 45 Policy 46 47 Work In Process Inventory 48 Beginning value 1/1/2021 $ 49 Planned Ending value on 12/31/2021 $ 50 51 Payment for Raw Materials 52 Payment Policy 53 54 55 ATING EXPENSES 56 Wages and Salaries Payment 57 Payment Policy 58 59 60 Variable Selling & Administrative Exp. 61 62 Fixed Selling & Administrative Exp 231,720 231,720 85.00% quarter of purchase 15.00% quarter following purchase 2 times monthly on the 15th and 30th Fully paid each month 3.25% of selling price 2 Fixed Selling & Administrative Exp 53 Depreciation $ 55,000 per quarter 54 Other Selling & Administrative Exp $ 180,000 per quarter 55 56 AL EXPENDITURES 67 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 68 2021 2021 2021 2021 69 Equipment Purchases $1,000.00 $1,500.00 $2,000.00 $2,500.00 70 71 URY ACTIVITIES 72 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 73 2021 2021 2021 2021 74 Dividends to be Declared $500.00 $1,000.00 $1,500.00 $2,000.00 75 76 Minimum Cash Balance s 250,000 Required at end of every quarter 77 78 Interest Rate for Investing (short-term) 4.00% Annually 79 Interest Policy All of the ending cash balance for the quarter earns interest for the entire quarter 80 All of the ending cash balance for the quarter remains in Cash at the beginning of the next quarter 81 82 Interest Rate for borrowing 12.00% Annually 83 Interest Policy $ 10,000 increments are used in borrowing and repayment, maintaining the minimum cash balance 84 Borrowing occurs at the beginning of the quarter, 85 Repayments occur at the end of the year. 86 87 LE BUDGET 88 Actual Units Produced USE VALUE FROM PRODUCTION BUDGET 89 90 Flexible Budget - Analyze at Additional Production Levels 91 Production level 1 500 units 92 Production level 750 units 93 94 YEAR RESULTS 3 Interest Rate for Investing (short-term) 4.00% Annually Interest Policy All of the ending cash balance for the quarter earns interest for the entire quarter All of the ending cash balance for the quarter remains in Cash at the beginning of the next quarter 1 2 Interest Rate for borrowing 12.00% Annually 3 Interest Policy $ 10,000 increments are used in borrowing and repayment, maintaining the minimum cash balance 34 Borrowing occurs at the beginning of the quarter. 35 Repayments occur at the end of the year. 36 37 LE BUDGET 88 Actual Units Produced USE VALUE FROM PRODUCTION BUDGET 89 90 Flexible Budget - Analyze at Additional Production Levels 91 Production level 1 500 units 92 Production level 2 750 units 93 94 YEAR RESULTS 95 Precision Propulsion Company 96 Balance Sheet 97 12/31/2020 98 ASSETS 99 Cash $ 6,150,000 100 Inventory S 3,748,000 101 Accounts Receivable (net) $ 5,050,000 102 Plant and Equipment $ 29,400,000 103 S 44,348,000 104 105 LIABILITIES AND EQUITY 106 Accounts Payable $ 8,100,000 107 Common Stock $ 26,234,500 108 Retained Earnings $ 10,013,500 109 $ 44,348,000 110 1 Sales Budget 2 Projected for Year Ending 12/31/2021 3 4 5 6 Budgeted Sales in Units 7 Selling Price 8 Budgeted Sales in Dollars 9 First Second Third Fourth Annual Quarter Quarter Quarter Quarter Total 48,100 34,500 31,000 43,000 156600 $530 $530 $530 $530 $530 $ 25,493,000$ 18,285,000 $ 16,430,000 $ 22,790,000 S 82,998,000 10 11 CHECK YOUR SALES BUDGET YES Does the sum of the four quarters of sales equal the total calculated from the Annual 12 Total column (F)? 13 Fourth 1 Production Budget 2 Projected for Year Ending 12/31/2021 3 4 First Second Third 5 Quarter Quarter Quarter 6 Budgeted Sales in units 48,100 34,500 31,000 7 Ending Inventory of Finished Goods 15,000 19,000 20,000 8 Total Need for Finished Goods 63,100 53,500 51,0001 9 Beginning Inventory of Finished Goods ol 15,000 19,000 10 Budgeted Finished Goods Produced in units 63,100 38,500 32,000 11 12 13 CHECK YOUR PRODUCTION BUDGET Does the sum of the four quarters of units produced equal the total calculated from the YES 14 Annual Total column (F)? Quarter 43,000 16,000 59,000 20,000 39,000 Annual Total 156,600 16,000 172,600 0 172,600 15 C A B D E F 1 Direct Materials Purchases Budget 2 3 First Second Third Fourth Annual 4 Quarter Quarter Quarter Quarter Total 5 Budgeted Finished Goods Produced (units) 63,100 38,500 32,000 39,000 172,600 6 Raw Materials needed per unit 3 7 Raw Materials needed for production 189,300 115,500 96,000 117.000 517,800 8 Raw Material Ending Inventory (units) 28,875 24,000 29,250 26,000 26,000 9 Total Raw Materials needed 218,175 139,500 125,250 143,000 543,800 10 Raw Materials Beginning Inventory units) 41,368) 28,875 24,000 (29,250) (41,368 11 Raw Materials Purchases (units) 176,807 110,625 101,250 113,750 502,432 12 Cost per Unit $ 85.00 $ 85.00 S 85.00 $ 85.00 $ 85.00 13 Raw Material Purchases Cost (dollars) $ 15,028,595 $ 9,403,125S 8,606,250S 9,668.750 $ 42,706.720 14 15 16 CHECK YOUR DIRECT MATERIALS PURCHASES BUDGET Does the sum of the Direct Material Purchases each quarter equal the total calculated from the MORE WORK 17 Annual Total column ? TO DO 18 19 20 21 22 23 24 Direct Labor Budget 25 26 First Second Third Fourth Annual 27 Quarter Quarter Quarter Quarter Total 28 Finished Goods Produced (units) 03.100 38,500 32,000 39,000 172,600 4.50 4.50 29 Direct Labor Hours Required per Unit 4,50 4.50 4.50 283,950 173,250 30 Total Direct Labor Hours Required 144,000 175,500 776,700 $ 31 Hourly Labor Rate 18.00 $ 18.00 S 18.00 $ 18.00 S 18.00 32 Direct Labor Cost (dollars) $5,111,100 $3,118,500 2,592,000 $3,159,000 S 13,980,600 33 34 35 CHECK YOUR DIRECT LABOR BUDGET Does the sum of the Direct Labor costs each quarter equal the total calculated from the Annual YES 36 Total column ? 27 D Overhead Budget E Second Quarter S First Quarter 283,950 10.50 S 2,981,475S 950,000 $ 195,000 $ 4,126,475 S Annual Total 776,700 10.50 Total Direct Labor Hours Budgeted Variable Overhead Rate per hour Variable Overhead Cost Fixed Overhead Cost without Depreciation Depreciation Cost Total Overhead Cost $ $ $ $ Third Quarter 144,000 10,50 S 1,512,000 $ 950,000 $ 195,000 S 2,657,000 $ 173,250 10.50 $ 1,819,125$ 950,000 $ 195,000S 2.964,125$ Fourth Quarter 175,500 10.50 $ 1,842,750 $ 950,000 $ 195,000 2,987,750 8,155,350 3,800,000 780,000 12,735,350 CHECK YOUR OVERHEAD BUDGET Does the sum of the overhead costs each quarter equal the total calculated from the Annual Total YES column (6) 5 7 3 Selling & Administrative Expense Budget 3 1 First Second Third Fourth Annual 2 Quarter Quarter Quarter Quarter Total 3 Budgeted sales in Dollars S 25,493,0005 18,285,000 $ 16,430,000 $ 22,790,000 S 82,998,000 4 Variable S&A rate 3.25% 3.25% 3.25% 3.25% 3.25% 5 Variable S&A Cost $ 828,523S 594,263 533,975$ 740,6755 2,697,435 6 Fixed S&A Cost without Depreciation S 180,000 $ 180,000 $ 180,000 $ 180,000 $ 720,000 7 Depreciation Cost $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 220,000 Total S&A Cost $ 1,063,523S 829,263$ 768,9755 975,675$ 3,637,435 19 30 81 CHECK YOUR SELLING & ADMINISTRATIVE EXPENSE BUDGET Does the sum of the selling & administrative costs each quarter equal the total calculated from YES 32 the Annual Total column() information? Sales Budget Production Budget DM & DL Budget OH & S&A Exp Budget C. First Quarter Second Quarter Third Quarter Annual Fourth Quarter 1 SCHEDULE OF CASH COLLECTIONS 2 3 4 5 Budgeted Sales in dollars 6 7 Collections in quarter of sale 8 Collections in quarter following sale 9 Total Collections 10 11 Net Accounts Receivable Balance 12 13 CHECK YOUR SCHEDULE OF CASH COLLECTIONS MORE WORK TO DO Annual Third Quarter Fourth Quarter 14 Have you found the amount of cash that will be collected in the first quarter from sales in 2020? 15 16 17 18 SCHEDULE OF CASH PAYMENTS 19 20 First Second 21 Quarter Quarter 22 23 Raw Material Purchases 24 25 Payments in quarter of purchase 26 Payments in quarter following purchase 27 Total payments 28 29 Accounts payable balance 30 31 CHECK YOUR SCHEDULE OF CASH PAYMENTS MORE WORK TO DO 32 Have you found the amount of payments in the first quarter from purchases in 20207 33 34 35 36 CASH BUDGET 37 38 First Second Third Fourth Annual First Quarter Second Quarter Third Quarter Fourth Quarter Annual 36 CASH BUDGET 37 38 39 40 Cash Collections: 41 Collections in quarter of sale 42 Collections in quarter following sale 43 Total Cash Receipts 44 45 Cash Disbursements 46 Raw Materials Payments in quarter of purchase 48 Payments in quarter following purchase 49 Direct Labor Costs 50 Overhead Costs 51 Selling and Administrative Costs 52 Total Cash Disbursements 53 54 Net Operating Cash Flows 55 Beginning Cash 56 Net Cash Available 57 Minimum cash balance 58 Cash Available for Discretionary Uses 59 60 Discretionary Uses of Cash 61 Equipment Purchases 62 Dividends 63 64 Leave Financing section empty 65 Financing should not be required) 66 Borrowine 67 Repayment 68 Interest 69 Total Financing Cash Increase (Decrease 70 71 Net Cash Available After Dicretionary Cash Uses 72 Interest Earned on Cash 73 Ending Cash Balance D Collections in quarter of sale Collections in quarter following sale Total Cash Receipts Cash Disbursements Raw Materials - Payments in quarter of purchase Payments in quarter following purchase Direct Labor Costs Overhead Costs Selling and Administrative Costs Total Cash Disbursements Net Operating Cash Flows Beginning Cash Net Cash Available Minimum cash balance Cash Available for Discretionary Uses Discretionary Uses of Cash Equipment Purchases Dividends Leave Financing section empty: 5 Financing should not be required) 5 Borrowing 7 Repayment 3 Interest Total Financing Cash increase (Decrease) . 1 Net Cash Available After Dicretionary Cash Uses 2 Interest Earned on Cash 3 Ending Cash Balance 4 5 Grayed cells are not used 6 Light yellow cells are your cash outflow choices from the INPUT worksheet 7 8 CHECK YOUR CASH BUDGET Does the ending balance of cash derived from your Row 73 information match the ending value of cash from the 9 Annual Total column ? YES