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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 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 3 3 3 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 $ 85.00 S 85.00 $ 85.00 13 Raw Material Purchases Cost (dollars) $ 15,028,595$ 9,403,125$ 8,606,250 $ 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 (F)? 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) 63,100 38,500 32,000 39,000 172,600 29 Direct Labor Hours Required per Unit 4.50 4.50 4.50 4.50 4.50 30 Total Direct Labor Hours Required 283,950 173,250 144,000 175,500 776,700 31 Hourly Labor Rate S 18.00 $ 18.00 $ 18.00 $ 18.00 $ 18.00 32 Direct Labor Cost (dollars) $ 5,111,100 $ 3,118,500 $ 2,592,000$ 3,159,000$ 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 (F)? olan Ruda Droduction Budget NM & PL Budget OH & S&A Exp 27 1 Overhead Budget 2 3 First Second Third Quarter Fourth Quarter Annual Total 4 Quarter 776,700 10.50 5 Total Direct Labor Hours Budgeted 6 Variable Overhead Rate per hour 7 Variable Overhead Cost 8 Fixed Overhead Cost without Depreciation 9 Depreciation Cost 10 Total Overhead Cost $ $ $ $ $ Quarter 283,950 10.50 $ 2,981,475$ 950,000 $ 195,000 $ 4,126,475$ 173,250 10.50 $ 1,819,125$ 950,000 $ 195,000 $ 2,964,125$ 144,000 10.50 $ 1,512,000$ 950,000 $ 195,000 $ 2,657,000 $ 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 11 12 13 CHECK YOUR OVERHEAD BUDGET Does the sum of the overhead costs each quarter equal the total calculated from the Annual Total 14 column (F)? 15 YES 16 First Second Fourth Annual Quarter Quarter Total 17 18 19 Selling & Administrative Expense Budget 20 21 22 23 Budgeted Sales in Dollars 24 Variable S&A rate 25 Variable S&A Cost 26 Fixed S&A Cost without Depreciation 27 Depreciation Cost 28 Total S&A Cost 29 S 25,493,000 $ 3.25% 828,523S 180,000 $ 55,000 $ 1,063,523 $ $ Third Quarter 16,430,000 $ 3.25% 533,975$ 180,000 $ 55,000 $ 768,975$ 18,285,000 $ 3.25% 594,263 $ 180,000 $ 55,000 $ 829,263S Quarter 22,790,000 $ 3.25% 740,675$ 180,000 $ 55,000 $ 975,675$ 82,998,000 3.25% 2,697,435 720,000 220,000 3,637,435 $ 30 31 CHECK YOUR SELLING & ADMINISTRATIVE EXPENSE BUDGET Does the sum of the selling & administrative costs each quarter equal the total calculated from 32 the Annual Total column (F) information? YES Dudat SCHEDULE OF CASH COLLECTIONS Annual First Quarter 25,493,000 $ Second Quarter 18,285,000 $ Third Quarter 16,430,000 $ Fourth Quarter 22,790,000 $ - Budgeted Sales in dollars $ 82,998,000 7 Collections in quarter of sale Collections in quarter following sale Total Collections $ $ $ 21,159,190 $ 3,259,500 $ 24,418,690 $ 15,176,550 $ 3,823,950 $ 19,000,500 $ 13,636,900 $ 2,742,750 $ 16,379,650 $ 18,915,700 $ 2,464,500 $ 21,380,200 $ 68,888,340 12,290,700 81,179,040 0 $ 4,768,410 $ 3,618,310 $ 3,158,800 $ 4,202,900 $ 4,202,900 11 Net Accounts Receivable Balance 12 13 CHECK YOUR SCHEDULE OF CASH COLLECTIONS MORE WORK TO DO 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 Annual First Quarter Second Quarter Third Quarter Fourth Quarter 20 21 22 23 Raw Material Purchases 24 $ 15,028,595 $ 9,403,125 $ 8,606,250 $ 9,668,750 $ 42,706,720 $ 12,774,306.00 $ 7,992,656.00 $ 7,315,313.00 $ 8,218,438.00 $ $ 8,100,000 $2,254,289.00 $ 1,410,469.00 $ 1,290,938.00 $ $ 20,874,306 $ 10,246,946 $ 8,725,781 $ 9,509,375$ 36,300,712 13,055,696 49,356,408 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 $ 2,254,289.00 $ 1,410,469.00 $ 1,290,938.00 $ 1,450,313.00 $ 1,450,313 YES 32 Have you found the amount of payments in the first quarter from purchases in 2020? 33 6 CASH BUDGET 7 Third 8 9 First Quarter Second Quarter Annual Fourth Quarter Quarter $ $ S 21,159,190$ 3,259,500$ 24,418,690 15, 176,550 $ 3,823,950 $ 19,000,500 $ 13,636,900 $ 2,742,750$ 16,379,650 $ 18,915,700$ 2,464,500 $ 21,380,200 $ 68,888,340 12,290,700 81,179,040 48 $ $ $ $ 12,774,306 $ 8,100,000 $ 5,111,100 $ 3,931,475 S 1,008,523S 30,925,404 $ 7,992,656 $ 2,254,289 $ 3,118,500S 2,769,125$ 774,263 $ 16,908,833$ 7,315,313 $ 1,410,469 $ 2,592,000 $ 2,462,000 $ 713,975$ 14,493,757 $ 8,218,438$ 1,290,938$ 3,159,000 $ 2,792,750 $ 920,675 $ 16,381,801 $ 36,300,712 13,055,696 13,980,600 11,955,350 3,417,435 78,709,793 + 0 Cash Collections: 11 Collections in quarter of sale 12 Collections in quarter following sale 3 Total Cash Receipts 44 45 Cash Disbursements: 46 Raw Materials - 47 Payments in quarter of purchase 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 Borrowing 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 74 $ $ 3,259,500 $ 24,418,690S 3,823,950 $ 19,000,500 $ 2,742,750 $ 16,379,650S 2,464,500 $ 21,380,200 S 12,290,700 81,179,040 $ $ $ $ $ S 12,774,306 $ 8,100,000 $ 5,111,100 $ 3,931,475$ 1,008,523 $ 30,925,404 $ 42 Collections in quarter following sale 43 Total Cash Receipts 44 45 Cash Disbursements: 46 Raw Materials - 47 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 7,992,656 2,254,289 $ 3,118,500S 2,769,125$ 774,263 $ 16,908,833$ 7,315,313$ 1,410,469 $ 2,592,000 $ 2,462,000 $ 713,975 S 14,493,757 8,218,438$ 1,290,938$ 3,159,000 $ 2,792,750 $ 920,675$ 16,381,801$ 36,300,712 13,055,696 13,980,600 11,955,350 3,417,435 78,709,793 $ $ 1,000 $ 500$ 1,500 $ 1,000 $ 2,000 $ 1,500 $ 2,500 $ 2,000 $ 7,000 5,000 64 Leave Financing section empty: 65 Financing (should not be required) 66 Borrowing 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 74 75 Grayed cells are not used, 76 Light yellow cells are your cash outflow choices from the INPUT worksheet 77 78 CHECK YOUR CASH BUDGET Does the ending balance of cash derived from your Row 73 Information match the ending value of cash from the 79 Annual Total column (F)? 80 MORE WORK TO DO