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Prepare a master budget for McGregor Pharmacy Company for the year ending December 31, 2021 using the following information. Prepare it per quarter. Use the tables provided by the professor. Fill it. Prepare the Sales Budget assuming: 1. Expected sales volume: 8,000 units for the first quarter, an increase of 20% is expected for the second quarter, a decrease of 10% for the third quarter, and an increase of 25% for the fourth quarter. 2. The sales price should be $75.00 for the first two quarters and $82.50 for the last two quarters. Prepare the Production Budget assuming: 1. The company believes it can meet future sales needs with an ending inventory of 25% of the next quarter, for the first two quarters, and 35% of the next quarter, for the last two quarters. 2. The expected sales in units for the first quarter of 2022 is 11,000. Prepare the Direct Material Budget assuming: 1. Ending inventory of raw material is expected to be 15% of total pounds needed for production of the next quarter for the first two quarters and 20% of the next quarter for the last two quarters. 2. The expected pounds needed for production in the first quarter of 2022 is 38,500. 3. Each product requires 3 pounds of raw material. 4. The expected cost per pound is $8.25. Prepare the Direct Labor Budget assuming: 1. To produce a unit is required 2.5 hours of direct labor. 2. The hourly wage rate is expected to be $7.50. Prepare the Manufacturing Overhead Budget assuming: 1. The supervisor salaries are $42,000 per quarter. 2. The indirect material is expected to be $1.15 per direct labor hour. 3. Depreciation is expected to be $6,500 per quarter. 4. Other variable cost is expected to be $1.75 per direct labor hour. 5. Property taxes and insurance are expected to be $11,500 per quarter. 6. Indirect labor is expected to be $1.60 per direct labor hour. 7. Maintenance is expected to be $.25 per direct labor hour plus $3,500 per quarter. Prepare the Selling and Administrative Budget assuming: 1. Advertising expenses are expected to be of $2,500 per quarter. 2. Freight-out is expected to be $1.10 per unit sold. 3. Sale Commission is expected to be $2.45 per unit sold. 4. Office salaries are expected to be $3,200 per quarter. 5. Depreciation is expected to be $1,750 per quarter. 6. Other variable costs are expected to be $.25 per unit sold. 7. Sales salaries are expected to be $18,000 per quarter. 8. Property taxes and insurance are expected to be $750 per quarter. 9. Miscellaneous expense is expected to be $.15 per direct labor hour plus $350 per quarter. Prepare the Budgeted Income Statement with the information above and the following information: 1. Manufacturing overhead required per unit is 2.5 2. Interest Expense is $12,000. 3. Income tax rate is 15.5% Prepare the Cash Budget assuming: 1. January 1, 2021 cash balance is expected to be $60,000 2. Sales are expected to be collected: a. 60% in the quarter of the sale. b. 25% one quarter after the sale. c. 15% two quarter after the sale. 3. Accounts Receivable of $68,000 at December 31, 2020 are expected to be collected in full, $40,000 in the first quarter and the remaining in the second quarter of 2021. Direct material is expected to be paid: 4. a. 35% in the quarter of purchase. b. 35% one quarter after the purchase. c. 30% two quarter after the purchase. 5. Short term investments are expected to be sold for $5,000 in the second quarter and $3,500 in the third quarter. 6. Long term investment is expected to be sold for $25,000 in the third quarter. 7. Direct labor is 100% paid in the quarter incurred. 8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. 9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred. 10. Management plans to purchase a minivan in the fourth quarter for $35,000, and a delivery truck in the third quarter for $10,600. 11. McGregor makes equal quarterly payments of its estimated annual income taxes. 12. Accounts payable of $25,500 at December 31, 2020 are expected to be paid in full in the second quarter. 13. McGregor wishes to maintain a balance of at least $30,000 in cash. Assume interest of $1,000 in the repayment 14. 15. 16. Common Stock are expected to be issued in the fourth quarter for an amount of 20,000. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $30,000 minimum required balance). Prepare the Budgeted Balance Sheet with the information above and the following information: 1. Pertinent data at December 31, 2020 are as follows: a. Building and equipment, $250,000 b. Accumulated depreciation $120,000 c. Common stocks $201,000 d. Retained earnings $230,997.48 2. The accounts that should be in the statements are: a. Cash b. Account receivable c. Finished goods inventory d. Raw material inventory e. Accounts payable f. The accounts mentioned in part 1 of this section. B Expected unit sales Unit selling price Total sales Expected unit sales Add: desired ending finished goods units Total required units Less: beginning finished goods units Required production units 1 Name of the company Sales Budget Date 2 Total 37,040.00 8,000 9,600 8,640 82.50 $ $ 75.00 $ 75.00 $ 82.50 $ 315.00 $ 600,000.00 $ 720,000.00 $ 712,800.00 $ 891,000.00 $2,923,800.00 Name of the company Production Budget Date 3 a 4 10,800 H B Expected unit sales Unit selling price Total sales Expected unit sales Add: desired ending finished goods units Total required units Less: beginning finished goods units Required production units 1 Name of the company Sales Budget Date 2 Total 37,040.00 8,000 9,600 8,640 82.50 $ $ 75.00 $ 75.00 $ 82.50 $ 315.00 $ 600,000.00 $ 720,000.00 $ 712,800.00 $ 891,000.00 $2,923,800.00 Name of the company Production Budget Date 3 a 4 10,800 H B Required production units Units to be produced Multiply by Direct material per unit Direct Materials units required for production Add: Desired ending direct material units Total material required Less: Beginning direct material units Direct Material units required to be purchases Cots per Direct material units Total cost of Direct Material purchased 0 Name of the company Direct Material Budget Date 1 7,600.00 3.00 22,800.00 4,212.00 2 E 3 LL S 4 3 Total wid KA We Accounting A Merge & C NINA Font Al Munke Landaumbea victim of software counterfering Aanandoaffico B D Total cost of Direct Material purchased Name of the company Direct Labor Budget Date Units to be produced Direct labor time per unit Total required direct labor hours Direct labor cost per hour Total direct labor cost TU 60% Accins Accents Conditional Format Accents Accents formaling be E Accent2 Commu Wyn Leen more + F Arcent Conuma 101 Currency 2 DOD 117 men Diler Cre H B 0 1 -5 Direct labor hours Variable Costs 8 indirect material indirect labor other variable cost Maintenance Total Variable Costs Supervisory salaries Depreciation Property taxesx and insurance. maintenance Total Fixed Cost Total manufacturing cost Manufacturing overhead cost per unit Fixed Cost D Name of the company Manufacturing Overhead Budget Date 1 2 3 O 4 C Total B Budgeted sales in units Variable expenses Sales Commission Freight-out Miscellaneous Other variable cost Total variable expenses Fixed expenses Advertising Sales salaries Office salaries Depreciation. Property taxes and insurance Miscellaneous total fixed cost Total selling and administrative expenses Sheet! yenchipele Type here to search ....am D Name of the company Selling and Administrative Budget Date 1 2 E 3 | Danmar 4 G Total I 87F Party 10 1 2 3 4 5 6 7 8 19 0 A B Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest expense Income before taxes Taxes Net Income Cost per unit of production, Direct material (per pound). Direct labor (direct labor hours) Manufacturing overhead (direct labor hours D Name of the company Budgeted Income Statement Date Cost of Goods Sold Calculation Activity Cost me Off Total Sipas S 3 4 #7 38 09 10 11 12 13 14 16 17 18 19 20 121 1Q 122 2Q A Sheet! Sy B Net Income Cost per unit of production Direct material (per pound) Direct labor (direct labor hours) Manufacturing overhead (direct labor hours Cost of Goods Sold Calculation Cash Collection Beginning Cash Balance Sales. Type here to search O 12 Cost of Goods Sold Calculation Activity 10 D Cost Name of the company Cash budget Date 1 2 O E Total 3 # 1 E 3 4 G 121 10 122 20 123 30 124 40 125 126 127 128 129 130 131 132 133 24 $10 36 20 37 30 138 40 139 140 141 S A komisy Accounts Receivable Short term investment Long-Term Investment Issuance of Common Stock Total Receipts Total available cash Cash Disbursement Accounts Payable Direct Material Direct labor manufacturing overhead Selling and administrative expenses Trench D p G STY Partly y K DURANCE Backent CH USHCHIED 36 20 37 30 38 40 39 #40 #41 42 843 744 145 146 147 48 19 50 151 152 153 154 155 A Sheath B Direct labor manufacturing overhead Selling and administrative expenses Purchase of truck Annual income taxes total disbursement Excess (deficiency) of availble cash over cash disbursement financing Add: borrowings Less: repayments including interest Ending cash balance 2 D Name of the company Budgeted balance sheet E www B F G H 154 155 156 157 158 159 160 161 162 163 164 165 166 3 19 70 171 172 173 174 ht Current assets Cash Account Receivable Finished Good Inventory Raw material inventory total current assets Property, plant and equipment Building and equipment Less: accumulated depreciation Total property, plant and equipment Total assets Liabilities Accounts payable Total liabilities. Stockholders equity Common stock aft amata mis D Name of the company Budgeted balance sheet Date Assets O Liabilities and stockholders' equity G APY Party se 66 67 68 69 70 71 73 #74 875 176 177 18 19 BO 181 182 183 184 185 C D Liabilities and stockholders' equity Less: accumulated depreciation Total property, plant and equipment Total assets Liabilities Accounts payable Total liabilities Stockholders equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholder's equity Pher to search proye H 424PM