can someone help me with this? revise it for me please. ill post multiple questions if i have to just let me know!

i just need question #2

1 Master budget 60 points ABC Company requests you to prepare a budget for the third quarter ending September 30 2020. You are required to prepare the following budgets: Sales Sales receipt schedule Production Purchases Materials payment schedule Labor Overheads General admin and selling I Capital Cash (You may use the sheet 3 template from the excel file you already have, and which we have been using for class). Sales Budget Budgeted sales of the company's product for the month of June was 28,000 units at $5/unit: It is anticipated that sales units will grow by 5% monthly from the previous month's level, to end August 2020 then stay unchanged for the rest of the calendar year. There will be a single unit price increase of 20% from 7/01/2020 to December 2020. Sales will be 10% cash and 90% credit Schedule of Cash Collection for Sales The company collects 70% of credit sales in the month of sale, 25% in the month following sale; and the remaining 5% is uncollectible, written off at point of sale. The accounts receivable balance on 6/30 was $35,000. All of this balance was collectible. Production Budget The company desires to have monthly ending inventory of finished goods of 20% of the following month's budgeted sales. D) Focus O w (99+ DOLL Production Budget The company desires to have monthly ending inventory of finished goods of 20% of the following month's budgeted sales. On 6/30, inventory of finished goods was 5,500 units. Direct Materials Budget 5 pounds of material are required per unit of product. Management desires to have month ending materials inventory of 10% of following month's production needs. Beginning materials inventory for the quarter was 13,000 pounds. Material cost is $0.40 per pound. Schedule of Cash Disbursement for Materials 50% of materials monthly purchase are paid for in the month of purchase; the balance is paid for in the following month. The accounts payable balance on June 30 was $12,000. Direct Labor Budget Each unit of product requires 0.05 hour of direct labor at the rate of $12 per hour. There will be no overtime budgeted. Manufacturing Overhead Budget Variable manufacturing overhead is $8 per direct labor hour. Fixed manufacturing overhead is $25,500 per month; which includes $4,500 depreciation. Selling and Admin Expenses Budget Variable selling and administrative expenses are $0.50 per unit sold. Fixed selling and administrative expenses are $15,000 per month and include $5,000 in depreciation. Cash Budget Available line of credit up to $50,000, in multiples of $10,000. All borrowings will be at beginning of month and repayments at end of calendar quarter. 40 points Interest paid for short term funding is 3% per month. Company desires minimum monthly cash balance of $30,000. Ending cash balance 6/30 was $36,500 Cash dividends of $40,000 are to be paid to stockholders in July The company plans equipment purchase of $70,000 during the period, to be paid $30,000 in July, $40,000 in August, The equipment will not become operational until October, when depreciation expense will kick in. 2. Cost-Volume-Profit (CVP) I a. Assignment Question on Cost Volume Profit (CVP) MMC Nutri Company is a small family fast food restaurant that opened in 2015, serving tropical cuisine to its mainly Afro-American, Asian and African customers. Because of its hot ingredients, few others patronize the food. This business serves its popular dish Jollof rice, fish or meat stew, and rice flour porridge, as a meal for $9 a serving. Its variable cost per serving is $4.10 and its monthly fixed cost is $4,600 a month. On average, the business sells 60 servings a day, opened every day except Sunday. The highly religious owner takes Sunday off, as a rest day. During this 2020 year of COVID-19 pandemic, average sales has dropped significantly. In June of this year, the federal government gave a lump sum financial assistance of $10,000 to the business, during a six weeks lockdown. Since then, current sales has dropped by 60% of its pre-COVID level, despite the introduction of take-away opportunity. The business optimistically estimates that sales will slowly increase to a maximum of 80% of pre-COVID level, for the rest of this year. The owner is considering closing the business, due to uncertainty and depletion of personal savings to finance its operations, and has commissioned you to give advice, based on your knowledge of accounting, The business is also exploring an available option of a $6,000 investment in machinery that will be used for 5 years and will reduce variable cost by $0.30 a unit. Sales price/unit will not change, What will be your overall advice to this owner? Justify each option with analysis based on CVP. Focus During 20. pandemic, average sales nas dropped significantly in June of this year, the federal government gave a lump sum financial assistance of $10,000 to the business, during a six weeks lockdown. Since then, current sales has dropped by 60% of its pre-COVID level, despite the introduction of take-away opportunity. The business optimistically estimates that sales will slowly increase to a maximum of 80% of pre-COVID level, for the rest of this year. The owner is considering closmg the business, due to uncertainty and depletion of personal savings to finance its operations, and has commissioned you to give advice, based on your knowledge of accounting. The business is also exploring an available option of a $6,000 investment in machinery that will be used for 5 years and will reduce variable cost by $0.30 a unit. Sales price/unit will not change. What will be your overall advice to this owner? Justify each option with analysis based on CVP. (Points will be awarded for trend of thought and the application of bvP principles. There is no one answer.) 30 points b. Assignment on Plant wide Overhead Absorption Basic Construction Company won a bid to build a gym between January and March 2020. The actual manufacturing overhead for the completed construction was $128,610. On December, 2019, before the start of the construction, the company decided to set an annual overhead rate of $875,000 for all jobs during 2020, to be absorbed by direct labor hours. The actual direct labor hours used for this job was 49,000, and the direct machine hours used was 12,700. The annual direct labor hours estimated for 2020 by the company was 350,000 DLH Provided there is over or under absorbed overhead, considered not significant, prepare the journal entry to close the manufacturing overhead account, at the end of the contract 10 points Formulas Data Review View Help Search File Home Insert Draw Page Layout Times New Roman - 12 AA IA Paste BIU -A- 29 Wrap Text Custom Insert Dolate Merge & Center $ %) 8-98 Conditional Format as Cell Formatting Table Styles Format Clipboard Font Alignment Number 30 > f D N 0 ACCT. 1300. Principles of Managerial Accounting FALL Semester, 2020 F G MASTER BUDGET. Major Manufacturing Company Sanings July August Semberya Sep ch July 29.400 6 176.2011 30,870 0 September 30,670 6 30,870 6 185220 1.475 1.5 1.558 3 4.591 July to Sept 30,870 Men Overhead Direct labor hours Overhead sharphose Var Found Tot Sale $11.800S $ 25,500 5 $ 37,300 $ 12.4605 25.500 5 37.9601 Ceuk Cadition from 25.500 1106 16. 76 500 113 5 Accounts receive Cadas Cash from Credits Tonal casco 158,7605 166.098 $ 166.698 $ 66,098 17.6405 18.5235 18,522 5 18.592 111,115 11661011166105 128,7725 135 135 135 211 5 3 Adalattathar Variable Fand $ 1.470 $15.000 ISHS 15.000 $ 16 544 1.545 15 000 $ 49,557 de recevable 5 $ 39.00 $ 7,953 33355 3.135 333 5.600 6,114 30870 37,044 5,880 10.30 36.750 5600 31.150 Capital Bar Bevense Experies Production date in Finding balance Sains Total request Production required Unit materials required) Tocal mais required) 35.000 5.500 29,500 0.00 37,04 5.114 300 50 154350 31 164 50 1552 Other Case Recepts.com 147.500 155250 15.035 Directia Bude Ending material balance Material requireme(s) Total de CASH BOOK BUDGET Recep 15,573 147.500 163,075 11.000 159,075 04 155.750 171.312 15.035 155820 17135 15.50 155.673 04 $ 6205 1005 15.45 154,150 04 61.740 Recettes Asset $ 16 500 19. $ 1540805 177 $ 175.950 $ 5 $ Required purchase(s) Cost per til Total cost of purchase 155,757 0 02.05 $ File Home Insert Draw Page Layout Formulas Data Review View Help e search Times New Roman 12 AA == BIU Custom 23 Wrap Text Merge & Center Insert Delete Format WE 27 Conditional Formatas Cell Formatting Table Styles $ - % 78% Number Sort & Fine Fletor Sele Clipboard Font Alignment Cells Editing P30 C D 1 H 35 11 11 1 Pand 1500 MM 1102 INTE Sd 11 1.141 14 1 AIN SIN US 000 311 1 ST SI 11 11.30 15 CASHOK BUGET 111 1 TORE 3001 11 1500 041 11 C 10 0+ Dhe M Nr SOS 1 13005 133 1 115 115445 11544 >> JU 31.16 001 5.000 100005 To 00 13 3 $ 1220 5 1 5 re Sheet1 1 Master budget 60 points ABC Company requests you to prepare a budget for the third quarter ending September 30 2020. You are required to prepare the following budgets: Sales Sales receipt schedule Production Purchases Materials payment schedule Labor Overheads General admin and selling I Capital Cash (You may use the sheet 3 template from the excel file you already have, and which we have been using for class). Sales Budget Budgeted sales of the company's product for the month of June was 28,000 units at $5/unit: It is anticipated that sales units will grow by 5% monthly from the previous month's level, to end August 2020 then stay unchanged for the rest of the calendar year. There will be a single unit price increase of 20% from 7/01/2020 to December 2020. Sales will be 10% cash and 90% credit Schedule of Cash Collection for Sales The company collects 70% of credit sales in the month of sale, 25% in the month following sale; and the remaining 5% is uncollectible, written off at point of sale. The accounts receivable balance on 6/30 was $35,000. All of this balance was collectible. Production Budget The company desires to have monthly ending inventory of finished goods of 20% of the following month's budgeted sales. D) Focus O w (99+ DOLL Production Budget The company desires to have monthly ending inventory of finished goods of 20% of the following month's budgeted sales. On 6/30, inventory of finished goods was 5,500 units. Direct Materials Budget 5 pounds of material are required per unit of product. Management desires to have month ending materials inventory of 10% of following month's production needs. Beginning materials inventory for the quarter was 13,000 pounds. Material cost is $0.40 per pound. Schedule of Cash Disbursement for Materials 50% of materials monthly purchase are paid for in the month of purchase; the balance is paid for in the following month. The accounts payable balance on June 30 was $12,000. Direct Labor Budget Each unit of product requires 0.05 hour of direct labor at the rate of $12 per hour. There will be no overtime budgeted. Manufacturing Overhead Budget Variable manufacturing overhead is $8 per direct labor hour. Fixed manufacturing overhead is $25,500 per month; which includes $4,500 depreciation. Selling and Admin Expenses Budget Variable selling and administrative expenses are $0.50 per unit sold. Fixed selling and administrative expenses are $15,000 per month and include $5,000 in depreciation. Cash Budget Available line of credit up to $50,000, in multiples of $10,000. All borrowings will be at beginning of month and repayments at end of calendar quarter. 40 points Interest paid for short term funding is 3% per month. Company desires minimum monthly cash balance of $30,000. Ending cash balance 6/30 was $36,500 Cash dividends of $40,000 are to be paid to stockholders in July The company plans equipment purchase of $70,000 during the period, to be paid $30,000 in July, $40,000 in August, The equipment will not become operational until October, when depreciation expense will kick in. 2. Cost-Volume-Profit (CVP) I a. Assignment Question on Cost Volume Profit (CVP) MMC Nutri Company is a small family fast food restaurant that opened in 2015, serving tropical cuisine to its mainly Afro-American, Asian and African customers. Because of its hot ingredients, few others patronize the food. This business serves its popular dish Jollof rice, fish or meat stew, and rice flour porridge, as a meal for $9 a serving. Its variable cost per serving is $4.10 and its monthly fixed cost is $4,600 a month. On average, the business sells 60 servings a day, opened every day except Sunday. The highly religious owner takes Sunday off, as a rest day. During this 2020 year of COVID-19 pandemic, average sales has dropped significantly. In June of this year, the federal government gave a lump sum financial assistance of $10,000 to the business, during a six weeks lockdown. Since then, current sales has dropped by 60% of its pre-COVID level, despite the introduction of take-away opportunity. The business optimistically estimates that sales will slowly increase to a maximum of 80% of pre-COVID level, for the rest of this year. The owner is considering closing the business, due to uncertainty and depletion of personal savings to finance its operations, and has commissioned you to give advice, based on your knowledge of accounting, The business is also exploring an available option of a $6,000 investment in machinery that will be used for 5 years and will reduce variable cost by $0.30 a unit. Sales price/unit will not change, What will be your overall advice to this owner? Justify each option with analysis based on CVP. Focus During 20. pandemic, average sales nas dropped significantly in June of this year, the federal government gave a lump sum financial assistance of $10,000 to the business, during a six weeks lockdown. Since then, current sales has dropped by 60% of its pre-COVID level, despite the introduction of take-away opportunity. The business optimistically estimates that sales will slowly increase to a maximum of 80% of pre-COVID level, for the rest of this year. The owner is considering closmg the business, due to uncertainty and depletion of personal savings to finance its operations, and has commissioned you to give advice, based on your knowledge of accounting. The business is also exploring an available option of a $6,000 investment in machinery that will be used for 5 years and will reduce variable cost by $0.30 a unit. Sales price/unit will not change. What will be your overall advice to this owner? Justify each option with analysis based on CVP. (Points will be awarded for trend of thought and the application of bvP principles. There is no one answer.) 30 points b. Assignment on Plant wide Overhead Absorption Basic Construction Company won a bid to build a gym between January and March 2020. The actual manufacturing overhead for the completed construction was $128,610. On December, 2019, before the start of the construction, the company decided to set an annual overhead rate of $875,000 for all jobs during 2020, to be absorbed by direct labor hours. The actual direct labor hours used for this job was 49,000, and the direct machine hours used was 12,700. The annual direct labor hours estimated for 2020 by the company was 350,000 DLH Provided there is over or under absorbed overhead, considered not significant, prepare the journal entry to close the manufacturing overhead account, at the end of the contract 10 points Formulas Data Review View Help Search File Home Insert Draw Page Layout Times New Roman - 12 AA IA Paste BIU -A- 29 Wrap Text Custom Insert Dolate Merge & Center $ %) 8-98 Conditional Format as Cell Formatting Table Styles Format Clipboard Font Alignment Number 30 > f D N 0 ACCT. 1300. Principles of Managerial Accounting FALL Semester, 2020 F G MASTER BUDGET. Major Manufacturing Company Sanings July August Semberya Sep ch July 29.400 6 176.2011 30,870 0 September 30,670 6 30,870 6 185220 1.475 1.5 1.558 3 4.591 July to Sept 30,870 Men Overhead Direct labor hours Overhead sharphose Var Found Tot Sale $11.800S $ 25,500 5 $ 37,300 $ 12.4605 25.500 5 37.9601 Ceuk Cadition from 25.500 1106 16. 76 500 113 5 Accounts receive Cadas Cash from Credits Tonal casco 158,7605 166.098 $ 166.698 $ 66,098 17.6405 18.5235 18,522 5 18.592 111,115 11661011166105 128,7725 135 135 135 211 5 3 Adalattathar Variable Fand $ 1.470 $15.000 ISHS 15.000 $ 16 544 1.545 15 000 $ 49,557 de recevable 5 $ 39.00 $ 7,953 33355 3.135 333 5.600 6,114 30870 37,044 5,880 10.30 36.750 5600 31.150 Capital Bar Bevense Experies Production date in Finding balance Sains Total request Production required Unit materials required) Tocal mais required) 35.000 5.500 29,500 0.00 37,04 5.114 300 50 154350 31 164 50 1552 Other Case Recepts.com 147.500 155250 15.035 Directia Bude Ending material balance Material requireme(s) Total de CASH BOOK BUDGET Recep 15,573 147.500 163,075 11.000 159,075 04 155.750 171.312 15.035 155820 17135 15.50 155.673 04 $ 6205 1005 15.45 154,150 04 61.740 Recettes Asset $ 16 500 19. $ 1540805 177 $ 175.950 $ 5 $ Required purchase(s) Cost per til Total cost of purchase 155,757 0 02.05 $ File Home Insert Draw Page Layout Formulas Data Review View Help e search Times New Roman 12 AA == BIU Custom 23 Wrap Text Merge & Center Insert Delete Format WE 27 Conditional Formatas Cell Formatting Table Styles $ - % 78% Number Sort & Fine Fletor Sele Clipboard Font Alignment Cells Editing P30 C D 1 H 35 11 11 1 Pand 1500 MM 1102 INTE Sd 11 1.141 14 1 AIN SIN US 000 311 1 ST SI 11 11.30 15 CASHOK BUGET 111 1 TORE 3001 11 1500 041 11 C 10 0+ Dhe M Nr SOS 1 13005 133 1 115 115445 11544 >> JU 31.16 001 5.000 100005 To 00 13 3 $ 1220 5 1 5 re Sheet1