Can you please assist with the following?

I See The Light
Projected Income Statement
For the Period Ending December 31, 20x1
	Sales			25,000 lamps	@ $45.00			$1,125,000.00
	Cost of Goods Sold				@ $30.00			750,000.00
	Gross Profit							$375,000.00
	Selling Expenses:
		Fixed				$23,000.00
		Variable		(Commission per unit)	@ $3.00	75,000.00	$98,000.00
	Administrative Expenses:
		Fixed				$42,000.00
		Variable			@ $2.00	50,000.00	92,000.00
	Total Selling and Administrative Expenses:							190,000.00
	Net Profit							$185,000.00
I See The Light
Projected Balance Sheet
As of December 31, 20x1
	Current Assets
		Cash						$34,710.00
		Accounts Receivable						67,500.00
		Inventory
			Raw Material
			Lamp Kits		500	@ $16.00		8,000.00
			Work in Process		0			-
			Finished Goods		3000	@ $30.00		90,000.00
		Total Current Assets						$200,210.00
	Fixed Assets
		Equipment					$20,000.00
		Accumulated Depreciation					6,800.00
		Total Fixed Assets						13,200.00
		Total Assets						$213,410.00
	Current Liabilities
		Accounts Payable						$54,000.00
		Total Liabilities						$54,000.00
	Stockholder's Equity
		Common Stock					$12,000.00
		Retained Earnings					147,410.00
		Total Stockholder's Equity						159,410.00
		Total Liabilities and Stockholder's Equity						$213,410.00

PART 3

Budgets

Division N has decided to develop its budget based upon projected sales of 31,000 lamps at

$52.00 per lamp.

The company has requested that you prepare a master budget for the year. This budget is to be used

for planning and control of operations and should be composed of:

1. Production Budget

2. Materials Budget

3. Direct Labor Budget

4. Factory Overhead Budget

5. Selling and Administrative Budget

6. Cost of Goods Sold Budget

7. Budgeted Income Statement

8. Cash Budget

Notes for Budgeting:

The company wants to maintain the same number of units in the beginning and ending inventories of

work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 525 pieces and

decreasing the finished goods by 20%.

Complete the following budgets

1

Production Budget

Planned Sales

Desired Ending Inventory of Finished Goods

Total Needed

Less: Beginning Inventory

Total Production

{7.01}

2

Materials Budget

Lamp Kits

Needed for Production

{8.01}

Desired Ending Inventory

{8.02}

Total Needed

{8.03}

Less: Beginning Inventory

{8.04}

Total Purchases

Cost per piece

{8.05}

Cost of Purchases (Round to two places, $##.##)

{8.06}

3

Direct Labor Budget

Labor Cost Per Lamp

{8.07}

Production

Total Labor Cost (Round to two places, $##.##)

{8.08}

4

Factory Overhead Budget

Variable Factory Overhead:

Variable Factory Overhead Cost Per Unit

Number of Units to be Produced

Total Variable Factory Overhead (Round to two places, $##.##)

{8.09}

Fixed Factory Overhead

{8.10}

Total Factory Overhead (Round to two places, $##.##)

{8.11}

4	Factory Overhead Budget
	Overhead Allocation rate based on:
	1. Number of Units
		Total Factory Overhead / Number of Units
		(Round to two places, $##.##)						{9.01}
5	Cost of making one unit next year
		Cost of one Lamp Kit
		Labor Cost Per Lamp						{9.02}
		Factory overhead per unit
		Total cost of one unit						{9.03}
		(Round to two places, $##.##)
6	Selling and Admin. Budget
	Fixed Selling
	Variable Selling (Round to two places, $##.##)							{9.04}
	Fixed Administrative
	Variable Administrative (Round to two places, $##.##)							{9.05}
	Total Selling and Administrative (Round to two places, $##.##)							{9.06}
7	Cost of Goods Sold Budget - Assume FIFO (First-In, First-Out) and overhead is applied based on the number of units to be produced.						Round dollars to two places, $##.##
	Beginning Inventory, Finished Goods							{9.07}
	Production Costs:
	Materials:
	Lamp Kits:
	Beginning Inventory
	Purchased
	Available for Use
	Ending Inventory of Lamp Kits							{9.08}
	Lamp Kits Used In Production
	Total Materials:							{9.09}
	Labor							{9.10}
	Overhead							{9.11}
	Cost of Goods Available							{9.12}
	Less: Ending Inventory, Finished Goods							{9.13}
	Cost of Goods Sold							{9.14}

7	Budgeted Income Statement
	Sales
	Cost of Goods Sold
	Gross Profit
	Selling Expenses & Admin. Expenses
	Net Income									{10.01}
8	Cash Budget
Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and
Payables of 12/31/x1 will have a cash impact in 20x2.)
1. 15.00% of sales for the year are made in November and December. Since our customers have 60 day terms
those funds will be collected be collected in January and February.
2. 80.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February.
3. All other manufacturing and operating costs are paid for when incurred.
4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses.
5. Minimum Cash Balance needed for 20x2, $165,000 .
I See The Light
Projected Cash Budget
For the Year Ending December 31, 20x2
									Round dollars to two places, $##.##
	Beginning Cash Balance
	Cash Inflows:
		Sales Collections:
			Account Receivable (Sales last year not collected)							{10.02}
			Sales made and collected in 20x2							{10.03}
			Cash Available							{10.04}
	Cash Outflows:
		Purchases
			Accounts Payable (Purchases last year)
			Purchases made and paid for in 20x2							{10.05}
		Other Manufacturing Costs
			Direct Labor
			Total Manufacturing Overhead
		Selling and Administrative
		Less: Depreciation								{10.06}
			Total Cash Outflows							{10.07}
	Budgeted Cash Balance before financing									{10.08}
	Needed Minimum Balance
	Amount to be borrowed (if any)									{10.09}
	Budgeted Cash Balance									{10.10}