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Cranston Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Cranston Manufacturing's operations. Click the icon to view the data.) Click the icon to view additional data.) Requirements Requirements Requirements 1 - 6 are completed and posted here. Please provide solutions to requirements 7,8,9,10. 7. Prepare a combined cash budget. 8. Calculate the budgeted manufacturing cost per unit. (Assume that feed manufacturing overhead is budgeted to be $0.70 per unit for the year.) 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing each unit x Number of units sold.) 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable Print Done Data Table $ $ $ Current Assets as of December 31 (prior year): Cash. Accounts receivable net Inventory Property, plant, and equipment, net. Accounts payable Capital stock Retained earnings $ 4.480 49,000 15,800 122.500 44,000 123.500 22,900 $ $ $ Additional data a. Actual sales in December were $70,000. Selling price per unit is projected to remain stable at 50 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January $ 80, 100 February $ 89,100 March $ 82,800 April $ 85,500 May $ 77,400 b. Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. c. Cranston Manufacturing has a policy that states that each month's ending inventory of finished goods should be 10% of the following month's sales in units). d. Of each month's direct material purchases. 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two kilograms of direct material is needed per unit at $1.40/kg. Ending inventory of direct materials should be 20% of next month's production needs. e. Monthly manufacturing conversion costs are $6,500 for factory rent, $2,900 for other fixed manufacturing expenses, and $1.40 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. f. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Cranston Manufacturing will purchase equipment for 55,800 (cash), while February's cash expenditure will be $11,600 and March's cash expenditure will be $15.800. g. Operating expenses are budgeted to be $1.20 per unit sold plus fixed operating expenses of $1,400 per month. All operating expenses are paid in the month in which they are incurred. h. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5.600 for the entire quarter, which includes depreciation on new acquisitions. i. Cranston Manufacturing has a policy that the ending cash balance in each month must be at least 54,400. It has a line of credit with a local bank. The company can borrow in increments of $1.000 at the beginning of each month. up to a total outstanding loan balance of $110.000 The interest rate on these loans is 1% per month simple interest (not compounded). Cranston Manufacturing pays down on the line of credit balance if it has excess funds at the end of the quarter. The company also pays the accumulated interest at the end of the quarter on the funds borrowed during the quarter. j. The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,800 cash at the end of February in estimated taxes. Requirement 1. Cranston Manufacturing Cash Collection Budget January February 240301 28730 53200 56070 77230 82800 March 24840 62370 Quarter 75800 1716401 Cash sales Credits sales Total cash collections Requirement 2 87210 247240 March 9200 950 Quarter 280001 Cranston Manufacturing Production Budget January February 8900 9900 990 9201 9890 10820 890 990 9000 9830 Unit sales Pius: Desired ending inventory Total needed Less: Beginning inventory Units to produce 2860 10150 920 30860 2800 9230 28060 Quarter 28060 58120 11388 67508 11224 Requirement 3. Cranston Manufacturing Direct Materials Budget January February March Units to be produced 9000 9830 9230 2 x kg of DM needed per unit Quantity (kg) needed for production 180001 19660 18480 Plus Desired ending inventory of DM 3932 3692 3764 Total quantity (kg) needed 219321 23352 22224 3600 3932 Less: Beginning inventory of DM 3892 Quantity (kg) to purchase 183321 19420 18532 1.40 * Cost per kg 1:40 1.40 25885 Total cost of DM purchases 27188 259451 Requirement 4 Cranston Manufacturing Cash Payments for Direct Material Purchases Budget January February March December purchases (from Accounts Payable) 440001 January purchases 5133 20532 February purchases 5438 21750 5189 March purchases Total disbursements 49133 25970 28939 58284 1.40 78798 Quarter 44000 25866 27188 5189 102042 Quarter 39284 19500 8700 Requirement 5. Cranston Manufacturing Cash Payments for Conversion Costs Budget January February March Variable conversion costs 12600 13762 12922 Rent (foxed) 8500 6500 65001 2900 2900 2900 Other fixed MOH 22000 23162 22322 Total payments for conversion costs Requirement 6. Cranston Manufacturing Cash Payments for Operating Expenses Budget January February March Variable operating expenses 10680 11880 11040 1400 1400 14001 Fixed operating expenses 12080 13280 12440 Total payments for operating expenses 67484 Quarter 33600 4200 37800 Requirement 7. Prepare a combined cash budget. Leave any unused cells blank. Use parentheses or a minus sign for negative cash balances and financing payments. Round your answers to the nearest cent.) Cranston Manufacturing Combined Cash Budget January February Quarter Cash balance, beginning March Add cash collections Total cash available Less cash disbursements. Direct material purchases Conversion costs Operating expenses Equipment purchases Tax payment Total cash payments Excess (deficiency of cash Financing Borrowings Repayments Interest payments Total financing Ending cash balance Requirement 8. Calculate the budgeted manufacturing cost per unit (Assume that fixed manufacturing overhead is budgeted to be 50.70 per unit for the year.) (Round your answers to the nearest cent) Cranston Manufacturing Budgeted Manufacturing Cost per Unit Direct materials cost per unit Conversion costs per unit Fixed manufacturing overhead per unit Budgeted cost of manufacturing each unit Requirement 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing each unit x Number of units sold.) (Round your answers to the nearest whole dollar.) Cranston Manufacturing Budgeted Income Statement For the Quarter Ending March 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating income Less: interest expense Less provision for income taxes Net income Requirement 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. (Round your answers to the nearest whole dollar.) Cranston Manufacturing Partial Budgeted Balance Statement March 31 Cash Accounts receivable net Inventory Property, plant and equipment.net Accounts payable Income tax payable Financing payable Capital stock Retained earnings