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Ouarter Ending March 31, 2022 Production Budget Endina MAarch 31. 2022 Direct Materials Budget Direct Labor Budget A.urtar Fndina MAmh 21 sn33 Manufacturing Overhead Budget Selling and Administrative Expense Budget Budgeted Income Statement Schedule of Expected Collections from Customers Grhedule of Expected Payments for Direct Materials Sheet Master Budget Problem Scenario: You are the manager of Charley Inc. that produces luxury dog collars. Charley, Inc. sells the dog collars for $50 each. The following are the estimated sales for the first 6 months of 2022 : - January: 3,000 dog collars - February:4,000 dog collars - March: 5,000 dog collars - April: 4,000 dog collars - May: 4,500 dog collars - June: 6,000 dog collars The company has a policy of maintaining an ending inventory of dog collars equal to 20% of the following month's estimated sales. Sales Budget Using the estimated sales figures, prepare a sales budget for January - March 2022. Production Budget Based on the sales budget and the company's policy of maintaining an ending inventory of dog collars equal to 20% of the following month's estimated sales, prepare a production budget for January - March 2022. Direct Materials Budget Charley Inc. requires two spools of direct materials to produce one dog collar. The direct materials cost $4 per spool. The company's policy is to maintain an ending inventory of direct materials equal to 10% of the following month's production needs. The desired ending inventory of direct materials amount for March is 960 spools. Prepare a direct materials budget for January - March 2022. Step 4: Direct Labor Budget Charley Inc. requires two hours of direct labor to produce one dog collar. The direct labor cost is $15 per hour. Prepare a direct labor budget for January - March 2022. Step 5: Manufacturing Overhead Budget Charley Inc. estimates that its manufacturing overhead costs will consist of fixed costs ($5,000 supervisory salaries, $3,000 depreciation, $4,000 in maintenance costs) and variable costs. The variable costs are based on direct labor hours per the following: indirect materials $0.30, indirect labor $0.40, utilities $0.20, and maintenance @ $0.10. Prepare a manufacturing overhead budget for January - March 2022. Step 6: Selling and Administrative Budget Charley Inci's monthly selling and administrative costs are estimated to have variable expense rates per unit of sales as $2.00 for sales commissions and $1.00 for freight-out. The variable costs are based on sales. The fixed expenses per month are expected to be $4,000 in advertising, $3,000 in sales salaries and $1,500 in office salaries. Prepare a selling and administrative budget for January - March 2022. Step 7: Budgeted Income Statement Using the budgets already prepared, and the MOH rate of $5.00 per unit, prepare a budgeted income statement for the first quarter ending March 31, 2022. Step 8: Schedule of Cash Collections Charley Inc's sales are on credit, with 70% collected in the month of sales and 30% collected in the following month. The accounts receivable of $52,500 at 12/31/2021 are expected to be collected in the first month of 2022. Prepare a schedule of cash collections for January-March 2022. Step 9: Schedule of Expected Payments Charley Inc's direct materials purchases are on credit, with 60% paid in the month of purchase and 40% paid in the following month. The accounts payable of $13,240 at 12/31/2021 are expected to be paid in full in the first month of 2022 . Prepare a schedule of expected payments for Direct Materials for January - March 2022. Step 10: Cash Budget Prepare a cash budget based off the following assumptions: January 1, 2022, cash balance is $10,000. The company wishes to maintain a balance of at least $15,000. Direct labor and Manufacturing Overhead are paid 100% in the month incurred (refer to previous budgets prepared). All selling and administrative expenses, except depreciation, are paid in the month incurred. Step 11: Budgeted Balance Sheet Using the budgets prepared in steps 3,4,5, and 6 , as well as the cash budget prepared in step 10, prepare a budgeted balance sheet for the end of the third month. Relevant information for the Budgeted Balance Sheet includes balances at 12/31/2021 for the following: Buildings \& Equipment =$252,000; Accumulated Depreciation =$108,000; Common Stock =$225,000; Retained Earnings =$3,620