create a sales budget

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The 1. December 31, 20Xx, balance sheet for the company follows. DYB-ASPORA, Inoorporated Balance Sheet December 31, 20xx AssetS Lisbilities and Stockholder quity Ca.sh Accounts Receivable Raw Materials Inventory Finished Goods Inventory Prepaid Insuranoe Building Aco Depreciation Total Asseta $5,080 26,500 2000 3.680 1,300 Notes Pa yable Accounts Payable Dividends Payable Total Liabilities Common Stock Paid-in Capital Retained Earnings $25,0o0 2,148 10000 37,148 100,000 50,000 300,00O 280 312 Total Liabilities and Equity $317480 (20,00080.000 The Accounts Receivable balance at December 31st represents the remaining balances of November and December credit sales: $70,000 and $65,000, respectively 2. 3. Estimated sales in gallons of dye for January through May follow: 8,000 10,00O 15,000 12,000 11,000 January February March April May Each gallon of dye sells for $12.75. 4. The collectio n pattern for accounts receivable is as follows . 70% in the month of sale, 20% the month after sale, and . 10% the second month after sale. Dye-Aspora expects no bad debts and gives no cash discounts 5. Each gallon of dye has the following standard quantities and costs for direct materials and direct labor Cost irate Std Cost Quantity $2.40 $3.00 2.00 1.20 Gal 0.36 Hr $13.00 Mordant (DM) Dire ot labor Some evaporation loss occurs during processing. Variable overhead (VOH) is applied bass machine-hours. The processing of 1 gallon of dye takes 5 MH. The variable overhead rate is 50.06 per MH VOH is entirely of utility costs FOH is applied per gallon based on an expected annual capacity of 120,000 gallons ER F G Fixed overfhead is incurred evenly throughout the year. Fixed overhead per year is composed of the following costs: Salaries Utilities Insurance-factory Depreciation-factory $78,000 12,000 2,400 27,600 There is no beginning work in process inventory. All work in process is completed in the period in which it is started. Raw materials inventory at the beginning of the year consists 6. of 1,000 gallons of Mordant. There are 400 gallons of dye in finished goods inventory at the beginning of the year carried at standard cost. 7. Accounts Payable relates solely to raw material and is paid 60 percent in the month of purchase and 40 percent in the month after purchase. No discounts are given for prompt payment. 8. The dividend will be paid in January A new piece of equipment costing $9,000 will be purchased on March I percent will be made in March and 20 percent in April. The equipment has a useful life of three years and will have no salvage value. . Payment of 80 10. The note payable has a 6% interest rate; interest is paid at the end of each month. The 11. Dye-Aspora's management has set a minimum cash balance at $5.000, Investments and 12. The ending finished goods inventory should include 15 percent of the next month's needs. principal of the note is repaid as cash is available to do so. borrowings are made in $100 increments. Investments are expectedto earn 9% per year. This is not true at the beginning of January due to a miscalculation in sales for December. The ending inventory of raw materials also should be 25 percent of the next month's needs. elling and administrative costs are paid in cash. Per month costs are as follows: 13. Monthly s $18,000 800 7,000 Salaries Utilities Office Rent