Current Assets Cash Accounts Receivable Inventory Raw Material Lamb Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholders Equity | See The Light Projected Balance Sheet As of December 31, 20x1 500 @ $16.00 0 3000 @ $30.00 Total Liabilities and Stockholder's Equity $ 2000000 (1800.00 $ 12000.00 14141000 $ $ $ $ 34:?1000 07:50000 800000 9000000 200210.00 1330000 213410.00 54000.00 5400000 159311000 213511000 The projected cast of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture bne lamp are: Lamp Kit: $16.0000000 per lamp Direct Laber: 2.0000000 per lamp (4 lampslhr.) Variable Overhead: 2.0000000 per lamp Fixed Overhead: 100000000 per lamp (based en nermal capacity of 25000 lamps) Cost per lamp: $30.0000000 per lamp Expected increases fer 20x2 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 2.00% . 3. Variable Overhead is expected to increase by 3.50%. 4. Fixed Overhead is expected to increase to $255000. 5. Fixed Administrative expenses are expected to increase to $62000. 5. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.00%. 7. Fixed selling expenses are expected to be $39000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to l C} 1 3 4 5 3 3 T 3 3 C} C} 1 2 2. Labor Costs are expected to increase by 2.50%. 3 4 4 5 3 i' 8 8 9 C} 1 2 2 3 increase by 5.50%. Division N has decided to develop its budget based upon projected sales of 43.000 lamps at $48.00 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 0. 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 workinprocess. and electrical parts while increasing the inventory of Lamp Kits to 725 pieces and decreasing the nished goods by 20%. Process Costing - Weighted Average General Information The | See The Light Company has a related company that produces the gurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods inprocess as of January 1 were 3IT00 gurines at a cost of 553559400. Of this amount; $5394.00 was from raw materials added: $9300.00 for labor and $9300.00 for overhead. These 3:?00 gurines were assumed to be 40.00% complete as to labor and overhead. During January: @500 units were started: $32:782.00 of materials and $48:675.00 of labor costs were incurred. During January, 22,500 units were started, $32,782.00 of materials and $48,675.00 of labor costs were incurred. The 4,500 figurines that were in-process at the end of January were assumed to be 25.00% complete to labor and overhead. All figurines in January passed inspection.January MOLDING Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Account for Total transferred out {12.01} Work-in-Process - Ending (12.02) Total Accounted for Equivalent Units Material (Round to two places, ##, ###.## (12.03) Equivalent Units Conversion (Round to two places, ##,###.## (12.04) Total cost of Material (Round to two places, ##.## #.## (12.05) Total cost of Conversion (Round to two places, ## #.HI (12.06) Total cost to account for (Round to two places, # #.HIT.HI (12.07)Cost per equivalent unit of Material (Round to two places: ##1##) Cost per equivalent unit of Conversion (Round to two places: Wf) Cost of the ending inventory: material and oonvesion (Round to two places: $remem ) Cost of the units transferred: material and convesion (Round to two places: $mmmm ) {12.08} {12.09} {12.10} {12.11}