Current Assets Cash Accounts Receivable Inventory Raw Material Lamp 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 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity I See The Light Projected Balance Sheet As of December 31, 2031 500 @ $16.00 0 3000 @ $30.00 Total Liabilities and Stockholders Equity $ 20,000.00 6,800.00 $ 12,000.00 147,410.00 $ $ $ $ 34,710.00 67,500.00 8,000.00 90,000.00 200,210.00 13,200.00 213,410.00 54 ,000.00 54,000.00 159,410.00 213,410.00 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 6. Cost of Goods Sold Budget ?. Budgeted Income Statement 3. 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 725 pieces and decreasing the nished goods by 20%. 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead i Number of Units (Round to two places. $#.##) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to two places. $#.##) 8 Selling and Admin. Budge! Fixed Selling Variable Selling (Round to two places ammo Fixed Administrative Variable Administrative (Round to two places. $#.##} Total Selling and Administrative (Round to two places: $##.##) uual Ul Goods Sold Budoet . $352ii'6800 207 625 8.32 $8.32 |$ 2569 Round dollars to two places. $## ## {9.01} {9.02} {9 03} DmAcwwwawquuluwquulu Goods 7 m Round dollars to two m - places. $##.## Beginning Inventory. Finished Goods {90?} Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits I $ 1183200 I {9.08} Lamp Kits Used In Production Total Materials: 691808.00 {9.09} Laoor 88920.00 {9.10} Overhead 352768.00 {9.11} Cost of Goods Available 1.221.496.00 {9.12} Less: Ending Inventory. Finished Goods $ 6405800 {9.18} Cost of Goods Sold $ 1.15144000 {9.14}