Felix Inc. is preparing budgets for the second quarter ending on June $30,2024.$

SALES BUDGET

$$ Budgeted sales of the company$$s only product for the next five months are:

April $.........24,300$ units

May $..........36,320$ units

June $..........23,800$ units

July $...........21,700$ units

August $......19,800$ units

$$ The selling price is $$10\mathrm{.}85$ per unit.

SCHEDULE OF EXPECTED CASH COLLECTIONS

Additional data:

$$ All sales are on account.

$$ The company collects $58\%$ of these credit sales in the month of the sale; $37\%$ are

collected in the month following sale; and the remaining $5\%$ are uncollectible.

$$ The accounts receivable balance on March $31$ was $$38,040.$ All of this balance was

collectible.

PRODUCTION BUDGET

Additional data:

$$ The company desires to have inventory on hand at the end of each month equal to

$16\%$ of the following month$$s budgeted unit sales.

$4,155$ units were on hand on March $31$st$.$

DIRECT MATERIALS BUDGET

Additional data:

$6$ pounds of material are required per unit of product.

$$ Management desires to have materials on hand at the end of each month equal to

$10\%$ of the following month$$s production needs.

$$ The beginning materials inventory was $17,200$ pounds.

$$ The material costs $$0\mathrm{.}38$ per pound.

SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR MATERIAL

Additional data:

$$ Fifty$-$seven percent of a month$$s purchases are paid for in the month of purchase; $43\%$

is paid for in the following month.

$$ No discounts are given for early payment.

$3$

$$ The accounts payable balance on March $31$ was $$18,200.$

DIRECTBUDGET

Additional data:

$$ Each unit produced requires $0\mathrm{.}05$ hour of direct labor.

$$ Each hour of direct labor costs the company $$16\mathrm{.}93$

$$ Management fully adjusts the workforce to the workload each month.

MANUFACTURING OVERHEAD BUDGET

Additional data:

$$ Variable manufacturing overhead is $$22\mathrm{.}48$ per direct labor$-$hour.

$$ Fixed manufacturing overhead is $$33,400$ per month. This amount includes $$16,520$ in

depreciation, which is not a cash outflow.

ENDING FINISHED GOODS INVENTORY BUDGET

Additional data:

$$ The Company uses absorption costing in its budgeted income statement and balance

sheet.

$$ Manufacturing overhead is applied to units of product on the basis of direct labor$-$

hours.

$$ The company has no work$-$in$-$process inventories.

SELLING AND ADMINISTRATIVE EXPENSE BUDGET

Additional data:

$$ Variable selling and administrative expenses are $$0\mathrm{.}62$ per unit sold.

$$ Fixed selling and administrative expenses are $$73,500$ per month and include $$16,440$

in depreciation.

CASH BUDGET

Additional data:

$1.$ A line of credit is available at a local bank that allows the company to borrow up to

$$75,000$ in one$-$thousand$-$dollar increments.

a$.$ All borrowing occurs at the beginning of the month, and all repayments occur

at the end of the month.

b$.$ The company does not have to make any payments until the end of the quarter.

c$.$ The interest rate is $11\%$ annually.

$2.$ Felix Inc. desires a cash balance of at least $$25,000$ at the end of each month. The

cash balance at the beginning of April was $$26,700.$

$3.$ Cash dividends of $ $15,000$ are to be paid to stockholders in April.

$4$

$4.$ Equipment purchases of $$98,050$ are scheduled for May and $$62,900$ for June. This

equipment will be installed and tested during the second quarter and will not

become operational until July, when depreciation charges will commence.

Requirements: $($In completing all the budgets and financial statements, use formulas

only except for the inputs tab and the four items specified in the budgeting project

lecture.$)$

$(1)$ Prepare the following budgets for April, May, and June $($and second quarter totals$)$:

$($a$)$ Sales Budget

$($b$)$ Production Budget

$($c$)$ Direct Materials Budget

$($d$)$ Direct Labor Budget

$($e$)$ Manufacturing Overhead Budget

$($f$)$ Ending Finished Goods Inventory Budget

$($g$)$ Selling and Administrative Expense Budget

$($h$)$ Cash Budget

$(2)$ Prepare a budgeted income statement for the quarter ending June $30,2024,$ and a

budgeted balance statement as of June $30,2024.$

Felix Inc.

Balance Sheet

March $31,2024$

Assets

Cash $$26,700$

Accounts receivable $$38,040$

Raw materials inventory $$6,536$

Finished goods inventory $$22,314$

Total current assets $93,590$

Property, plant, and equipment:

Land $380,000$

Buildings and equipment $1,483,285$

Less: Accumulated depreciation $(680,000)$

Buildings and equipment, net $803,285$

Total assets $1,276,875$

Liabilities and stockholders$$ equity

Current liabilities:

Accounts payable $18,200$

Stockholders$$ equity:

Common stock $300,000$

Retained earnings $958,675$

Total Stockholders$$ Equity $1,258,675$

Total liabilities and stockholder$$s equity $1,276,875$

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