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V. Required: Prepare a master budget for I&N for each half-year of 2016 and for the year in total The following component budgets must be included: i. Sales budget in ii. Production budget in units Direct materials purchases budget in units and in iv. Direct labour budget in hours and in Overhead budget in vi. Selling and administration expenses budget vii. Unit cost computation viii. Ending finished goods inventory budget in ix Cost of goods sold budget (assume there is no change in work-in-process inventories) Cash collections from sales (+ calculate accounts receivable ending balance) xi. Cash payments for materials (+ calculate accounts payable ending balance) xii. Cash budget 2016_1H 2016_2H Total 2016 Beginning cash balance Cash collections Disbursements Materials Direct labour Mfg. overhead Selling and admin. Equipment purchase Dividends Ending cash balance xiii. Pro forma income statement only for the total 2016 xiv. Pro forma balance sheet in the same format as presented in k) only at December 31, 2016 (ignore income taxes) LEN I&N is a manufacturing organization engaged in the production and retail of swimsuits. I&N is preparing to build its master budget for the coming 2016 year. The budget will detail cach half year's activity and the activity for the year in total The master budget will be based on the following information: a) Units sales by half-years (for 2016) are project as follows 2016_IH 2016_24 Sales in units 15,000 25,000 b) The selling price is 90 per unit in the first half of 2016 and 60 in remaining months of the year Only 10% of sales are credit sales, remaining part is paid by cash in the moment of sale. Credit sales are collected in the following half-year. There are no bad debts. c) There is no beginning inventory of finished goods. I&N is planning to have no ending finished goods inventory at the end of the year, but at the end of June 2016 the company plans to have 80% of finished goods planned to be sold in the second half-year of 2016 (in units). d) Each swimsuit unit uses 2.5 hours of direct labour and 5 units of direct material Labourers are paid $10 per hours and one unit of direct materials costs 2.5. e) There are 4.000 units of direct materials in beginning inventory as of January 1, 2016 and the same amount is planned at the end of 2016. At the end of the first half-year, I&N plans to have 20% of the direct materials needed for the second half-year's production needs ) I&N buys direct materials on account. 25% of the purchases are paid for in the period of acquisition, the remaining are paid for in the following period. Wages and salaries are paid up to 25 of each month. ) Fixed overhead total 175,000 cach half-year of this 25.000 cach half-year represents depreciation. All other fixed expenses are paid for in cash in the month incurred. Overhead is applied to units of product on the basis of direct labour hours. b) Variable overhead is budgeted at 1.5 per direct labour hour. All variable overhead expenses are paid for in the month incurred. i) Fixed selling and administrative expenses total 30,000 per month, including 3,000 depreciation Variable selling and administrative expenses are budgeted at 3 per unit sold. All selling and administrative expenses are paid for in the month incurred. k) The balance sheet as of December 31, 2015, is as follows: Assets 900.000 Direct materials inventory 10,000 Finished goods inventory Accounts receivable 180.000 Plant and Equipment net 1,500,000 Total Assets 2.590,000 Liabilities and stock holders' Equity Accounts payables E 50,000 Capital stock 1,000,000 Retained earnings 1.540,000 Total Liabilities and Stockholders' Equity 2,590,000 From sales **For purchase of direct materials only D) I&N plans to buy a machine in November 2016 ( 400,000) and to pay dividend of 800,000 in September Page 1 of 2 Cash 310 diswers Sales Budget unit sales Unit selling price Budgeted sales value 2016 40000 R 2016 1H 15000 90 1350000 2016 2H 25000 60 1500000 2850000 Production Budget Budgeted unit sales Add desired ending inventory Total needs Less Beginning inventory Budgeted Production 2016 1H 15000 20000 35000 2016 2H 25000 0 25000 20000 5000 2016 40000 0 40000 0 40000 WN for ending inventory 25000'80%-20000 The ending finished goox beginning finished goods 35000 Direct Material purchase Budget Budgeted Production Raw material needed per unit Total Raw material needed for production Add Desired Ending Raw material Total needes Less beginning Raw material Raw material to be purchased Raw material cost per unit Budgeted materia purchase cost 2016 1H 35000 5 175000 5000 180000 4000 176000 2.5 440000 2016 2H 5000 5 25000 4000 29000 5000 24000 2.5 60000 2016 40000 S 200000 4000 204000 4000 200000 2.5 500000 WN - ending inventory fa 25000*2096-5000 2016 IH ending Inventor beginning inventory of 2 Direct Labor Budget Budgeted Production Direct labor hours needed per unit Total labor hours needed for production Direct labor hour rate per hour Total Direct labor cost 2016 IH 35000 2.5 87500 10 875000 2016 2H 5000 25 12500 10 125000 2016 40000 2.5 100000 10 1000000 are all amounts are in e. re multiple subparts have been posted. 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