Hello I hope someone can help me with this master budget project. I have provided an excel outline so you can fill in the correct answers and return it back for me when you are finished. There will be three documents: an instruction document, an excel outline spreadsheet, and the problem document. Due to there are multiple steps to this project and time consuming, the deadline will be next week on Saturday. Please help me someone. If there are any questions, please do let me know. One more thing, on the excel spreadsheet, I have filled out the necessary information, so you only have to plug in the answers with the cell formulas in places that are necessary. Thank you if someone can truly help me.

Innovate Company Schedule 1: Sales Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Year Innovate Company Schedule 2: Production Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Year Sales in Units x Unit Price Total Sales Revenue Sales (in units) Add: Desired Ending inventory Total needs Less: Beginning Inventory Required Production (in units) 1000 1000 Innovate Company Schedule 3: Direct Materials Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Year Innovate Company Schedule 4: Direct Labor Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Year Innovate Company Schedule 5: Overhead Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Year Qtr. 4 Year Production (in units) x Materials/unit Production needs Add: Desired Ending Inventory Total needs Less: Beginning Inventory Required Purchases x Cost per unit Cost of Purchases Production (in units) x Hours per unit Hours needed x Cost per hour Total Direct Labor Cost Budget Hours x Variable OH Rate Total Budget Variable OH Cost Budgeted Fixed OH Cost: Lease Expense Utility Expense Salaries Expense Total Budget Fixed OH Cost Total OH Cost Innovate Company Schedule 6: Selling & Adminstrative Expense Budget For Year Ended December 31, 20XX Qtr. 1 Qtr. 2 Qtr. 3 Sales (in units) x Variable Selling & Admin. Rate Total Variable S. & A. Expense Total Fixed S. &. Expense Total Selling & Admin. Expense Innovate Company Schedule 7: Ending Finished Goods Inventory Budget For Year Ended December 31, 20XX Unit Cost Comparison Direct materials (3 units @ $80) Direct labor (5 hrs @ $10) Overhead: Variable (5 DLH @ $6/DLH) Fixed (5 DLH@ ?/DLH) Total Unit Cost Units Cost per unit Total Amount Finished Goods Innovate Company Schedule 8: Ending Finished Goods Inventory Budget For Year Ended December 31, 20XX Direct materials used (Sch. 3) Direct labor used (Sch. 4) Overhead (Sch. 5) Budgeted manufacturing cost Add: Beginning finished goods Goods available for sale Less: Ending finished goods (Sch. 7) Budgeted cost of goods sold Innovate Company Cash Budget For Year Ended December 31, 20XX Qtr. 1. Qtr. 2 Qtr. 3 Beginning Cash bal. Add Collections: Credit Sales: Current Quarter Prior Quarter Total Cash Available Less Disbursements: Direct Materials: Current Quarter Prior Quarter Direct Labor Overhead Selling and Admin. Dividends Equipment Total Cash Needs Ending Cash Balance Innovate Company Pro-Forma Income Statement For Year Ended December 31, 20XX Sales (Sch. 1) Less: Cost of Good Sold (Sch 8) Gross Margin Less: Selling & Admin. Expense (Sch 6) Bad Debt Expense Operating income before taxes Innovate Company Pro-Forma Balance Sheet For Year Ended December 31, 20XX Assets: Cash Account Receivables Less: Allowance for Doubtful Accounts Inventory: Direct Materials Finished Goods Plant and equipment Total Assets Liabilities and Equity: Current Liabilities: Accounts Payable Stockholder's Equity: Capital Stock Retained Earnings Total Liabilities and Equity Calculations: Beginning P&E Add: New Equipment Less: Depreciation Expense Ending P&E Qtr. 4 Year Beginning RE Add: Net Income Less Dividends Paid Ending RE ACC 311 Master Budget Project Innovate Company General Instructions Instructions: Students must complete this project based on individual effort. However, individuals are encouraged to consult with other class members or with the instructor. Please do not seek assistance from anyone else. In addition, no individual can simply copy another individual's file (e.g., Excel file). The copying of files (in whole or in part) amongst different classmates will be considered cheating, and will be prosecuted under the guidelines of the Student Honor Code. Required: Each person must provide a solution to the Handout Problem. However, each person must use a computer spreadsheet program to solve the problem. No matter what spreadsheet software that you use, you must provide me one computer file (your spreadsheet work saved in Microsoft Excel Workbook) and one printout of your solution. In addition to providing the schedules/budgets required by the problem (you should use the partial solution provided to you as a guide), please include the following modifications: 1. Use good form as much as possible. Your presentation of the schedules must be professional with appropriate headings, spacing, spelling, and underlining. In addition, all numbers in the same column must be aligned. 2. Please use the budget templates provided in the problem. Do not use shading in your budgets! Use cell formulas and reference cells as much as possible to provide the numbers in your budgets and schedules. Interconnect the budgets and schedules. This is what your grade is based upon! For example, do not simply type in the number $3,900,000 for Quarter 1 \"Total Sales Revenues\" (your problem may differ in amount and month). The $3,900,000 should show up in the correct cell because you typed in the following formula: B5*B6 assuming cell B5 is the cell that contains the number for Quarter 1 \"Sales in Units\" and that cell B6 contains the \"Unit Price.\" ACC 311 Master Budget Problem Spring Semester - 2016 Innovate Company is a highly-progressive organization that produces Netbook computers. The design of Innovate's system is unique and represents the latest breakthrough in touch-screen portable computers. The company is preparing to build its master budget for the coming year (20XX). The annual budget is segmented into detail for each quarter's activity and for the year in total. The master budget will be based on the following information: a. Fourth quarter sales from the prior year are 5,500 units. b. Unit sales by quarter (for 20XX) are projected as follows: First quarter Second quarter Third quarter Fourth quarter 6,000 8,000 8,000 9,000 The selling price is $650 per unit. All sales are on credit. Innovate collects 85 percent of all sales within the quarter in which they are realized; the other 15 percent are collected in the following quarter. Innovate will start recording bad debt expense this year. The company estimates that 1 percent of the balance of accounts receivable will be uncollected and will make an adjustment entry at the end of the year (it will not affect the cash account for the current year, but it will affect certain income statement and balance sheet accounts). c. There is no beginning inventory of finished goods. Innovate is planning the following ending finished goods inventories for the quarter: First quarter Second quarter Third quarter Fourth quarter 1,300 units 1,500 units 2,000 units 1,000 units d. Innovate leases machines used in production. Per terms of the capital lease, the company has the right to use the machines, but must pay maintenance on the machines. At current capacity, Innovate's expense due to leasing will be $650,000 per quarter. The fixed utility cost is $50,000 per quarter and the salaries of factory supervisors and staff will be $300,000 per quarter. e. Variable overhead consists primarily of machine maintenance and the costs incurred to run the machines. From past experience, Innovate estimates machine maintenance expense to be $1 per direct labor hour (DLH) and the cost of utilities and labor to run the machines is $5 per DLH. Overhead is allocated based on direct labor hours used in production. All overhead expenses are paid for in the quarter incurred. f. The selling and administrative staff is based in a separate building from where the Netbook computers are produced. Rent expense for the administrative building is $40,000 per month, the fixed portions of telephone and utility expenses averages $20,000 per month, and the fixed fee for technical support is $20,000 every three months. Depreciation expense is $50,000 per quarter. g. Variable selling and administration expenses consist of billing expenses of $1 per unit sold, sales commissions $7 per unit, and the variable portion of telephone and utility expenses is $2 per unit sold. All selling and administrative expenses are paid for in the quarter incurred. h. Each Netbook computer unit assembly require five hours of direct labor and three items of direct materials. Workers are paid $10 per hour, and although the items of direct materials are different (case, motherboard, and peripheral package), each item of materials average cost is $80. i. There are 6,570 items of direct materials in beginning inventory as of January 1, 20XX. At the end of each quarter, Innovate plans to have 20 percent of the direct materials needed for next quarter's unit sales. Innovate will end the year with the same level of direct materials found in this year's beginning inventory. j. Innovate buys direct materials on account. One-half of the purchases are paid for in the quarter of acquisition, and the remaining half is paid for in the following quarter. Direct labor wages are paid on the fifteenth and thirtieth of each month. k. The trial-balance as of December 31, of the prior year is as follows: _____________________Assets_____________________ Cash $ 607,000 Inventory 525,600 Accounts receivable 536,250 Plant and equipment 27,310,950 Total Assets $28,979,800 ____________Liabilities and Equity_____________________ Accounts payable $ 724,800 Capital stock 20,197,000 Retained earnings 8,058,000 Total liabilities and equity $28,979,800 Innovate will pay dividends of $50,000 in the first and third quarter. At the end of the fourth quarter, $2 million of equipment will be purchased. REQUIRED: Prepare a master budget for Electra Company for each quarter of 20XX and for the year in total. The following component budgets must be included: a. b. c. d. e. f. g. h. i. j. k. Sales budget Production budget Direct materials purchases budget Direct labor budget Overhead budget Selling and administration expense budget Ending finished goods inventory budget Costs of goods sold budget Cash budget Pro forma income statement (using absorption costing) Pro forma balance sheet Innovate Company Schedule 1: Sales Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Qtr 4 Year Qtr 4 Year Sales in Units x Unit Price Total Sales Revenue Innovate Company Schedule 2: Production Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Qtr 3 Sales (in units) Add: Desired ending inventory Total needs Less: Beginning inventory Required Production (in units) Innovate Company Schedule 3: Direct Materials Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Production (in units) x Materials/unit Production needs Add: Desired ending inventory Total needs Less: Beginning inventory Required Purchases x Cost per unit Cost of Purchases Innovate Company Qtr 3 Schedule 4: Direct Labor Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Qtr 4 Year Qtr 4 Year Production (in units) x Hours per unit Hours needed x Cost per hour Total Direct Labor Cost Innovate Company Schedule 5: Overhead Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Qtr 3 Budgeted hours x Variable OH Rate Total Budgeted Variable OH Cost Budgeted Fixed OH Cost: Lease Expense Utility Expense Salaries Expense Total Budgeted Fixed OH Cost Total OH Cost Innovate Company Schedule 6: Selling & Administration Expense Budget For Year Ended December 31, 20XX Qtr 1 Qtr 2 Qtr 3 Sales (in units) x Variable Selling & Admin. Rate Total Variable S. & A. Expense Total Fixed S. & A. Expense Total Selling & Admin. Expense Innovate Company Schedule 7: Ending Finished Goods Inventory Budget For Year Ended December 31, 20XX Unit cost comparison Direct materials (3 units @ $80) Direct labor (5 hours @ $10) Overhead: Variable (5 DLH @ $6/DLH) Fixed (5 DLH @ ?/DLH) Total unit cost Units Cost per unit Finished Goods: Innovate Company Total Amount Schedule 8: Cost of Goods Sold Budget For Year Ended December 31, 20XX Direct materials used (Sch 3) Direct labor used (Sch 4) Overhead (Sch 5) Budgeted manufacturing cost Add: Beginning finished goods Goods available for sale Less: Ending finished goods (Sch 7) Budgeted cost of goods sold Innovate Company Cash Budget For Year Ended December 31, 20XX Qtr 1 Beginning cash bal. Add Collections: Credit Sales: Current quarter Prior quarter Total cash available Less Disbursements: Direct Materials: Current quarter Prior quarter Direct labor Overhead Selling and admin. Dividends Equipment Total cash needs Ending cash balance Qtr 2 Qtr 3 Qtr 4 Year Innovate Company Pro Forma Income Statement For Year Ended December 31, 20XX Sales (Sch 1) Less: Cost of Goods Sold (Sch 8) Gross Margin Less: Selling & Admin expenses (Sch 6) Bad Debt Expense Operating income before taxes Innovate Company Pro Forma Balance Sheet At Year Ended December 31, 20XX Assets: Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory: Direct Materials Finished Goods Plant and equipment Total Assets Liabilities and Equity: Current Liabilities: Accounts Payable Stockholder's Equity: Capital Stock Retained Earnings Total Liabilities and Equity Calculations: Beginning P&E Add: New Equipment Less: Depreciation Expense Ending P&E Beginning RE Add: Net Income Less: Dividends Paid Ending RE