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BSB51215 Diploma of Marketing BSBFIM501 Manage budgets and financial plans ASSESSMENT 1: Assignment Student's Name Student No Student Declaration I declare that the work submitted is my own. It has not been copied or plagiarised from any other person or source. Student's Signature Date Submitted BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 1 of 17 Assessor Use Only Accessed budget/financial plans Clarified budget/financial plans with relevant personnel Negotiated any changes required to be made to budget/financial plans Prepared contingency plans Disseminated relevant details of the agreed budget/financial plans to team members Trained staff member to ensure that he/she can competently perform required roles associated with the management of finances. During training session did the student: Explain budget relevance to team member's accountabilities Use appropriate training or coaching techniques Train learner in required spreadsheet techniques Determine and access resources and systems to manage financial management processes within the work team Implemented processes to monitor actual expenditure and to control costs across the work team Monitor expenditure an d costs on an agreed cyclical basis to identify cost variations and expenditure overruns Implemented, monitored and modified contingency plans as required to maintain financial objectives Reported on budget and expenditure in accordance with organisational protocols Collected data and information on the effectiveness of financial management processes Analysed data and information on the effectiveness of financial management processes recommended any improvements Implemented and monitored agreed improvements in line with financial objectives of the work team and the organisation Result: Satisfactory Not Satisfactory Assessor signature: Not Satisfactor y Satisfactory Checklist Links to Performanc e Criteria BSBFIM501 Manage budgets and financial plans Project Marking Guide 1.1 1.2 1.3 1.4 2.1 2.2 2.2 2.3 3.1 3.2 3.3 3.4 4.1 4.2 4.3 Date: Comments BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 2 of 17 GENERAL INFORMATION ABOUT ASSESSMENT Please read the following carefully Assessments are to be completed according to the instructions provided in the assessment document. Your trainer-assessor will go through the instructions with you. Assignments (e.g. projects) are to be completed at home, in your own time. If you are not sure about any aspect of an assessment, ask your trainer/assessor to explain the requirements. All parts of each assessment (questions and/or tasks) must be answered unless the individual assessment instructions tell you something different. You need to complete, sign and date the front page and attach it to your assignment. All assignments must be typed in 12 point type on A4 paper Make sure you keep a photocopy of your assignment before you hand it in. All assignments must be your own work - your own words. All quotes from reference sources (e.g. books and websites) must be acknowledged and listed at the end of your assignment. Group or Team Work: In some cases, you will be required to work on a project in small groups, and your trainer will allocate you to a group to work as a team. You may even be allocated a particular role. If you are working as part of a group, you will still be required to submit your assessment individually, and your performance will be assessed on an individual basis. Therefore, you must keep and submit with your assignment a record of the specific contribution you have made to the project, as well as keep notes of team meetings to include in your final submission. If you are unable to submit any assignment by the due date, you need to discuss this with your trainer/assessor beforehand and obtain an extension of time. If you do not follow the above rules, you may need to be re-assessed Please remind your trainer of any special needs you may have. Where possible reasonable adjustment to the assessment will be made, provided that does not affect the validity of the assessment. After you have completed an assessment, your assessor will give you feedback about your performance and tell you whether the result is \"satisfactory\" or \"not satisfactory\" (that is, your trainer /assessor consider you need more training and experience). If your performance is not satisfactory, you will be advised about any gaps in your knowledge or skills and given an opportunity to be re-assessed. If you think the assessment process was flawed, you may appeal against the assessment decision. After you have completed all the assessments for a unit (or group of units in some cases), you will be awarded C (Competent) if the assessor is satisfied you have provided enough appropriate evidence to meet all criteria. If you are unable to meet this requirement, you will receive the result NYC (Not Yet Competent). If you are deemed Not Yet Competent by your trainer /assessor and require reassessment, you will be informed of the process. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 3 of 17 BSBFIM501 ASSESSMENT INFORMATION You need to complete four assessments for this unit of competency. Details are provided below. Assessment Number Assessment Task ASSESSMENT 1: Assignment Assessment 1 :This assessment Your trainer will give you this during the first classroom is based on a case study of session for this unit of competency, together with any \"Syntac Garments Company other relevant information required to complete the Australia\" provided in the assessment. additional information section of this assessment You are required to submit the assessments in the last week of class for the unit. Your trainer will tell you the due date during the first classroom session. ASSESSMENT 2: Written Exam During the last week of classes for this unit, you will be required to do an exam covering the content of the unit. During the first classroom session for the unit, your trainer will tell you the date of the exam. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education This is a 2 hour exam that you will complete in class under your trainer-assessor's supervision. You may refer to your class notes and other materials in this exam. Page 4 of 17 Assessment 1 - Project This assessment project is to be completed in addition to the learning and assessment activities you complete in class. The project is designed to assess the knowledge and skills you have to undertake financial management within a work team in an organisation. If you are not sure about any aspect of the assessment or would like to discuss your particular needs, please speak to your trainer. Your trainer will tell you the date you need to submit your assignment. All parts of the project will be given to you at the same time. You need to complete all parts and submit them together by the due date. This will be in the last week of classes for the unit. This project assignment is to be completed using the \"Syntac Garments Company Australia\" case study. It is included in the \"Additional Information\" section. The checklist and scope of submission table will identify the records that you are required to prepare and submit (as a single submission). Your assignment must be typed (in 12 point type on A4 paper) and attached to the front page of this assessment document, which you need to complete as an Assessment Cover Page. Make sure you keep a copy of your assignment before you hand it in to your trainer. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 5 of 17 Part 1 You have been provided with a case study on an organization - Syntac Garments, provided in the Additional information at the end of this project. You will be using this information to help you complete the tasks given in this project. Task 1 Using the case study on the Syntac Garments, you are going to review the master budget and cost centre budgets prepared by the company accountant. You are required to meet with your Sales General Manager (your assessor in this case) and discuss the budget projections to see if they are achievable, accurate and fair. Information you are aware of includes: Sales in the first quarter (Q1), second quarter (Q2), and the fourth quarter (Q4) are generally 30% less than quarter 3 (Q3) Sales in Q2 depends on completion of 90% of repair and maintenance Commission negotiated with members of the sales team is now at 2.5% You will be required to: Identify at least two issues for clarification Negotiate at least two changes Task 2 It has come to the managing director's attention that due to the current economic climate, sales volume may be 20% below target this financial year. The MD is worried that this may severely impact profit projections. The company can accept as much as 10% variance in profit projections; however, more than this could severely affect the company's ability to pay obligations and invest. Reliable data to determine whether the risk has eventuated should be available my mid Q2, when sales data for the company's product are in. As a special project, the MD asked you to perform a risk assessment and develop a contingency plan to manage the risk of sales falling 20%. As per the company's policy you should use the contingency template (your assessor will provide you this template) Part 1. Checklist and Scope of Submission Before you hand in these assessment tasks, use the checklist below to make sure you have completed all the tasks and have included all relevant information. Met with the manager (assessor) to clarify budget and negotiate changes Provided a contingency plan BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 6 of 17 Part 2 Using the information given in Additional information at the end of the project, and the information in part 1 you are now going to access and communicate the details of the budget to team member (your assessor in this case). Task 1 You have determined that you will need to access budget information to explain to your team. You will explain the overall financial objective of the business, provide an overview of the budget and explain how the budget translates to expense allocations for the team. You have also determined that one of the team member (your assessor) will be responsible for tracking expense and petty cash throughout the financial year. To meet organisational needs, this duty will need to be performed in accordance with the policies and procedures. You have determined that expenses will need to be divided equally and tracked by quarter. The team member will need to develop a spreadsheet to keep track of actual expenditure by account. To help you control expenses, the spreadsheet will need to provide an ongoing tally of expense by account. The team member's skills include basic accounting. The team member needs to be informed of the company's policies and procedure for petty cash. The team member is familiar with Microsoft Excel but does not know how to use formula and functions to sum columns or rows of figures. a. Access the budget information and provide the overall business objective, an overview of the budget with expense allocations to your team member (your assessor). b. Prepare a training session plan. The outcome of this session is to train the team member to produce spreadsheet to meet management requirement. Include activities /elements to instruct, practice and test c. Meet with the team member (assessor) to coach/train in the role: Explain budget relevance to team member's accountabilities Use appropriate coaching techniques or models such as GROW Train learner in required spreadsheet techniques. Part 2. Checklist and Scope of Submission Before you hand in these assessment tasks, use the checklist below to make sure you have completed all the tasks and have included all relevant information. Submit training session plan Met with the team member to support him/her Your assessor will be looking for: Your numeracy skills to read and understand a budget Technological skills to use software associated with financial record keeping Knowledge of basic accounting principles Requirements for organisational recordkeeping and auditing with respect to petty cash Knowledge of principles and techniques involved in budgeting and electronic spreadsheets BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 7 of 17 Part 3 Using the information given in Additional information at the end of the project, and the information in part 1 and 2 you are now set budgets and monitor budgetary performance for the organisation. While completing these tasks you have to consider organisational protocols. Task 1 The managing director asked you to implement a process to monitor expenditure and income. He has asked you to prepare a spreadsheet to capture and compare actual income and expenditure to budgeted figures. Your spreadsheet must contain columns for each of the four quarters of the financial year. You are required to gather data from the relevant managers (your assessor) to complete the budget variation report. The report should confirm to the organisational requirements in policies and procedures and contain: Columns to show actual account values Absolute variation Percentage variation a. Prepare a budget spreadsheet b. Prepare a budget variance report Task 2 Consider the information from Part 1 Task 2 above. Consider the contingency plan and the implementation plan for the contingency given under the Additional Information. You have already implemented a portion of the contingency plan, namely the monitoring of budget performance in the variation report you have prepared. You should now analyse the report to determine the effectiveness of the contingency plan and its implementation. You have received the following feedback from the team members Full-time workers and sales people resentful of time wasting and distracting contract employees Overtime not used but employees resentful of suggestion it might not be approved if needed Training suited the needs of many sales team members but was not relevant about half Sales team members were happy with the incentives program and tried hard to make sales in the third quarter (Q3); however they were also resentful at the threatening tone of emails and soon lost enthusiasm Effect of one-day training wearing off 50 percent of direct wages costs are attributable to short-term contract employees whose contracts have expired and how are no longer needed Employees concerned about lack of attention paid to wastage; water; electricity; paper; raw materials BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 8 of 17 Employees feel left out of budgetary decision-making in general The MD would like you to submit a revised contingency plan and contingency plan implementation (your assessor will provide you the templates) to bring income and expenses under more effective control. a. Prepare a modified contingency plan and modified implementation plan Part 3. Checklist and Scope of Submission Before you hand Part 3 assessment tasks, use the checklist below to make sure you have completed all the tasks and have included all relevant information. Submitted budget spreadsheet printout Submitted a variance report Submitted modified contingency plan and modified implementation plan Your assessor will be looking for: Numeracy skills to read and understand a budget and to produce a variance report Technology skills to use software associated with financial record-keeping Knowledge of basic accounting principles to identify and use account balances Knowledge of organisational requirements Knowledge or principles and techniques involved in budgeting, profit and loss statements, electronic spreadsheets Part 4 Using the information given in Additional information at the end of the project, and the information from scenarios below, you will respond to a number of scenarios tasks. You will collect and analyse financial data and make recommendations to improve existing processes. Your will also create a plan to implement and monitoring solutions. Task 1 Syntac is considering of manufacturing a new range of latest style clothing in China. The factory in China has a capacity to make 8000 pieces of clothing per week. Syntac's strategic goal is to generate a pre-tax profit of $1million for the next financial year from its Chinese operations alone. Customers will pay on an average of $100 per item Chances are of increasing a capacity of $10,000 pieces per week. It aims to make only top end clothing Current variable cost per piece is $50 Fixed costs at this stage are $1,280,000 a. You are now going to work out and show the following calculations: The number of pieces of clothing at current variable cost that would need to be produced to achieve profit target. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 9 of 17 At current manufacturing capacity what the variable costs per piece would need to be to achieve profit targets. b. In your response document, make a recommendation based on this analysis. This document report must be supported by organisational needs and analytical techniques used. c. In the report also include two sources of information that helped in the completion of this task. Task 2 Consider the recommendation made in Task 1 above, develop an action plan to implement and monitor the recommendation. You must include appropriate activities, monitoring, timelines and accountabilities. Task 3 Soon you will need to prepare a business activity statement (BAS) for the first quarter on the current financial year. Complete the GST budget to anticipate GST liability. Your assessor will provide you the work sheet. Part 4. Checklist and Scope of Submission Before you hand Part 4 assessment tasks, use the checklist below to make sure you have completed all the tasks and have included all relevant information. Submitted the financial calculations to determine targets Submitted recommendation abased on the analysis Identified two sources that helped in the completion of the task Prepared an action plan to implement and monitor the recommendation Completed GST budget worksheet Your assessor will be looking for: Numeracy skills to read and understand a budget and perform cost accounting calculations Technology skills to use software associated with financial record-keeping Knowledge of basic accounting principles to identify and use account balances Knowledge of organisational requirements Knowledge of current requirements of the ATO with respect to GST Knowledge or principles and techniques involved in budgeting, cash flows, electronic spreadsheets, GST, ledgers and financial statements, profit and loss statements. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 10 of 17 Additional Information: Case Study- SYNTAC GARMENTS COMPANY AUSTRALIA Syntac garments manufacturing company employs 300 people in various areas like production, marketing, purchase, R&D, IT, etc. The company is having its own showrooms across Australia in addition to the distribution to retail garments store. Due to upcoming Christmas time & school holidays, company is expecting a huge demand in garments. At the moment 90 people are working across Australia in the Sales, Marketing & Customer Services Function. In the current season, you anticipate that at least 20 more full times, 20 part time & approximately 30 casual staff will be required to ensure that the sales are handled in a proper way. SYNTAC STRATEGIC AND OPERATIONAL PLANS: The key organisational goals for the next five years are to: 1. Increase the number of showrooms by 10 over the next 5 years 2. Break into new markets e.g. new international regions 3. Expand into the larger garments market 4. Maintain quality service reputation during expansion 5. Attract & retain high quality, experienced staff 6. Ensure all services and quality are maintained to top standards 7. Provide a unique dressing experience for all customers Strategic Business Objectives 1. Syntac Garments aims to achieve a net profit before tax of $1,000,000 in the next financial year. 2. Syntac Garments will focus on growing their reputation for quality service and improving whole clothing experience for the customer 3. Syntac Garments will have demonstrated recognition as the specialist in the garments business 4. Syntac Garments will implement design strategies to ensure consistency of experience across the chain of stores 5. Syntac Garments will introduce a segmented approach to marketing to appeal to higher income and medium income markets with the main focus on the higher income. 6. Syntac Garments will develop and implement a direct marketing plan to update their marketing approach. 7. Strengthen the regular customer base by developing customer retention and loyalty strategies. 8. Be recognised as an employer of choice with the capacity to attract and retain the highest quality staff in the industry. Operational Plan Introduce new products every quarter, 3 each in April, June, Aug and Sep. Ensuring that overall staffing budget does not exceed 12-14% of the gross turnover. Contact at least 5 potential affiliate partners per week Run split tests on webpages to increases conversions Identify other affiliate products to offer to build profits BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 11 of 17 Develop cross-sell and upsell for existing and new customers Establish Twitter and Facebook presence and post daily Potential Risks in achievement of above Goals: In the event of unavailability of suitable experienced staff within the planned timeframes at the new locations, existing staff may need to be transferred to new locations thus increasing relocation costs as well as resulting in discomfort / dissatisfaction of some employees. Additional Training costs will be incurred to train the new staff required to replace relocated team members. Locations planned may be expensive than budgeted ending up in more costs related to lease, parking location, facilities planned. poor sales due to economic downturn Increase in wage expenses resulting in total increase in expense Budgeting and finance policy Budget Preparations o The business plan will set the key parameters for all financial budgeting. o Variations to the business plan must be approved by the CEO and senior management. o Prior period results are to be analysed to identify the profit level of cost centres, correlate financial statistics and to set key performance indicators for future budgets. o The budget committee will meet prior to budgets being prepared and agree on budget parameters. The committee to consist of all department managers and CEO and also the finance manager. o A sales budget must be completed before completing the profit budget for the year. o A cash flow budget covering the first quarter will be prepared after the profit budget is completed. o A master budget including profit projections will be completed from which cost centre allocations will be made. o Overheads (non- direct expenses) will be apportioned across the cost centres equally. Exceptions need to be negotiated with the relevant authorities. o All income and expenses will be spread equally throughout the year unless otherwise required by business environment or needs. o The financial cycle for budgeting will be yearly ending 30 June. Financial delegations: o Each manager is responsible for achieving the revenue budgets agreed to in the budget committee. o Each manager is responsible to approve, by signing the necessary paperwork, all expenditures that fall within the area of responsibility. o Expenditures must be within the budget guidelines for the individual departments. BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 12 of 17 Format for budgets and reports Budgets must include the details given below: o Name of the person who prepared it. o Cost centre o Name of the budget or report o Period of the budget Master budget with profit projections SYNTAC GARMENTS COMPANY AUSTRALIA Master budget FY 20XX /20XX FY Q1 Q2 REVENUE Commissions Direct wages Sales Cost of goods sold Gross Profit EXPENSES General and Administrative Travel fees Legal fees Bank charges Office supplies Postage & printing Dues & subscriptions Telephone Repairs & maintenance Payroll tax Marketing expenses Advertising Employment expenses Superannuation Wages & salaries Staff amenities Occupancy costs Electricity Insurance Rates Rent Water Waste disposal Total Expenses Net Profit (Before tax & interest) Q3 Q4 60,000 200,000 3,000,000 400,000 2,340,000 15,000 50,000 750,000 100,000 585,000 15,000 50,000 750,000 100,000 585,000 15,000 50,000 750,000 100,000 585,000 15,000 50,000 750,000 100,000 585,000 20,000 5,000 600 5,000 400 500 10,000 50,000 25,000 5,000 1,250 150 1,250 100 125 2,500 12,500 6,250 5,000 1,250 150 1,250 100 125 2,500 12,500 6,250 5,000 1,250 150 1,250 100 125 2,500 12,500 6,250 5,000 1,250 150 1,250 100 125 2,500 12,500 6,250 200,000 50,000 50,000 50,000 50,000 45,000 500,000 20,000 11,250 125,000 5,000 11,250 125,000 5,000 11,250 125,000 5,000 11,250 125,000 5,000 40, 000 100,000 100,000 200,000 30,000 50,000 1,401,500 938,500 10,000 25,000 25,000 50,000 7,500 12,500 350,375 234,625 10,000 25,000 25,000 50,000 7,500 12,500 350,375 234,625 10,000 25,000 25,000 50,000 7,500 12,500 350,375 234,625 10,000 25,000 25,000 50,000 7,500 12,500 350,375 234,625 BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 13 of 17 Income Tax expense (30%) Net profit after Tax 281,550 656,950 70,387 164,237 70,387 164,237 70,387 164,237 70,387 164,237 Sales cost centre expense budget Commissions Wages Telephone Office supplies Sales centre 1 $20,000 $100,000 $3,000 $1,000 Sales centre 2 $20,000 $100,000 $3,000 $1,000 Sales centre 3 $20,000 $100,000 $3,000 $1,000 Expense Reimbursement Purpose of the policy To detail procedures to be followed in relation to expense reimbursement that has been incurred on behalf of the organisation The policy The company will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the organisation or in the course of conducting business. Procedure 1. Will not reimburse staff in the following circumstances a. A. any late payment penalties, e.g. overdue interest on credit cards b. Expenses that are usually recovered from a third party c. Penalties and fines, e.g. parking, traffic d. Those claims that should have been made using the purchase order system e. Those expense claims made by staff as a tax deduction f. Those expenses that were not made for business purposes 2. Travel expenses claims: a. Insurance for trip cancellation will be reimbursed b. Mileage allowance will be given for the use of a staff member's vehicle when used for work-related travel c. Personal stopovers or indirect routes will not be reimbursed d. Travel reimbursement is not provided for the most direct and economical mode of travel available; consideration on case-by-case basis 3. Accommodation expenses a. Reimbursement will cover moderate accommodation expenses; circumstances will be considered on a case-by-case basis b. Items of a personal nature that are charged to a hotel account will be reimbursed 4. Employee's own meals a. Employees on business will be reimbursed for any reasonable an appropriate meal expenses BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 14 of 17 b. All relevant and original source documents must be attached to the expense reimbursement form. A statutory declaration may be required when these originals are not provided c. Appropriate advance payment may be authorised d. Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisor for approval e. Employees incurring authorised expenditure must submit their requests on a singed Expense Reimbursement Form f. Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchasers and expenses claims. g. The Financial Controller will use discretion to reimburse reasonable but unauthorised expenses. h. Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed Petty Cash Purpose of the policy To detail procedures to be followed in relation to tracking petty cash expenditure The policy The company maintains a petty cash system to allow authorised personnel to pay for small expenditures in connection with business activity Procedure 1. One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency 2. Petty cash is to be kept in secure, locked in safe 3. Receipts for cash must be issued 4. Receipts must be reconciled nightly 5. Amounts over $800 must be banked 6. Petty cash expense will be recorded as miscellaneous expense BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education Page 15 of 17 Contingency plan for Part 3 Task 2 Company name: Syntac Garments Company Australia. Person developing the plan : Name : Rod Smith Position : Managing Director Risk identified : Profit for FY more than 10% less than budgeted Strategies to minimise risk By when Produce quarterly variation reports to identify Q2 income/expenditure and profit shortfalls over 10% Implement sales training/ coaching Q2 Implement incentives program Q2 Reduce overtime Q2 Contingency implementation plan for Part 3 Task 2 Risk identified : Profit for FY more than 10% less than budgeted Activity Monitoring activity and date Monitor variance Completion of report :Q2 Analysis of report to identify issues. Management report: Q2 Email to warn employees of risk to jobs Monitoring of variation report results: Q4 Email to announce rise of commission Monitoring of variation report results: Q3 Email to inform employees that overtime will Monitoring of no longer be approved. variation report results: Q3 Email to inform employees of mandatory Monitoring of sales skills training : set program variation report results: Q3 Mandatory training conducted Monitoring of variation report results: Q3 BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education By whom Accountant Accountant Accountant Accountant By whom Accountant Accountant Accountant Accountant Accountant Accountant Accountant Page 16 of 17 Statement of Financial Performance Syntac Garment Company, Australia For the year ended 30 June 20XX REVENUE Sales Less direct wages and commissions Opening stock Purchases Closing stock Less cost of goods sold Gross Profit EXPENSES General & Administrative Expenses Travel Legal fees Bank charges Office supplies Postage & printing Dues & subscriptions Telephone Repairs & Maintenance Payroll tax Marketing expense Advertising Employment expenses Superannuation Wages and salaries Staff amenities Occupancy costs Electricity Insurance Rates Rent Water Waste disposal Total Expenses Net Profit (Before tax & interest) Income Tax expense Net Profit After Tax BSBFIM501 Assessment 1: Assignment v1, April 2016 Apex Institute of Education 2,900,000 272,500 100,000 300,000 20,000 380,000 2,247,500 22,000 4,500 700 4,000 500 600 11,200 45,000 25,000 208,000 45,000 500,000 23,000 38,000 100,000 100,000 200,000 35,000 60,000 1,422,500 825,000 206,250 618,750 Page 17 of 17