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Master Budget Modeling Project for MyArmor, Inc. - 2017 Planning Year Project is Activated Save your project by following these directions - - - - - - - - - - - - - - - As you work on your project, be sure to save your file often. This workbook contains the starting shell of a Master Budget model for the hypothetical company MyArmor, Inc. The individual budgets that make up MyArmor's Master Budget are on the Sales tab through the BalSht tab. You are responsible for completing the Master Budget model by "wiring-up" the individual budgets. You will "wire-up" the budgets by entering Excel formulas in all of the white cells on each of the budget tabs (Sales through BalSht). Every white cell must contain an Excel formula. Do not enter an actual number in any of the white cells. Tips for completing your project: _ An introduction to Master Budgets and to MyArmor, Inc. are in the PDF document titled 01 - Introduction. This PDF document was part of your Master Budget software download. If you have not already read this document, read it now before you begin your project. _ Detailed directions for activating this project are in the PDF document titled 02 - Activate Project. This PDF document was part of your Master Budget software download. If you have not already read this document, read it now before you activate your project. _ To learn about each of the budgets that make-up a company's Master Budget, and to complete each budget, follow the detailed directions in each budget's PDF document. To get started working on your project, read the PDF document 03 - Inputs Tab. This document was part of your software download. _ If the way cells are displayed gets changed due to an incorrect cell copy operation, click the Fix the Format of All White Cells button to fix the display problems on that tab. You can never hurt any thing by clicking this button. You will never loose any work by clicking this button. _ The Check Amounts given on each budget tab assume that the values on the Inputs tab are set to the original values. To set the Input Amounts back to the original values, click the Set Input Values Back to Original Amounts button on the Inputs tab. You will never loose any of your work by clicking this button. _ Complete the budgets in the sequence given by the tabs; that is, complete the Sales Budget first and the Balance Sheet last. Before moving to the next budget, be sure that the amounts in your "wired-up" budget match that budget's Check Amounts. _ To run an additional test on each completed budget, click the Test My Budget button on each budget screen. For information about this test, see the section Testing in each budget's PDF document. You will never loose any of your work by clicking this button. _ After you have finished "wiring-up" all budgets and comparing your models' amounts to the Check Amounts -- then Save your model one last time. _ For information on how to submit your project and how your project will be graded, read the PDF document 16 - Submitting Your Project. Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. As of Applies to Dec. 31 All Qtrs. 2016 in 2017 1st Quarter in the 2017 Planning Year 2nd 3rd 1st Quarter 4th of 2018 Sales Budget Sales in Units 14,000 units $32 per unit 60% Average Selling Price per Unit Cash Collection Pattern for Sales in the: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,000 units $28 per unit 10% 60% 18,000 units $34 per unit Remainder 30% 80% 16,000 units $34 per unit Remainder Remainder 70% Remainder Production Budget Finished Units in Inventory - as of 12/31/16 (the prior year) Forecasted Sales in Units - 1st Quarter of 2018 (next year) % of the Next Qtr.'s Sales in Units to Have in This Qtr.'s Ending Inventory 3,000 units 16,000 units 40% Raw Materials Budget Ounces of PlasticSteel Powder (PsP) Required per Finished Unit % of Next Qtr.'s "Ounces of PsP Required" to Have in This Qtr's Ending Inventory Ounces of PsP in Raw Materials Inventory - as of 12/31/16 (the prior year) Forecasted "Ounces of PsP Required" in the 1st Qtr of 2018 (next year) Cost of PsP per Ounce Cash Payment Pattern for PsP Purchased in the: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10 oz 20% 30% 20% 10% $1.10 per oz 40% $1.10 per oz 30% 40% $1.10 per oz Remainder Remainder 70% $1.20 per oz 15,000 oz 110,000 oz Remainder 80% Direct Labor Budget Direct Labor Hours (hrs) per Finished Unit Average Cost of a Direct Labor Hour 0.20 hrs $18 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (DLH) Total Fixed Manufacturing Overhead Cost per Quarter Depreciation per Quarter Included in Fixed Manufacturing Overhead Finished Goods Inventory Budget $4 per DLH $60,000 $9,000 $18 per hour $20 per hour $20 per hour Remainder No Required Input Data Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below Selling, General, and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost per Quarter Utilities Fixed Cost per Quarter Property Taxes Depreciation $4 per unit $5,000 $40,000 $5,000 $40,000 $10,000 $45,000 $10,000 $50,000 $0 $12,000 $14,000 $12,000 $0 $13,000 $14,000 $14,000 $0 $10,000 $0 $10,000 $10,000 $15,000 $15,000 $15,000 $1,000 $2,000 Cash Budget Equipment Purchases Dividends Annual Interest Rate Charged by the Bank on the Bank Loan 8% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2016 4 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $24,000 $125,000 $18,000 $60,000 $723,000 ($260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690,000 Sales Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Quarter in the 2017 Planning Year A 1st 2nd 3rd 4th Full Year Total Sales in Units times Average Selling Price per Unit Total Dollar Sales Check Amount $448,000 Check Amount B Calculation of Cash Collections - for the Cash Budget 1st Qtr. 2nd Qtr. D 3rd Qtr. Collection of Dec. 31, 2016 Accounts Rec. 4th Qtr. E Collection of 1st Qtr Sales Collection of 2nd Qtr Sales Collection of 3rd Qtr Sales Partial Collection of 4th Qtr Sales Total Cash Collections Check Amounts $393,800 $212,800 $708,000 Calculation of the December 31, 2017 Accounts Receivable - for the Balance Sheet Total Dollar Sales 4th Quarter (per above) F less 4th Quarter Sales Already Collected (per above) ( ) Accounts Receivable as of December 31, 2017 G Check Amount $163,200 Multiple Choice Questions $531,200 $1,884,000 1. Which one of the following statements is correct? Answer: Production Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. B All Units are Finished Units (Finished Cell Phone Covers) Sales in Units (from Sales Budget) plus Units Needed in Ending Inventory less Units Available from Beginning Inventory ( ) Finished Units to Produce Check Amounts A Quarter in the 2017 Planning Year 1st 2nd 3rd 4th 15,000 units 13,200 units 17,200 units 16,000 units Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 35 rather than 20? A. B. C. D. Answer: 110 100 90 80 2. Which one of the following statements is correct? A. Total Dollar Sales on the Sales Budget is an input to the Production Budget. B. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. C. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. D. None of the above statements are correct. Answer: Full Year Total Units Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Quarter in the 2017 Planning Year 1st 2nd 3rd 4th Full Year Total Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder (PsP) Required per Finished Unit Ounces of PsP Required to Produce the Finished Units Ounces of PsP Required to Produce the Finished Units plus Ounces of PsP Needed in Ending Raw Materials Inventory less Ounces of PsP Available from Beginning Raw Materials Inventory ( ) Total Ounces of PsP to Purchase Total Ounces of PsP to Purchase times Cost of PsP per Ounce Total Cost of PsP Purchases Check Amount $177,540 Check Amount Calculation of Cash Payments for Raw Materials - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Payment of December 31, 2016 Accounts Payable Payment of 1st Qtr PsP Purchases Payment of 2nd Qtr PsP Purchases Payment of 3rd Qtr PsP Purchases Partial Payment of 4th Qtr PsP Purchases Total Cash Payments for PsP Check Amounts $99,016 $122,430 $274,362 Calculation of December 31, 2017 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of PsP Purchases less Partial Payment of 4th Qtr PsP Purchases ( ) Accounts Payable as of December 31, 2017 Check Amount $33,360 Calculation of Dec. 31, 2017 Raw Materials Inventory (FIFO) for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of PsP in Ending Raw Materials Inventory times 4th Quarter Cost of PsP per Ounce Raw Materials Inventory as of December 31, 2017 Check Amount $13,200 $183,732 $684,900 Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Quarter in the 2017 Planning Year 1st 2nd 3rd 4th Full Year Total Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount $54,000 Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. Total Cash Payments for Direct Labor * * MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor $'s Check Amount 3rd Qtr. 4th Qtr. $234,320 Manufacturing Overhead Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Quarter in the 2017 Planning Year 1st 2nd 3rd 4th Full Year Total Total Direct Labor Hours (from Direct Labor Budget) times Variable Overhead Cost Rate per Direct Labor Hour (DLH) equals Total Variable Manufacturing Overhead Cost plus Total Fixed Manufacturing Overhead Cost Total Manufacturing Overhead Cost Check Amount $72,000 Check Amount Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget 1st Qtr. 2nd Qtr. Total Manufacturing Overhead Cost (per above) less Depreciation Included in Manufacturing Overhead ( ) Total Cash Payments for Manufacturing Overhead Check Amounts $63,000 $61,560 3rd Qtr. $64,760 Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget Full Year Total Manufacturing Overhead Cost divided by Full Year Total Direct Labor Hours equals Predetermined Overhead Rate per Direct Labor Hour (DLH) Check Amount $0 per DLH $24 A 4th Qtr. $63,800 $289,120 Full Year Total Finished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Calculation of 4th Quarter Production Cost per Finished Unit A Quantity Required per Finished Unit x x x PsP (Raw Materials) Direct Labor Manufacturing Overhead (applied based on Direct Labor Hours) Total Cost per Finished Unit 4th Qtr. Cost = = = B 4th Qtr. Production Cost per Finished Unit Check Amount Calculation of Finished Goods Inventory (FIFO) as of Dec. 31, 2017 Units in 4th Qtr. Finished Goods Ending Inventory (from Production Budget) times 4th Qtr. Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2017 Check Amount $133,120 $20.80 Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Raw Materials Inventory Raw Materials Inventory as of January 1, 2017 plus Total Cost of PsP Purchases for 2017 (from Raw Materials Budget) less Raw Materials Inventory as of December 31, 2017 (from Raw Materials Budget) ( ) equals Cost of Raw Materials Transferred to Work-in-Process Inventory Work-in-Process Inventory (WIP) Work-in-Process Inventory as of January 1, 2017 $0 plus Cost of Raw Materials Transferred to Work-in-Process Inventory plus Total Direct Labor $'s for 2017 (from Direct Labor Budget) plus Total Manufacturing Overhead Cost for 2017 (from Manufacturing Overhead Budget) less Work-in-Process Inventory as of December 31, 2017 ( ) (0) equals Cost of Work-in-Process Transferred to Finished Goods Inventory Finished Goods Inventory and Cost of Goods Sold Finished Goods Inventory as of January 1, 2017 plus Cost of Work-in-Process Transferred to Finished Goods Inventory less Finished Goods Inventory as of Dec. 31, 2017 (from Finished Goods Inventory Budget) ( ) Cost of Goods Sold Check Amount $1,140,020 Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. Quarter in the 2017 Planning Year 1st 2nd 3rd 4th Full Year Total SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost Total SG&A Cost Check Amounts $116,000 $155,000 Calculation of Cash Payments - for the Cash Budget 1st Qtr. 2nd Qtr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost ( ) Total Cash Payments for SG&A Check Amounts $102,000 3rd Qtr. $130,000 4th Qtr. Full Year Total Cash Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2017 MyArmor, Inc. IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Loan Schedule located below the Cash Budget. Quarter in the 2017 Planning Year 1st 2nd 3rd Full Year Total 4th Beginning Cash Balance plus Cash Collections (from Sales Budget) less Payments for PsP (Raw Materials) (from Raw Materials Budget) ( ) less Payments for Direct Labor (from Direct Labor Budget) ( ) less Payments for Manufacturing Overhead ( from Manufacturing OH Budget) ( ) less Payments for SG&A (from SG&A Budget) ( ) less Payments for Equipment Purchases ( ) less Payments for Dividends ( ) Excess Cash or (Deficiency of Cash) before Borrowings, Repayments, Interest plus Additional Borrowings from the Bank during the quarter 0 0 0 0 A less Repayments Made to the Bank during the quarter ( ) 0 0 0 0 B 0 0 0 0 Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter ( ) Ending Cash Balance C $27,184 Check Amounts $87,650 See IMPORTANT box above Loan Schedule -- Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments ( ) Ending Loan Balance After Additional Borrowings and Repayments Check Amount $0 Forecasted Income Statement for the Profit Planning Year Ending December 31, 2017 MyArmor, Inc. 2017 Dollars Sales (from Sales Budget) less Cost 0.00% of Goods Sold (from Cost of Goods Sold Budget) ( ) 0.00% Gross Profit 0.00% less SG&A Cost (from SG&A Budget) ( ) 0.00% Operating Income less Interest % 0.00% Expense (from Cash Budget) ( ) 0.00% Net Income (Net Loss) Check Amount 0.00% $212,810 Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2017 MyArmor, Inc. as of December 31, 2017 Dollars % Assets Current Assets Cash (from Cash Budget) 0.00% Accounts Receivable (from Sales Budget) 0.00% Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% Property, Plant, and Equipment, gross (from schedule below) 0.00% less Accumulated 0.00% Depreciation ( ) (from schedule below) Property, Plant, and Equipment, net 0.00% Total Assets Check Amount 0.00% $798,170 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget) 0.00% Bank Loan (from Cash Budget) 0.00% Total Current Liabilities 0.00% Stockholders' Equity Common Stock 0.00% Retained Earnings (from schedule below) 0.00% Total Stockholders' Equity 0.00% Total Liabilities and Stockholders' Equity Check Amount 0.00% $798,170 Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property, Plant, and Equipment, gross Property, Plant, and Equipment, gross as of Dec. 31, 2016 plus Equipment Purchases - Full Year Total (from Cash Budget) Property, Plant, and Equipment, gross as of Dec. 31, 2017 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2016 ( ) add Depreciation - Full Year Total (from Manufacturing Overhead Budget) ( ) add Depreciation - Full Year Total (from SG&A Budget) ( ) Accumulated Depreciation as of Dec. 31, 2017 ( ) Retained Earnings Retained Earnings as of Dec. 31, 2016 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) ( ) Retained Earnings as of Dec. 31, 2017