How do I prepare a manufacturing overhead budget that is similar to Illustration 22.12 (included below) Please show what data went into each or show formulas.

Illustration

H C D E F G Serious Business, Inc. The company is preparing its budget for the coming year, 2020. The first step is to plan for the FIRST QUARTER of that 2 coming year. The following information has been gathered from their managers 3 4 Sales Information 5 Period Units 6 November 113,000 Actual 7 December 101,000 Actual 8 January 111,000 Planned 9 February 112,000 Planned | Grading guidelines are on the instructions Grading 10 March 114,000 Planned 11 tab. April 124,000 Planned 12 May 136,000 Planned 13 Unit selling price $ 12.00 14 15 Finished Goods Inventory Planning 16 The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. 17 18 Accounts Receivable & Collections 19 Sales on Account 100% ! 20 Collections Activity 21 Month of Sale 85% 22 Month after Sale 15% 23 Balance at 12/31/19 $ 185,000.00 24 Materials Inventory Costs & Planning Direct Materials Amount Used per Unit Cost Metal 2 lb $ 1.00 lb The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory. 100% Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/19 50% 50% 120,000 $ Direct Labor & Costs Time per Unit Production Pay Rate/Hour $ 9 minutes 7.00 0.30 0.45 0.45 0.25 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial $ 42,000 16,800 2,675 1,200 1,300 $ 1.45 Selling and Administrative Costs Variable costs per unit sold Fixed costs per month Advertising Insurance Salaries Depreciation Other fixed costs 15,000 14,000 72,000 25,000 3,000 Income Taxes Accrued on Monthly Net Income Amounts Accrued Q4 2019, paid January 2020 35% rounded to nearest dollar 200,000 $ Cash and Financing Matters Cash Balance, 12/31/2019 2020 Minimum Balance Required $ 90,000 715,000 $ Monthly Dividends Outstanding Shares 2.25 per share 5,000 Line of Credit Limit None Borrowing Increment Required $ 1,000 Interest Rate Draws First of Month Repayments Last of Month Interest accumulates to the loan balance and is paid in full with each repayment. 9% Additional Item Fixed Asset Purchase Month $ 445,000 February F vwN- Year 30.800 10 B C D E Hayes Company Manufacturing Overhead Budget For the Year Ending December 31, 2022 Quarter 1 2 3 4 6 Direct labor hours (Illustration 22.11) 6,200 7,200 8 ,200 9.200 Variable costs 8 Indirect materials ($1.00/hour) $ 6,200 $ 7,200 $ 8,200 $ 9,200 9 Indirect labor ($1.40/hour) 8,680 10,080 11,480 12,880 Utilities ($0.40/hour) 2,480 2,880 3,280 3,680 Maintenance ($0.20/hour) 1,240 1,440 1,640 1,840 Total variable costs 18,600 21,600 24,600 27,600 13 Fixed costs 14 Supervisory salaries 20,000 20,000 20,000 20,000 15 Depreciation 3,800 3,800 3,800 3,800 16 Property taxes and insurance 9,000 9,000 9,000 9,000 Maintenance 5,700 5,700 5,700 5,700 Total fixed costs 38,500 38,500 38,500 38,500 Total manufacturing 19 overhead $57,100 $60,100 $63,100 $66,100 20 Manufacturing overhead rate per direct labor hour ($246,400 = 30,800) $ 30,800 43,120 12,320 6,160 92,400 80,000 15,200 36,000 22,800 154,000 17 $246,400 $8