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ACCT 2690 - Capstone Accounting Management Project Blue Fish Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its manngers in preparation of the budgeting process Bor File Corporation Income Statement Tur the year ended December 31, 2021 Blue Fish Corporation Balance Sheet December 31, 2021 Cost of Goods Sol Grous project Selling and Expres Income from Operation lisen December Income Tax Exe Net 16662,000 5080904 10.681096 7-355.000 205.000 111030 3.114076 661656 2.51520 Cash Accouts Receivable, it Raw Materialer Fested Goods Instory Machinery and epost Totale 93.000 198 100 15,416 91,38 920,000 1318:554 Accountable Income Te Payable Toallas Co Stock Red can Total Studio 10885 668.650 775541 250,000 293.01) 1554 Sales Unitales for November 2021 115,000 Expected unit sales for March 2022 117,100 Unit sales for December 2021 100,500 Expected unit sales for April 2022 126,800 Expected unit sales for January 2022 114,500 Expected unit sales for May 2022 135,300 Expected unit sales for February 2022 116,200 Unit selling price 513 Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% of the Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collected in the month after sale Direct Materials Direct materials cont 82 cents per pound. 2.5 pounds of direct materials are required to produce cach unit. Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory Raw Materials on December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 day. 60% is paid in the month of purchase, and 60% is paid in the month after purchase. There was no beginning or ending work-in process inventory for the quarter Direct Labor Labor requires minutes per unit for completion and in paid at 515 per hour Manufacturing Overhead Indirect materials 35 par labor hour Indirect labor 604 per labor hour Utilities 55 per labor hour Maintenance 35 per labor hour Salaries $49,000 per month Depreciation Property taxes Insurance Maintenance $16,200 per month $2,300 per month $1,450 per month 51,525 per month Selling and Administrative Variable selling and administrative cost per unit is $1.82 Advertising $13,500 a month Insurance $1,375 a month Salaries $76,000 a month Depreciation $2,300 a month Other fixed costs $3,100 a month Other Information ^ Management has decided it would like to maintain a cash balance of at least $850.000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.25 per share for 6,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement require borrowing to be in $1,000 increments at 8% interest. If the company pays back any part of the loan, all interest owed will be paid first during that money. If a company borrows money, no interest payment will be made and that interest will accrued into the next month. Blue Fish borrows on the first day of the month and repays on the last day of the month. A $520.000 equipment purchase is planned for February The taxes owed from December 31, 2021 will be paid March 15, 2022. The company has a 21% income tax rate. Notes: Be sure you use the costs for ending raw materials and ending finished goods inventory (not units) Use the cost per unit calculated in part j to assist in calculating the finished goods inventory for the balance sheet. Remember to accrue the interest at quarter end if needed this may also affect your interest expense) Although there was not a note due at the end of the year, there may be a note due at March 31, 2022. (refer to your Cash budget) To find variable manufacturing overhead cost per unit take the total variable overhead costs divided by the total units produced for the quarter . 4) Calculate the total overhead variance for the first quarter of 2022 assuming the company had actual Variable Overhead of $102,800 and actual fixed overhead of $185,000. The company actually produced 298,900 Units during the quarter with a predetermined overhead rate of $5.90 per direct labor hour. r) The company is trying to decide between 3 new pieces of equipment. All three will last the company for 5 years. The company's cost of capital is 12%. The information is as follows. a. Machine A has a cost of $175,000 with a salvage value of $5,000 at the end of the 5 years. This machine will need a new overhaul at the end of year 3 for $10,000. It is expected to produce net income over the next 5 years of $20,000 per year. B. Machine B will cost $190,000 with no salvage value. This machine is expected to produet net income of S29,000 (year 1), $26,000 (year 2), $24,000[year 3). $19,000(year 4), and $8,000(year 5), over the next 5 years, c. Machine C will cost $140,000 with a salvage value of $10,000 at the end of year 3. This machine will need a new overhaul at the end of year 2 for $15,000. It is expected to produce net income over the next 5 years of $24,000 per year. Calculate the Net Present Value, Rate of Return and Payback Period for each of the 3 machines and make a recommendation to the manager on which machine would be best for the company Note - this project requires use of a spreadsheet program. All cells should be referenced and linked when possible ACCT 2690 - Capstone Accounting Management Project Blue Fish Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its manngers in preparation of the budgeting process Bor File Corporation Income Statement Tur the year ended December 31, 2021 Blue Fish Corporation Balance Sheet December 31, 2021 Cost of Goods Sol Grous project Selling and Expres Income from Operation lisen December Income Tax Exe Net 16662,000 5080904 10.681096 7-355.000 205.000 111030 3.114076 661656 2.51520 Cash Accouts Receivable, it Raw Materialer Fested Goods Instory Machinery and epost Totale 93.000 198 100 15,416 91,38 920,000 1318:554 Accountable Income Te Payable Toallas Co Stock Red can Total Studio 10885 668.650 775541 250,000 293.01) 1554 Sales Unitales for November 2021 115,000 Expected unit sales for March 2022 117,100 Unit sales for December 2021 100,500 Expected unit sales for April 2022 126,800 Expected unit sales for January 2022 114,500 Expected unit sales for May 2022 135,300 Expected unit sales for February 2022 116,200 Unit selling price 513 Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% of the Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collected in the month after sale Direct Materials Direct materials cont 82 cents per pound. 2.5 pounds of direct materials are required to produce cach unit. Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory Raw Materials on December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 day. 60% is paid in the month of purchase, and 60% is paid in the month after purchase. There was no beginning or ending work-in process inventory for the quarter Direct Labor Labor requires minutes per unit for completion and in paid at 515 per hour Manufacturing Overhead Indirect materials 35 par labor hour Indirect labor 604 per labor hour Utilities 55 per labor hour Maintenance 35 per labor hour Salaries $49,000 per month Depreciation Property taxes Insurance Maintenance $16,200 per month $2,300 per month $1,450 per month 51,525 per month Selling and Administrative Variable selling and administrative cost per unit is $1.82 Advertising $13,500 a month Insurance $1,375 a month Salaries $76,000 a month Depreciation $2,300 a month Other fixed costs $3,100 a month Other Information ^ Management has decided it would like to maintain a cash balance of at least $850.000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.25 per share for 6,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement require borrowing to be in $1,000 increments at 8% interest. If the company pays back any part of the loan, all interest owed will be paid first during that money. If a company borrows money, no interest payment will be made and that interest will accrued into the next month. Blue Fish borrows on the first day of the month and repays on the last day of the month. A $520.000 equipment purchase is planned for February The taxes owed from December 31, 2021 will be paid March 15, 2022. The company has a 21% income tax rate. Notes: Be sure you use the costs for ending raw materials and ending finished goods inventory (not units) Use the cost per unit calculated in part j to assist in calculating the finished goods inventory for the balance sheet. Remember to accrue the interest at quarter end if needed this may also affect your interest expense) Although there was not a note due at the end of the year, there may be a note due at March 31, 2022. (refer to your Cash budget) To find variable manufacturing overhead cost per unit take the total variable overhead costs divided by the total units produced for the quarter . 4) Calculate the total overhead variance for the first quarter of 2022 assuming the company had actual Variable Overhead of $102,800 and actual fixed overhead of $185,000. The company actually produced 298,900 Units during the quarter with a predetermined overhead rate of $5.90 per direct labor hour. r) The company is trying to decide between 3 new pieces of equipment. All three will last the company for 5 years. The company's cost of capital is 12%. The information is as follows. a. Machine A has a cost of $175,000 with a salvage value of $5,000 at the end of the 5 years. This machine will need a new overhaul at the end of year 3 for $10,000. It is expected to produce net income over the next 5 years of $20,000 per year. B. Machine B will cost $190,000 with no salvage value. This machine is expected to produet net income of S29,000 (year 1), $26,000 (year 2), $24,000[year 3). $19,000(year 4), and $8,000(year 5), over the next 5 years, c. Machine C will cost $140,000 with a salvage value of $10,000 at the end of year 3. This machine will need a new overhaul at the end of year 2 for $15,000. It is expected to produce net income over the next 5 years of $24,000 per year. Calculate the Net Present Value, Rate of Return and Payback Period for each of the 3 machines and make a recommendation to the manager on which machine would be best for the company Note - this project requires use of a spreadsheet program. All cells should be referenced and linked when possible