How would I Prepare a sales budget for this company. Data found in the "facts tab"

ACC 3020 - Fall 2016 Excel Case #3 - Master Budget for: Enter your name: Enter your WSU Access ID: Serious Business, Inc. FL3574 The facts for this problem are presented on the Facts tab of this workbook. Instructions - Your solutions should be clearly labeled on the Solutions tab of this workbook. For the first quarter of 2017, do the following. (a) Prepare a sales budget. This is similar to Illustration 21-3 on page 1088 of your textbook. (b) Prepare a production budget. This is similar to Illustration 21-5 on page 1089 of your textbook. (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to Illustration 21-7 on page 1091 of your te (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to Illustration 21-9 on page (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar.) This is similar to Illu (f) Prepare a selling and administrative budget. This is similar to Illustration 21-11 on page 1095 of your textbook. (g) Prepare a budgeted income statement. (Round intermediate calculations to the nearest dollar.) This is similar to Illus (h) Prepare a cash budget. This is similar to Illustration 21-17 on page 1100 of your textbook. (You will need to prepare schedules for expected collections from customers and expected payments to vendors first. Rules: * Use Excel's functionality to your benefit. Points are lost for lack of formula. * Use proper formats for schedules, following the referenced textbook examples. * Use dollar-signs and underscores where appropriate. * Double-check your work! Verify your formula and logic! Grading Guidelines: Effective Use of Excel Facts, Logic Completeness Spelling, Punctuation, Value Format 40% 20% 30% 10% ur textbook. ation 21-7 on page 1091 of your textbook. similar to Illustration 21-9 on page 1094 of your textbook. earest dollar.) This is similar to Illustration 21-10 on page 1094 of your textbook. page 1095 of your textbook. earest dollar.) This is similar to Illustration 21-13 on page 1096 of your textbook. xpected payments to vendors first. See Illustrations 21-15 and 21-16 on page 1099 of your textbook for guidance.) Serious Business, Inc. The company is preparing its budget for the coming year, 2017. The first step is to plan for the first quarter of that coming y following information has been gathered from their managers. Sales Information Period November December January February March April May Unit selling price Units $ 108,000 97,000 106,000 107,000 109,000 119,000 130,000 12.00 Actual Actual Planned Planned Planned Planned Planned Enter Your Name on the In Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. Accounts Receivable & Collections Sales on Account Collections Activity Month of Sale Month after Sale Balance at 12/31/16 100% $ 75% 25% 185,000.00 Materials Inventory Costs & Planning Direct Materials Metal Amount Used per Unit 2 lb $ Cost 1.00 lb The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/16 Direct Labor & Costs Time per Unit Production Pay Rate/Hour Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries 100% $ $ 45% 55% 120,000 15 minutes 6.00 $ 0.20 0.40 0.45 0.25 $ 42,000 Depreciation Property taxes Insurance Janitorial Selling and Administrative Costs Variable costs per unit sold Fixed costs per month Advertising Insurance Salaries Depreciation Other fixed costs Income Taxes Accrued on Monthly Net Income Amounts Accrued Q4 2016 paid January 2017 Cash and Financing Matters Cash Balance, 12/31/2016 2017 Minimum Balance Required Monthly Dividends Outstanding Shares 16,800 2,675 1,200 1,300 $ 1.30 $ 15,000 14,000 72,000 25,000 3,000 $ $ $ 45% rounded to nearest dollar 200,000 82,000 640,000 1.90 per share 5,000 Line of Credit Limit None Borrowing Increment Required $ 1,000 Interest Rate 9% Draws First of Month Repayments Last of Month Interest accumulates to the loan balance and is paid in full with each repayment. Additional Item Fixed Asset Purchase Month $ 400,000 February t quarter of that coming year. The Your Name on the Instructions Tab ry. materials ending inventory