I am having trouble with the production budget using the info provided. Once I am started with those, I am sure I can figure out the rest of the budgets.

This is what I came up with for the sales budget. Not sure if correct.

Sales Budget For the Year ended December 31, 2016 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Yearly Jan-Mar Apr-June July-Sept Oct-Dec total Budgeted unit sales 34,000 51,000 59,500 25,500 170,000 Budgeted sales price $140 $140 $140 $140 $140 Budgeted sales revenue 4,760,000 7,140,000 8,330,000 3,570,000 23,800,000

BUDGET PROJECT DATA Crossley is the manufacturing subsidiary of a company that is a distributor of high end office furniture. Crossley was formed two years ago when the company decided to begin making some of the furniture it sells. Crossley currently makes a line of desks that has been quite successful since its introduction, and there are plans to introduce new products as the company grows. Crossley uses variable standard costing for budgeting and performance reporting. Standard cost per desk is as follows: Cost/Unit Direct materials 10 ft. @ $5.00/ft. $ 50.00 Direct labor 6 hrs. @ $9.00/hr. 54.00 Variable overhead 6 hrs. @ $6.00/hr. 36.00 Total budgeted cost/unit $140.00 Annual fixed overhead totals $2,521,000, which includes $425,000 of depreciation budgeted at $90,000 per quarter for the first two quarters and $122,500 per quarter for the last two quarters to reflect depreciation on new production equipment that will be acquired at the start of the third quarter. The remainder of the fixed overhead is incurred uniformly throughout the year. Sales of this product have been increasing at an average rate of 20% per year; 2015 sales totaled 170,000 units, with 20% of sales occurring in the first quarter, 30% in the second quarter, 35% in the third quarter and 15% in the fourth quarter. Strauss expects that division sales will continue to increase at the same rate over the next 3 years and will follow the same quarterly pattern. Crossley prices this product at 50% over variable product cost. The manufacturing division tries to maintain an inventory of finished goods equal to 10% of the next quarter's sales, and an inventory of materials equal to 15% of the next quarter's production requirements. The company expects to have 3,440 desks and 55,000 feet of materials in inventory at 1/1/16. The company budgets quarterly selling expenses at $925,000 plus a 3.5% commission on sales, and administrative expenses at $1,100,000 per quarter. Quarterly fixed selling expense includes $75,000 of depreciation, and quarterly administrative expenses include $120,000 of depreciation. GENERAL INFORMATION 1) This is an individual project, and you should not seek help from classmates, tutors or other sources. If I find that you have done so, you will receive no credit for this assignment and be ineligible to participate in the group component of the project. I will not provide assistance with this project other than clarification of information provided if necessary. 2) You should review the budgeting process introduced in Chapter 8 before beginning this project. 3) Read the information provided for the project carefully before trying to prepare any of the budgets--make sure you understand for which year you are budgeting (2016) and all of the available information. 4) Do not try to force Crossley's budgets to look exactly like those presented in your text. Budgets are internal documents, and just as no two companies are exactly alike, no two budgets will be exactly alike either. 5) Label your work carefully. The budget process is a cumulative one--you will find that certain numbers from one budget will carry over into a subsequent budget, and it will be easier for you to incorporate previously calculated information in your formulas if you can follow your work (and it will be easier for me to grade if I can follow your work). GRADING ELEMENTS: In addition to application of the budget concepts introduced in Chapter 8, your grade will also be based on the following: APPEARANCE, ORGANIZATION AND COMPLETENESS-Your project should have a professional appearance, be well-organized, well-labeled and formatted appropriately, prepared and submitted according to the instructions contained in this document. Using the assignment function as you have done for your lab assignments, attach a copy of your completed spreadsheet and submit for grading. Be sure to put your name on your spreadsheet. EXCEL-Your project must be done in Excel and should exhibit appropriate use of the software. All of the required budgets should appear on a single spreadsheet labeled \"Operating Budgets.\" All parts of the project other than per unit amounts should be in whole numbers--ie. no ".00" Either do not use "$" or use them sparingly and only where appropriate. PROJECT REQUIREMENTS Remember, do not combine text and numbers in the same cell if you will use the number in a formula in your spreadsheet. Note, in some cases you will have to make projections for 2017. You do not, however, need to verify the 1/1/16 beginning balances givenuse the information provided. 1. Prepare a sales budget in units and dollars by quarter and for the year. 2. Prepare a production budget in units by quarter and for the year. 3. Prepare a materials purchases budget in feet and dollars by quarter and for the year. 4. Prepare a direct labor budget in hours and dollars by quarter and for the year. 5. Prepare an overhead budget by quarter and for the year. Show depreciation separately from other fixed overhead. 6. Prepare a selling and administrative expense budget by quarter and for the year. Show depreciation separately from other fixed selling and administrative costs