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Problem 10-47: Comprehensive Profit Plan Background Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2013 follow: Finished Components C12 D57 Requirements for each finished component: RM1 10 pounds RM2 0 RM3 2 pounds Direct labor 2 hours Product information: Sales price $150 Sales units 12,000 Estimated beginning inventory (units) 400 Desired ending inventory (units) 300 8 pounds 4 pounds 1 pound 3 hours $220 9,000 150 200 Direct Materials Information RM1 RM2 RM3 Cost per pound $2.00 $2.50 $0.50 Estimated beginning inventory in pounds 3,000 1,500 1,000 Desired ending inventory in pounds 4,000 1,000 1,500 The firm expects the average wage rate to be $25 per hour in 2013. Spring Manufacturing uses DLHs to apply overhead. Each year the firm determines the overhead application rate for the year based on the budgeted ouput for the year. The company maintains negligible WIP inventory and expects the cost per unit for both beginning and ending finished products inventories to be identical. Factory Overhead Information Indirect materials-variable $10,000 Miscellaneous supplies and tools-variable $5,000 Indirect labor-variable $40,000 Supervision-fixed $120,000 Payroll taxes and fringe benefits-variable $250,000 Maintenance costs-fixed $20,000 Maintenance costs-variable $10,080 Depreciation-fixed $71,330 Heat, light, and power-fixed $43,420 Heat, light, and power-variable $11,000 Total $580,830 Selling and Administrative Expense Information Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Supplies Depreciation-office Total $60,000 $200,000 $60,000 $5,000 $60,000 $250,000 $4,000 $6,000 $645,000 Income Tax 40% Rate Requirements Prepare the following schedules or statements for 2013: 1. Sales budget 2. Production budget 3. Direct materials purchases budget (units and dollars) 4. Direct labor budget 5. Factory overhead budget 6. Cost of goods sold and ending inventory budgets 7. Selling and administrative expense budget 8. Budgeted Income Statement 1. Sales budget Sales in units Selling price per unit Gross sales C12 12,000 $150 $1,800,000 D57 Year End 9,000 21,000 $220 $1,980,000 $3,780,000 2. Production budget Budgeted sales (units) Add: Desired ending inventory of finished units Total units needed Less: Beginning inventory of finished units Budgeted production (units) C12 12,000 300 12,300 400 11,900 D57 9,000 200 9,200 150 9,050 3. Direct materials purchases budget (units and dollars) Production requirements: Budgeted production Pounds of RM per unit: RM1 RM2 RM3 Total pounds of RM needed RM1 RM2 RM3 C12 11,900 D57 9,050 Year End 20,950 10 0 2 142800 119000 0 23800 142800 8 4 1 117650 72400 36200 9050 117650 18 4 3 260,450 191,400 36,200 32,850 260,450 C12 11,900 10 119000 D57 9,050 8 72400 Total 20,800 C12 11,900 0 0 D57 9,050 4 36200 C12 11,900 2 23800 D57 9,050 1 9050 RM1: Budgeted Production Pounds per unit RM1 needed for production Add: Desired End Inventory Total RM1 needed Less: Beginning Inventory Required Purchases or RM1 Cost per pound Budgeted purchases, RM1 191,400 4,000 195,400 -$3,000 192,400 $2.00 $384,800.00 RM2: Budgeted Production Pounds per unit RM2 needed for production Add: Desired End Inventory Total RM2 needed Less: Beginning Inventory Required Purchases or RM2 Cost per pound Budgeted purchases, RM2 Total 20,800 36,200 1,000 37,200 -$1,500 35,700 $2.50 $89,250.00 RM3: Budgeted Production Pounds per unit RM3 needed for production Add: Desired End Inventory Total RM3 needed Less: Beginning Inventory Required Purchases or RM3 Cost per pound Budgeted purchases, RM3 Total 20,950 32,850 1,500 34,350 -$1,000 33,350 $0.50 $16,675.00 4. Direct labor budget Direct Labor Budget C12 Budgeted Production Direct Labor hrs. per unit Total DL hrs needed Hourly wage rate Budgeted DL costs D57 Total 11,900 2 23800 25 595000 9,050 3 27150 25 678750 $10,000 $5,000 $40,000 $250,000 $10,080 $11,000 20,950 $326,080 50950 25 1273750 5. Factory overhead budget Variable Overhead: indirect Materials misc. supplies and tools indirect labor payroll taxes/fringe benefits maintenance costs heat, light, and power Fixed Overhead: supervision maintenance costs heat, lights, and power Total Cash Fixed Factory depreciation Total Budget Factory Overhead $120,000 $20,000 $43,420 $183,420 $71,330 $254,750 $580,830 6. Cost of goods sold and ending inventory budgets sales volume cost per unit cost of goods sold finished goods end inventory cost per unit budgeted ending inventories C12 D57 Total 12,000 9,000 21,000 $94 $136 $1,125,600 $1,221,300 $2,346,900 300 $94 $28,140 200 $136 $27,140 $55,280 Unit Input Cost Quantity Cost per unit $2.00 $2.50 $0.50 $25.00 $6.40 $5.00 10 0 2 2 2 2 $20.00 $0.00 $1.00 $50.00 $12.80 $10.00 $93.80 Unit Input Cost Quantity Cost per unit $2.00 $2.50 $0.50 $25.00 $6.40 $5.00 8 4 1 3 3 3 $16.00 $10.00 $0.50 $75.00 $19.20 $15.00 $135.70 Cost per unit- C12 Costs: RM1 RM2 RM3 Direct Labor Variable OH Fixed OH Manufacturing Cost per unit Cost per unit- D57 Costs: RM1 RM2 RM3 Direct Labor Variable OH Fixed OH Manufacturing Cost per unit 7. Selling and administrative expense budget Selling Expenses: advertising sales salaries travel and entertainment depreciation Administrative expenses: office salaries executive salaries supplies depreciation Total selling/admin. expenses 8. Budgeted Income Statement Sales COGS Gross Profit Selling/Adm expenses Pre-tax op. income Income taxes After tax income $60,000 $200,000 $60,000 $5,000 $60,000 $250,000 $4,000 $6,000 $325,000 $320,000 $645,000 Year End 21,000 200 21,200 400 20,800 4. Direct labor budget Semi-skilled Labor 1. Budgeted production 2. Semi-skilled direct labor hours per unit (given) 3. Total semi-skilled direct-labor hours needed 4. Hourly wage rate, semi-skilled labor (given) 5. Total wages for semi-skilled direct labor Skilled Labor 6. Budgeted production (Exhibit 10.4) 7. Skilled direct labor hours per unit (given) 8. Total skilled direct labor hours needed 9. Hourly wage rate, skilled labor (given) 10. Total wages for skilled labor 11. Total cost for direct manufacturing labor (5+10) 12. Total direct labor hours (3+8)