I know it is a lot, but its the last part on my project I need help with and I really appreciate it :)
I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales 25,000 lamps @ $45.00 @ $30.00 $1,125,000.00 Cost of Goods Sold 750,000.00 Gross Profit Selling Expenses: Fixed 375,000.00 $23,000.00 75,000.00 98,000.00 Variable (Commission per unit) @ $3.00 Administrative Expenses: $42,000.00 50,000.00 Fixed $2.00 Variable 92,000.00 Total Selling and Administrative Expenses: 190,000.00 $ 185,000.00 Net Profit Projected Balance Sheet As of December 31, 20x1 Current Assets Cash 34,710.00 Accounts Receivable 67,500.00 Inventory Raw Material Lamp Kits Work in Process Finished Goods 500@ S16.00 8,000.00 3000 $30.00 90,000,00 Total Current Assets 200,210.00 Fixed Assets S 20,000.00 6,800.00 Equipment Accumulated Depreciation Total Fixed Assets S 13,200.00 Total Assets S 213,410.00 Current Liabilities Accounts Payable 54,000.00 Total Liabilities 54,000.00 Stockholder's Equity S 12,000.00 Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 147,410.00 159,410.00 S 213,410.00 Division N has decided to develop its budget based upon projected sales of 27,000 lamps at $47.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Produotion Budget 2. Materials Budget 3. Direot Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beqinning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 550 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Prodvotio Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 7.01 Total Production 2 Materials Budget Lamp Kits (8.01 8.02) {8.03 (8.04 Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S## (8.05 8.06 3 Direct Labor Budget (8.07 Labor Cost Per Lamp Production (8.08 Total Labor Cost (Round to two places, # # # #) 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced (8.09 (8.10 Total Variable Factory Overhead (Round to two places, S## ## ) Fixed Factory Overhead Total Factory Overhead (Round to two places, S## ##) {8.11 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead Number of Units 9.01) (Round to two places, S##) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 19.02) Total cost of one unit 9.03) (Round to two places, S####) 6 Selling and Admin. Budget Fixed Selling Variable Selling (Round to two places, S## ## ) 9.04) Fixed Administrative Variable Administrative (Round to two places, $## ##) Total Selling and Administrative (Round to two places, S####) 19.05) 9.06 Goods 7 Sold Round dollars to two places, $# ## Budget Beginning Inventory, Finished Goods 9.07} Production Costs: Materials: Lamp Kits Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 9.08) Total Materials: 9.09) 19.10 9.11 9.12) 9.13) 9.14 Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales 25,000 lamps @ $45.00 @ $30.00 $1,125,000.00 Cost of Goods Sold 750,000.00 Gross Profit Selling Expenses: Fixed 375,000.00 $23,000.00 75,000.00 98,000.00 Variable (Commission per unit) @ $3.00 Administrative Expenses: $42,000.00 50,000.00 Fixed $2.00 Variable 92,000.00 Total Selling and Administrative Expenses: 190,000.00 $ 185,000.00 Net Profit Projected Balance Sheet As of December 31, 20x1 Current Assets Cash 34,710.00 Accounts Receivable 67,500.00 Inventory Raw Material Lamp Kits Work in Process Finished Goods 500@ S16.00 8,000.00 3000 $30.00 90,000,00 Total Current Assets 200,210.00 Fixed Assets S 20,000.00 6,800.00 Equipment Accumulated Depreciation Total Fixed Assets S 13,200.00 Total Assets S 213,410.00 Current Liabilities Accounts Payable 54,000.00 Total Liabilities 54,000.00 Stockholder's Equity S 12,000.00 Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 147,410.00 159,410.00 S 213,410.00 Division N has decided to develop its budget based upon projected sales of 27,000 lamps at $47.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Produotion Budget 2. Materials Budget 3. Direot Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beqinning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 550 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Prodvotio Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 7.01 Total Production 2 Materials Budget Lamp Kits (8.01 8.02) {8.03 (8.04 Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S## (8.05 8.06 3 Direct Labor Budget (8.07 Labor Cost Per Lamp Production (8.08 Total Labor Cost (Round to two places, # # # #) 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced (8.09 (8.10 Total Variable Factory Overhead (Round to two places, S## ## ) Fixed Factory Overhead Total Factory Overhead (Round to two places, S## ##) {8.11 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead Number of Units 9.01) (Round to two places, S##) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 19.02) Total cost of one unit 9.03) (Round to two places, S####) 6 Selling and Admin. Budget Fixed Selling Variable Selling (Round to two places, S## ## ) 9.04) Fixed Administrative Variable Administrative (Round to two places, $## ##) Total Selling and Administrative (Round to two places, S####) 19.05) 9.06 Goods 7 Sold Round dollars to two places, $# ## Budget Beginning Inventory, Finished Goods 9.07} Production Costs: Materials: Lamp Kits Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 9.08) Total Materials: 9.09) 19.10 9.11 9.12) 9.13) 9.14 Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold
