I need 7.01 answered - what is total production?

Division N has decided to develop its budget based upon projected sales of 37,000 lamps at
$52.00 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. Production Budget
2. Materials Budget
3. Direct 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 beginning and ending inventories of
work-in-process, and electrical parts while increasing the figurines inventory to 625 pieces and
increasing the finished goods by 24.00% .
Complete the following budgets
1	Production Budget
	Planned Sales
	Desired Ending Inventory of Finished Goods (roundup to the next unit)
	Total Needed
	Less: Beginning Inventory
	Total Production				{7.01}

Projected Income Statement

For the Period Ending December 31, 20x1

Sales

25,000 lamps

@ $45.00

$1,125,000.00

Cost of Goods Sold

@ $28.93

723,250.00

Gross Profit

$401,750.00

Selling Expenses:

Fixed

$23,000.00

Variable

(Commission per unit)

@ $3.15

78,750.00

$101,750.00

Administrative Expenses

41,000.00

Total Selling and Administrative Expenses:

142,750.00

Net Profit

$259,000.00

I See The Light

Projected Balance Sheet

As of December 31, 20x1

Current Assets

Cash

$34,710.00

Accounts Receivable

67,500.00

Inventory

Raw Material

Figurines

500

@ $9.20

4,600.00

Electrical Sets

500

@ $1.25

625.00

Work in Process

0

-

Finished Goods

3000

@ $28.9250

86,775.00

Total Current Assets

$194,210.00

Fixed Assets

Equipment

$20,000.00

Accumulated Depreciation

6,800.00

Total Fixed Assets

13,200.00

Total Assets

$207,410.00

Current Liabilities

Accounts Payable

$54,000.00

Total Liabilities

$54,000.00

Stockholder's Equity

Common Stock

$12,000.00

Retained Earnings

141,410.00

Total Stockholder's Equity

153,410.00

Total Liabilities and Stockholder's Equity

$207,410.00