I need help completing 10.01-10.10! Thank you, in advance!

8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 1. 16.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February 2. 81.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, S180,000 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income IN 76.000 13950,352 66.2 ? 556002 (10.01) ative expenses I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollar to two places, se Bild Beginning Cash Balance Cash Inflows Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) (1003) (10.04) (10.05 Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20X2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) Budgeted Cash Balance before financing Needed Minimum Balance (10.08) Amount to be borrowed (if any) (10.09) Budgeted Cash Balance (10.10) Page 2 I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses Fixed Variable (Commission per unit) $3.00 Administrative Expenses: Fixed Variable $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92.000.00 190.000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34.710.00 67,500.00 8,000.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 $ 20.000.00 6,800.00 13,200.00 $ 213.410.00 $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159.410.00 $ 213.410.00 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Lamp Kit $16.0000000 per lamp Direct Labor: 2.0000000 per lamp (4 lamps/hr.) Variable Overhead 2.0000000 per lamp Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $30.0000000 per lamp Expected increases for 20x2 When calculating projected increases round to TWO (50.00) decimal places 1. Material Costs are expected to increase by 2.50% 2. Labor Costs are expected to increase by 4.50%, 3. Variable Overhead is expected to increase by 5.00% 4. Fixed Overhead is expected to increase to $270,000 5. Fixed Administrative expenses are expected to increase to $56,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.00% 7. Fixed selling expenses are expected to be $23,000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 4.50% On the following schedule develop the following figures: 1- 2012 Projected Variable Manufacturing Unit Cost of a lamp 2- 20x2 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs. 2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $## ###) 3 Direct Labor Budget 304100 625 36925 5100 36425 160 5591370 {8.01) (8.02) {8.03) (8.04) (8.05) (8.06) 2.011 Labor Cost Per Lamp Production Total Labor Cost (Round to two places. $#### {8.07) {8.08) 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, $###*) . Fixed Factory Overhead Total Factory Overhead (Round to two places, $## $#) 2.10 704740 270,000 (8.09) (8.10) {8.11) 346440? 4 Eactory Overhead Budget 346,440/36400 Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 19.01) 2,091 (9.02) 5 Cost of making one unit next year Cost of one Lamp Kar Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to two places, Se# ##) 9.52 6 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places. S## Fixed Administrative Variable Administrative (Round to two places. $ Total Selling and Administrative (Round to two places, S.) 27.01 [9.03) 37000 3.08 X3.09 23000 IT4373701 (9.04) MA 71E30 19.05). 2.09 20 (9.06) Goods 7 Sold Budget Round dollars to two places, 40.000 (9.07) Beginning Inventory, Finished Goods Production Costs Materials Lamp Kits Beginning Inventory Purchased * Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 15743223 2010 (9.08) K160 Total Materials Labor Overhead Cost of Goods Available Jess Ending Inventory, Finished Goods Cost of Goods Sold SUA ALP210 OPEL 50532 (9.09) 19.10) (911) (9.12) (9.13) (9.14) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 1. 16.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February 2. 81.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, S180,000 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income IN 76.000 13950,352 66.2 ? 556002 (10.01) ative expenses I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollar to two places, se Bild Beginning Cash Balance Cash Inflows Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) (1003) (10.04) (10.05 Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20X2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) Budgeted Cash Balance before financing Needed Minimum Balance (10.08) Amount to be borrowed (if any) (10.09) Budgeted Cash Balance (10.10) Page 2 I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses Fixed Variable (Commission per unit) $3.00 Administrative Expenses: Fixed Variable $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92.000.00 190.000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34.710.00 67,500.00 8,000.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 $ 20.000.00 6,800.00 13,200.00 $ 213.410.00 $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159.410.00 $ 213.410.00 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Lamp Kit $16.0000000 per lamp Direct Labor: 2.0000000 per lamp (4 lamps/hr.) Variable Overhead 2.0000000 per lamp Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $30.0000000 per lamp Expected increases for 20x2 When calculating projected increases round to TWO (50.00) decimal places 1. Material Costs are expected to increase by 2.50% 2. Labor Costs are expected to increase by 4.50%, 3. Variable Overhead is expected to increase by 5.00% 4. Fixed Overhead is expected to increase to $270,000 5. Fixed Administrative expenses are expected to increase to $56,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.00% 7. Fixed selling expenses are expected to be $23,000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 4.50% On the following schedule develop the following figures: 1- 2012 Projected Variable Manufacturing Unit Cost of a lamp 2- 20x2 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs. 2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $## ###) 3 Direct Labor Budget 304100 625 36925 5100 36425 160 5591370 {8.01) (8.02) {8.03) (8.04) (8.05) (8.06) 2.011 Labor Cost Per Lamp Production Total Labor Cost (Round to two places. $#### {8.07) {8.08) 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, $###*) . Fixed Factory Overhead Total Factory Overhead (Round to two places, $## $#) 2.10 704740 270,000 (8.09) (8.10) {8.11) 346440? 4 Eactory Overhead Budget 346,440/36400 Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 19.01) 2,091 (9.02) 5 Cost of making one unit next year Cost of one Lamp Kar Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to two places, Se# ##) 9.52 6 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places. S## Fixed Administrative Variable Administrative (Round to two places. $ Total Selling and Administrative (Round to two places, S.) 27.01 [9.03) 37000 3.08 X3.09 23000 IT4373701 (9.04) MA 71E30 19.05). 2.09 20 (9.06) Goods 7 Sold Budget Round dollars to two places, 40.000 (9.07) Beginning Inventory, Finished Goods Production Costs Materials Lamp Kits Beginning Inventory Purchased * Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 15743223 2010 (9.08) K160 Total Materials Labor Overhead Cost of Goods Available Jess Ending Inventory, Finished Goods Cost of Goods Sold SUA ALP210 OPEL 50532 (9.09) 19.10) (911) (9.12) (9.13) (9.14)