I need help filling out this budget assignment- this is the template that we will later use to create our actual operating budget for a randomly assigned company.
Please prepare budgets for the quarter which consists of October, November and December. Please use the Budget Template that can be found at the last tab of this spreadsheet Selling price is Company collects WW '70 72!} units 1164!! units 117m: units 740 units 1168!} units 1178!] units 8m} units per unit All sales are on account. 85% during the month of sale 10% the following month 5% the 2nd month following the sale Finished Goods Ending inventory on hand at the end of September was: 30% of next month's budgeted unit sales PLUS 400 units Management believes for future months 30% of next month's budgeted unit sales need to be on hand at the end of each month WW 4 lbs of material are required per unit of product 20% of the next month's needs of materials need to be on hand at the end of each month $2.00 is the cost per lb of raw materials MW Each unit requires 1.5 hours of direct labor Each DLH costs company $20 Management fully adjusts the workforce to the workload each month. $4 per DLH FMOH is $12,000 a month, including $7,000 depreciation Variable selling and admin: $2 per unit sold Fixed selling and admin: $8,000 a month, including $6,000 depreciation All payments and purchases are in cash Name: Elizabeth Osborn SALES BUDGET October November December Quarter Budgeted Sales (Units) 11700 11740 11680 35120 Selling Price Per Unit 70 70 70 70 Total sales $ 819,000.00 821,800.00 $ 817,600.00 $ 2,458,400.00 SCHEDULE OF EXPECTED CASH COLLECTIONS October November December Quarter August Sales September Sales October sales November Sales Decmeber Sales Total: A/R Ending balance 12/31: 3 Point BonusPRODUCTION BUDGET January Budgeted Sales Add desired ending inventory Total Needs (Less) Beginning Inventory Required production DIRECT MATERIALS BUDGET October November December Quarter Required production (units) Raw materials per unit (pounds) Production needs (pounds) Add desired ending inventory (pounds)* Total needs (pounds) Less beginning inventory (pounds Raw materials to be purchased (pounds) Cost of raw materials to be purchasedDIRECT LABOR BUDGET October November December Quarter Units to be produced Direct labor-hours per unit Total hours of direct labor time needed Direct labor cost per hour Total direct labor costMANUFACTURING OVERHEAD BUDGET October November December Quarter Budgeted direct labor-hours Variable manufacturing overhead rate Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Less depreciation Cash disbursements for manufacturing overhead SELLING AND ADMINISTRATIVE BUDGET Quarter Budgeted sales in units Variable selling and administrative expense per unit Variable selling and administrative expense Fixed selling and administrative expense Total selling and administrative expense Less depreciation Cash disbursements for selling and administrative expenses
