I need help with my MASTER BUDGET PROJECT, Thanks!

INPUT

Product

Raw Material

Direct Labor

Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Production Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget B A Quarter in the 2021 Planning Year 2nd 3rd Full Year Total Units 1st 4th All Units are Finished Units (Finished Cell Phone Covers) Sales in Units (from Sales Budget) plus Units Needed in Ending Inventory less Units Available from Beginning Inventory () Finished Units to Produce Check Amounts 14,600 units 13,800 units 18,000 units 17,400 units Fix the Format of All White Cells Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 20? A. 80 B. 90 C. 100 D. 110 Answer: 2. Which one of the following statements is correct? A. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. B. Total Dollar Sales on the Sales Budget is an input to the Production Budget. C. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. D. None of the above statements are correct. Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder (PSP) Required per Finished Unit Ounces of Psp Required to produce the Finished Units Ounces of Psp Required to produce the Finished Units plus Ounces of PsP Needed in Ending Raw Materials Inventory less Ounces of Psp Available from Beginning Raw Materials Inventory () Total Ounces of PsP to Purchase A Total Ounces of Psp to Purchase times Cost of PsP per Ounce Total Cost of Psp Purchases Check Amount $190,320 Check Amount $744,540 Fix the Format of All White Cells 3rd Qtr. 4th Qtr. Calculation of Cash Payments for Raw Materials - for the Cash Budget 1st Qtr 2nd Qtr. Payment of December 31, 2020 Accounts Payable Payment of 1st Qtr Psp Purchases Payment of 2nd Qtr Psp Purchases Payment of 3rd Qtr Psp Purchases Partial Payment of 4th Qtr Psp Purchases Total Cash Payments for PSP Check Amounts $104,128 S147,516 $268,164 S199,524 Calculation of December 31, 2021 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of Psp Purchases less Partial Payment of 4th Qtr PSP Purchases () Accounts Payable as of December 31, 2021 Check Amount $53,208 Calculation of Dec. 31, 2021 Raw Materials Inventory (FIFO) for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of Psp in Ending Raw Materials Inventory times 4th Quarter Cost of PSP per Ounce Raw Materials Inventory as of December 31, 2021 Check Amount $31,200 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Raw Materials Budget.pdf document, what would be Total Cost of Raw Material Purchases if Pounds of Raw Material Needed in Ending Raw Materials Inventory were 30 rather than 25? A. $645 B. $625 C. $635 D. $615 Answer: 2. Which one of the following statements is correct? A. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Cost of Goods Sold Budget. B. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Balance Sheet. C. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Income Statement. D. None of the above statements are correct. Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount $52,560 Check Amount $243,840 Fix the Format of All White Cells Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. * Total Cash Payments for Direct Labor MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor $'s Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Production Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget B A Quarter in the 2021 Planning Year 2nd 3rd Full Year Total Units 1st 4th All Units are Finished Units (Finished Cell Phone Covers) Sales in Units (from Sales Budget) plus Units Needed in Ending Inventory less Units Available from Beginning Inventory () Finished Units to Produce Check Amounts 14,600 units 13,800 units 18,000 units 17,400 units Fix the Format of All White Cells Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 20? A. 80 B. 90 C. 100 D. 110 Answer: 2. Which one of the following statements is correct? A. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. B. Total Dollar Sales on the Sales Budget is an input to the Production Budget. C. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. D. None of the above statements are correct. Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder (PSP) Required per Finished Unit Ounces of Psp Required to produce the Finished Units Ounces of Psp Required to produce the Finished Units plus Ounces of PsP Needed in Ending Raw Materials Inventory less Ounces of Psp Available from Beginning Raw Materials Inventory () Total Ounces of PsP to Purchase A Total Ounces of Psp to Purchase times Cost of PsP per Ounce Total Cost of Psp Purchases Check Amount $190,320 Check Amount $744,540 Fix the Format of All White Cells 3rd Qtr. 4th Qtr. Calculation of Cash Payments for Raw Materials - for the Cash Budget 1st Qtr 2nd Qtr. Payment of December 31, 2020 Accounts Payable Payment of 1st Qtr Psp Purchases Payment of 2nd Qtr Psp Purchases Payment of 3rd Qtr Psp Purchases Partial Payment of 4th Qtr Psp Purchases Total Cash Payments for PSP Check Amounts $104,128 S147,516 $268,164 S199,524 Calculation of December 31, 2021 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of Psp Purchases less Partial Payment of 4th Qtr PSP Purchases () Accounts Payable as of December 31, 2021 Check Amount $53,208 Calculation of Dec. 31, 2021 Raw Materials Inventory (FIFO) for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of Psp in Ending Raw Materials Inventory times 4th Quarter Cost of PSP per Ounce Raw Materials Inventory as of December 31, 2021 Check Amount $31,200 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Raw Materials Budget.pdf document, what would be Total Cost of Raw Material Purchases if Pounds of Raw Material Needed in Ending Raw Materials Inventory were 30 rather than 25? A. $645 B. $625 C. $635 D. $615 Answer: 2. Which one of the following statements is correct? A. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Cost of Goods Sold Budget. B. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Balance Sheet. C. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Income Statement. D. None of the above statements are correct. Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount $52,560 Check Amount $243,840 Fix the Format of All White Cells Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. * Total Cash Payments for Direct Labor MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor $'s