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I See The Light

{12.10} Profit Planning Big Al is about to begin work on the budget for 202 and they have requested that you prepare an analysis based on the following assumptions. Note: Remember, that we cannot sell part of a lamp, therefore to find the number of units you have to round up to the next complete unit. Furthuremore, to find the required sales in dollars it may be easier to find the number of units and then multiply by the selling price per unit. For 20k2 the selling price per lamp will be $45.00. What is the projected contribution margin and contribution marain ratio for each lamo sold? Contribution Margin Ratio (Round to four places.\% is two of those places \#\#.\#\#\%) For 20k2 the selling price per lamp will be $45.00. The desired net income in 20n2 is $192,500. What would sales in units have to be in 202 to reach the orofit aoal? Breakeven sales in units (Since we connot sell part of s unit round up to the next unit if needed) 30,466 uni For 202 the selling price per lamp will be $45.00. If the fiked cost increase by $45,000.00 how many lamps must be sold to breakeven? Breakeven sales in units (Since we cannot sell part of s unit round up to the next unit if needed) I SEE THE LIGHT Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed. Each lamp kit consists of the parts required to complete one lamp; a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors; 60 models. There are presently 10 workers in the plant. They are responsible for receiving the raw material, manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are responsible for all administrative duties. Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two. Big Al heard about your skills in managerial accounting and would like your assistance in the following areas: Part1Part2Part3Part4Part5Part6FixedandVariableCostDeterminations-UnitCostCalculationsCostVolumeRelationships-ProfitPlanningBudgetsProcessCostingJobOrderCostingStandardCosting-VarianceAnalvsis General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods in-process as of January 1 were 3,300 figurines at a cost of $48,304.50. Of this amount, $5,412.00 was from raw materials added, $28,595.00 for labor and $14,297.50 for overhead. These 3,300 figurines were assumed to be 70.00% complete as to labor and overhead. During January, 21,500 units were started, $34,764.00 of materials and $41,165.00 of labor costs were incurred. The 7,500 figurines that were in-process at the end of January were assumed to be 60.00% complete to labor and overhead. All figurines in January passed inspection. 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: Expected increases for 202 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 3.50%. 2. Labor Costs are expected to increase by 6.00%. 3. Variable Overhead is expected to increase by 4.50%. 4. Fixed Overhead is expected to increase to $295,000. 5. Fixed Administrative expenses are expected to increase to $54,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 2.00%. 7. Fixed selling expenses are expected to be $41,000 in 202. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 2.50%. On the following schedule develop the following figures: 1- 202 Projected Variable Manufacturing Unit Cost of a lamp. 2- 202 Projected Variable Unit Cost per lamp. 3- 202 Projected Fixed Costs. 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, \$\#.\#) \begin{tabular}{|l|l|l|} \hline & & \\ \hline 25.49662791 & & \\ \hline correct & & $25.50 \\ \hline \end{tabular} {9.01} 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit \begin{tabular}{|l|l|r|} \hline 16.56 & & \\ \hline correct & & $2.12 \\ \hline & & \\ \hline & & $44.18 \\ \hline \end{tabular} {9.02} (Round to two places, \$\#.\#) {9.03} 6 Selling and Admin. Budget Fixed Selling Variable Selling (Round to two places, \$\#.\#) Fixed Administrative Variable Administrative (Round to two places, \$\#.\#) Total Selling and Administrative (Round to two places, \$\#.\#) Cost of 7 Sold Budget . 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 Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold \begin{tabular}{|l|r|r|r|r|} \hline & & 41000 & & 41,000 \\ \hline wrong & & 125460 & & $70,520.00 \\ \hline & & & & 54,000 \\ \hline wrong & & & & \\ \hline wrong & & & & \\ \hline \end{tabular} {9.04} {9.05} {9.06} Round dollars to two places, $# \#\# {9.07} {9.08} {9.09} {9.10} {9.11} {9.12} {9.13} {9.14} I See The Light Projected Income Statement For the Period Ending December 31, 20x1 3 Direct Labor Budget Labor Cost Per Lamp {8.07} Production Total Labor Cost (Round to two places, \$\#\#) {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 {8.09} {8.10} Total Factory Overhead (Round to two places, \$\#.\#) {8.11} I don't know how to fix 8.09 without messing up 8.11 8 Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31 tr 1 will have a cash impact in 202.J 1. 18.00% 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. 83.00% 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 202,$175,000. I See The Light Projected Cash Budget For the Year Ending December 31. 20x2 Round dollars to I See The Light, Inc Schedule of Projected Costs Lamp Kit Labor Variable Overhead Projected Variable Manufacturing Cost Per Unit Projected Total Variable Cost Per Unit Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost sobedwe of Eued Casts Fined Qverhead (normal capacity of lamps@_J Fixed Selling Fined Administrative Projected Total Fined Costs \begin{tabular}{|r|c|r|} 201 Cost & \multicolumn{1}{c}{ProjectedPercentIncrease} & 20*2CostRoundedto2DecimalPlaces \\ \hline 16 & 3.50% & $16.56 \\ \hline 2 & 6.00% & $2.12 \\ \hline 2 & 4.50% & $2.09 \\ \hline & & $20.77 \\ \hline & & \\ \hline \end{tabular} {4.01} {4.02} {4.03} {4.04} \begin{tabular}{|r|c|r|} 20*1Cost & \multicolumn{1}{c}{ProjectedPercentIncrease} & 20*2CostRoundedto2DecimalPlaces \\ \hline 3 & 2.00% & 3.06 \\ \hline 2 & 2.50% & 2.05 \\ \hline & & 20.77 \\ \hline & & \\ \hline & & \\ \hline & & 25.88 \\ \hline \end{tabular} {4.05} {4.06} {4.04} 4.07} \begin{tabular}{|l|c|cc|} 20:1Cost & \multicolumn{1}{c}{ProjectedPercentIncrease} & 202 Cost \\ \hline & 250,000 & $ & 295,000,00 \\ \hline & & & \\ \hline & 23,000 & $ & 41,000,00 \\ \hline & 42,000 & $ & 54,000,00 \\ \hline & & & \\ \hline & & $ & 390,000,00 \\ \hline \end{tabular} 14.08} {4.09} {4.10} 4.11} How many Lamps were completed? Note: Show favorable variances as negative numbers What was the total material price variance for the Lamp Kits purchased? What was the material usage variance for Lamp Kits? What was the direct labor efficiency variance? What was the direct labor rate variance? Special order lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: (4 lamps/hr.) (4 lamps/hr.) ** Fixed overhead is based on expected production of 4,013 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences. I See The Light Projected Balance Sheet As of December 31, 20x1 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 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity \$ 34,710.00 67,500.00 500@$16.00 8,000.00 3000@$30.00 $20,000.006,800.00 \begin{tabular}{cr} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} $12,000.00 147,410.00 \begin{tabular}{lr} & 159,410.00 \\ \hline$213,410.00 \\ \hline \hline \end{tabular} Division N has decided to develop its budget based upon projected sales of 35,000 lamps at $46.00 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 inventory of Lamp Kits to 750 pieces and decreasing the finished goods by 20%. For 202 the selling price per lamp will be $45.00. If the variable cost increase by $4.50 a unit how many lamps must be sold to breakeven? Breakeven sales in units (Since we connot sell port of s unit round up to the next unit if needed) For 20n2 the selling price per lamp will be $45.00. If the variable cost decreased by $4.50 a unit how many lamps must be sold to breakeven? breakeven sales in unics (Since we cannot zell part of s unit round up to the next unit it necded] 16,512 units If for 202 the selling price per lamp is increased to $49.50 a unit how many lamps must be sold If for 202 the selling price per lamp is decreased to $40.50 a unit how many lamps must be sold 0,000 UIII) To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20k2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,225 Lamp Kits @$16.30 per kit. 9-Jan 4,100 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 630 Direct Labor Hours @$9.65 per hour. 30-Jan Payroll of 680 Direct Labor Hours @$9.90 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing. Round to two places, \$\#\#.\#\# Cost of Direct Labor Incurred in Manufacturina Job 2407 Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance? What was the variable OH spending variance? What is the fixed OH volume (denominator) variance? What is the fixed OH spending variance