I need the answers for (10.01-10.10) Thank You!

I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 723,250.00 $ 401,750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses: Fixed Vanable (Commission per unit) @ $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78,750.00 $ 101,750.00 41.250.00 143,000.00 258.750.00 See The Light Projected Balance Shoot As of December 31, 20x1 Current Assets Cash Accounts Receivablo Inventory Raw Material 34.710.00 67.500.00 4,600.00 625.00 Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 500 @ $9.20 500 @ $1.25 0 3000 @ $28.9250 86.775.00 194,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 207 410.00 $ wo 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholders Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 141.410.00 153,410.00 207.410.00 S EN 17. The projected cost of a lamp is calculated based upon the projected increases or decreases to 18 current costs. The present costs to manufacture one lamp are: 19 20 Figurines $9.2000000 per lamp 21 Electrical Sets 1.2500000 per lamp 31 Lamp Shade 6.0000000 per lamp 32 Direct Labor 2 2500000 per lamp (4 lamps/hr.) 33 Variable Overheads 0.2250000 per lamp 34 Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25.000 lamps) 35 45 Cost per lamp: $28.9250000 per lamp 46 47 Expected increases for 20x2 48 When calculating projected increases round to SEVEN decimal places, sol0000000 49 1. Material Costs are expected to increase by 5 50% 59 60 61 2. Labor Costs are expected to increase by 5.50% 62 63 3. Variable Overhead is expected to increase by 3.00% 4. Fixed Overhead is expected to increase to $275,000 5. Fixed selling expenses are expected to be $37.000 in 20x2 73 74 75 76 77 87 BB 89 90 1910 101 102 103 6. Variable selling oxponses (measured on a percamp basis) are expected to increase by 3.00% 7 Fixed Administrative expenses are expected to increase by $2,000 The total administrative expenses for 20x0 wore $41.205.00, when 23,500 units were sold. Use the High-Low mothod to calculato the total fixed administrative expense. 103 104 B. Variable administrative expenses (measured on a per lamp basis) are expected to 105 increase by 2.00%. The total administrative expenses for 20x0 were 115 $41.205.00, when 23,500 units were sold. Use the High-Low method to calculate 116 the variable administrative expense per lamp 117 118 On the following schedule develop the following figures: 119 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 129 2- 20x2 Projected Variable Unit Cost per lamp. 130 131 132 3- 20x2 Projected Fixed Costs. I See The Light, Inc Schedule of Projected Costs 5 6 7 B 15 Variable Manufacturing Unit Cost 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal Places 16 17 Figurines 18 Electrical Sets 19 Lamp Shade 26 Labor 27 Variable Overhead 28 29 Projectod Variable Manufacturing Cost Per Unit $9.7100000 $13187500 56 3300000 $2.3737500 SO 2317500 14.01) (402) (4.03) 14.04) (4.05) $19.9842500 (4.06) 30 37 38 39 Total Variable cost. Por Unit 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal PCOS 3.2445000 0.0300000 40 41 Variable Soling 48 Variable Administrative 20x1 49 Variable Administrative 20x2 50 51 Princind Varahi Manutadurna tinit Cash 14.07) {4.08) {4.09) 0.0308000 14 OR (4.06) [4.10) 0.0300000 51 Projected Vanable Manufacturing Unit Cost 52 Projected Total Variable Cost Per Unit 59 60 61 62 Schedule of Fixed Costa 20x1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places S 275,000.00 (4.17) lamps@..) 63 70 Fixed Overhead 71 normal capacity of 72 Fbad Soling 73 Food Administrative 20x1 74 Fixed Administrativo 20x2 81 Projected Total Fixed Costs 82 $ 37,000.00 2,000.00 4.12) (4.13) (4.142 14.15) $ 42,500.00 354,500.00 us 13 7 Budgeted Income Statement 14 15 22 23 Sales Cost of Goods Sold Gross Profit Soling Expenses & Admin Expenses Net Operating Income 24 (10.01) 25 26 33 34 35 36 37 8 Cash Budget 45 Assume actual cash receipts and disbursements will follow the pattem below. (Note: Recolvables and 46 Payables of 12/31/X1 will have a cash impact in 20x2) 481 24 00% of sales for the year are made in November and December Since our customers have 60 day toms 55 those funds will be collected be collected in January and February 50 2 87.00% of material purchases will be paid dunng the year, the remaining portion will be paid in Januay of February 57 3. Another manufacturing and operating costs are paid for when incurred 504 The budgeted copreciation expenses equal to 0.6% of the food manufacturing, selling and administrative expenses 595 Mininum Cash Balance needed for 2012 $150 an 86 67 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 68 Round dollars to Two placos, S. (10.02) (10.03) (10.04) (10.05) 69 70 Beginning Cash Balance 77 Cash Inflows: 78 Sales Collections: 79 Account Receivable (Sales last year not collected) 80 Sales made and collected in 20x2 81 Cash Available 88 89 Cash Outflows: 90 Purchases 91 Accounts Payable Purchases last year) 92 Material purchases made and paid for in 20x2 99 Other Manufacturing Costs 100 Direct Labor 101 Total Manufacturing Overhead 102 Seling and Administrative 103 Less: Depreciation 104 Total Cash Outlows 105 10B Budgeted Cash Balance before financing 107 Needed Minimum Balance 100 100 Amount to be borrowed (any) 110 111 Budgeted Cash Balance 112 (10.06) (1007) (10.08) (10.09) (10.103 PART 3 Budgets Keep in mind that the budget section builds on work from the previous parts, including Partl as well as the Background Information (abs 1-4). You should continue to use the same live with your previously submitted answers. Division N has decided to develop its budget based upon projected sales of 25,000 lamps at 9 $48.00 per lamp. 10 The company has requested that you prepare a master budget for the year. This budget is to be used 10 for planning and control of operations and should be composed of: 15 16 1. Production Budget 17 18 2. Materials Budget 19 23 3. Direct Labor Budget 24 25 4. Factory Overhead Budget 26 27 5. Selling and Administrative Budget 31 32 6 Cost of Goods Sold Budget 33 34 7. Budgeted Income Statement 35 39 B. Cash Budget 40 4 Notos for Budgeting 42 40 The company wants to maintain the same number of units in the beginning and ending inventores of 48 work-in-procoss, and electrical parts while increasing the figurinos inventory to 700 pieces and 49 increasing the finished goods by 23.00% 50 51 Complete the following budgets 55 58 1 Production Budge! 59 Production Budget Description Units Planned Sales 25000 Add. Ending Inventory = [ 3000 Units +(3000 Units X 23/100)] 3690 Total Needed 28690 Less: Begining Inventory 3000 Total Production 25690 Answer - 7.01) - 25690 Units 2) Materials Budget Figurines Units Answers Needed for Production - (25690 Lamps X 1 Figurines Per lamp 25690 8.01 Desired Ending Inventory 200 8.02 Total Needed 26390 Less: Begining Inventory 500 8.03 Total Purchase 25890 8.04 Cost Per Piece $9.21 Cost of Purchases = (25B90 Figurines X $9.71) 5251391.90 8.05 Cost of Purchases = ( 25890 Figurines X $9.71) $251391.90 8.05 Electrical Parts Needed for Production = ( 25690 Lamps X1 Electrical Sets Per lamp) 25690 Desired Ending Inventory 500 Total Needed 26190 8.06 Less: Begining Inventory 500 Total Purchase 25690 Cost Per Piece $1.3187500 Cost of Purchase = (25690 Lamps X $1.3187500) $33878,69 8.07 Lamp Shades Needed for Production = (25690 Lamps X 1 Electrical Sets Per lamp) 25690 Desired Ending Inventory Ni Total Needed 25690 Less: Begining Inventory NI Total Purchase 25690 Cost Per Piece $6.3300000 Cost of Purchase = (25690 Lamps X 56.3300000) $162617.70 B.08 Description Units Answer Labour Cost Per Lamp $2.3737500 Production 25690 Total Labour Cost - (25690 Lamps X $2.3737500) $60981.64 8.09 4) Factory Overhead Budget Description Units Answer Variable Factory Overhead: Variable Factory Overhead Cost Per Unit SO 2327500 Number of Units to be produced 25690 Total Variable Factory Overhead - (25690 Lamps X $0 2317500) S5953.66 8.10 Fixed Factory Overhead 5275000.00 Total Factory Overhead S280952.66 8,31 $10.9363044 8.12 Predetermined Factory Overhead Rate = ( S280953,66 / 25690 Lamps) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 723,250.00 $ 401,750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses: Fixed Vanable (Commission per unit) @ $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78,750.00 $ 101,750.00 41.250.00 143,000.00 258.750.00 See The Light Projected Balance Shoot As of December 31, 20x1 Current Assets Cash Accounts Receivablo Inventory Raw Material 34.710.00 67.500.00 4,600.00 625.00 Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 500 @ $9.20 500 @ $1.25 0 3000 @ $28.9250 86.775.00 194,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 207 410.00 $ wo 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholders Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 141.410.00 153,410.00 207.410.00 S EN 17. The projected cost of a lamp is calculated based upon the projected increases or decreases to 18 current costs. The present costs to manufacture one lamp are: 19 20 Figurines $9.2000000 per lamp 21 Electrical Sets 1.2500000 per lamp 31 Lamp Shade 6.0000000 per lamp 32 Direct Labor 2 2500000 per lamp (4 lamps/hr.) 33 Variable Overheads 0.2250000 per lamp 34 Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25.000 lamps) 35 45 Cost per lamp: $28.9250000 per lamp 46 47 Expected increases for 20x2 48 When calculating projected increases round to SEVEN decimal places, sol0000000 49 1. Material Costs are expected to increase by 5 50% 59 60 61 2. Labor Costs are expected to increase by 5.50% 62 63 3. Variable Overhead is expected to increase by 3.00% 4. Fixed Overhead is expected to increase to $275,000 5. Fixed selling expenses are expected to be $37.000 in 20x2 73 74 75 76 77 87 BB 89 90 1910 101 102 103 6. Variable selling oxponses (measured on a percamp basis) are expected to increase by 3.00% 7 Fixed Administrative expenses are expected to increase by $2,000 The total administrative expenses for 20x0 wore $41.205.00, when 23,500 units were sold. Use the High-Low mothod to calculato the total fixed administrative expense. 103 104 B. Variable administrative expenses (measured on a per lamp basis) are expected to 105 increase by 2.00%. The total administrative expenses for 20x0 were 115 $41.205.00, when 23,500 units were sold. Use the High-Low method to calculate 116 the variable administrative expense per lamp 117 118 On the following schedule develop the following figures: 119 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 129 2- 20x2 Projected Variable Unit Cost per lamp. 130 131 132 3- 20x2 Projected Fixed Costs. I See The Light, Inc Schedule of Projected Costs 5 6 7 B 15 Variable Manufacturing Unit Cost 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal Places 16 17 Figurines 18 Electrical Sets 19 Lamp Shade 26 Labor 27 Variable Overhead 28 29 Projectod Variable Manufacturing Cost Per Unit $9.7100000 $13187500 56 3300000 $2.3737500 SO 2317500 14.01) (402) (4.03) 14.04) (4.05) $19.9842500 (4.06) 30 37 38 39 Total Variable cost. Por Unit 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 7 Decimal PCOS 3.2445000 0.0300000 40 41 Variable Soling 48 Variable Administrative 20x1 49 Variable Administrative 20x2 50 51 Princind Varahi Manutadurna tinit Cash 14.07) {4.08) {4.09) 0.0308000 14 OR (4.06) [4.10) 0.0300000 51 Projected Vanable Manufacturing Unit Cost 52 Projected Total Variable Cost Per Unit 59 60 61 62 Schedule of Fixed Costa 20x1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places S 275,000.00 (4.17) lamps@..) 63 70 Fixed Overhead 71 normal capacity of 72 Fbad Soling 73 Food Administrative 20x1 74 Fixed Administrativo 20x2 81 Projected Total Fixed Costs 82 $ 37,000.00 2,000.00 4.12) (4.13) (4.142 14.15) $ 42,500.00 354,500.00 us 13 7 Budgeted Income Statement 14 15 22 23 Sales Cost of Goods Sold Gross Profit Soling Expenses & Admin Expenses Net Operating Income 24 (10.01) 25 26 33 34 35 36 37 8 Cash Budget 45 Assume actual cash receipts and disbursements will follow the pattem below. (Note: Recolvables and 46 Payables of 12/31/X1 will have a cash impact in 20x2) 481 24 00% of sales for the year are made in November and December Since our customers have 60 day toms 55 those funds will be collected be collected in January and February 50 2 87.00% of material purchases will be paid dunng the year, the remaining portion will be paid in Januay of February 57 3. Another manufacturing and operating costs are paid for when incurred 504 The budgeted copreciation expenses equal to 0.6% of the food manufacturing, selling and administrative expenses 595 Mininum Cash Balance needed for 2012 $150 an 86 67 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 68 Round dollars to Two placos, S. (10.02) (10.03) (10.04) (10.05) 69 70 Beginning Cash Balance 77 Cash Inflows: 78 Sales Collections: 79 Account Receivable (Sales last year not collected) 80 Sales made and collected in 20x2 81 Cash Available 88 89 Cash Outflows: 90 Purchases 91 Accounts Payable Purchases last year) 92 Material purchases made and paid for in 20x2 99 Other Manufacturing Costs 100 Direct Labor 101 Total Manufacturing Overhead 102 Seling and Administrative 103 Less: Depreciation 104 Total Cash Outlows 105 10B Budgeted Cash Balance before financing 107 Needed Minimum Balance 100 100 Amount to be borrowed (any) 110 111 Budgeted Cash Balance 112 (10.06) (1007) (10.08) (10.09) (10.103 PART 3 Budgets Keep in mind that the budget section builds on work from the previous parts, including Partl as well as the Background Information (abs 1-4). You should continue to use the same live with your previously submitted answers. Division N has decided to develop its budget based upon projected sales of 25,000 lamps at 9 $48.00 per lamp. 10 The company has requested that you prepare a master budget for the year. This budget is to be used 10 for planning and control of operations and should be composed of: 15 16 1. Production Budget 17 18 2. Materials Budget 19 23 3. Direct Labor Budget 24 25 4. Factory Overhead Budget 26 27 5. Selling and Administrative Budget 31 32 6 Cost of Goods Sold Budget 33 34 7. Budgeted Income Statement 35 39 B. Cash Budget 40 4 Notos for Budgeting 42 40 The company wants to maintain the same number of units in the beginning and ending inventores of 48 work-in-procoss, and electrical parts while increasing the figurinos inventory to 700 pieces and 49 increasing the finished goods by 23.00% 50 51 Complete the following budgets 55 58 1 Production Budge! 59 Production Budget Description Units Planned Sales 25000 Add. Ending Inventory = [ 3000 Units +(3000 Units X 23/100)] 3690 Total Needed 28690 Less: Begining Inventory 3000 Total Production 25690 Answer - 7.01) - 25690 Units 2) Materials Budget Figurines Units Answers Needed for Production - (25690 Lamps X 1 Figurines Per lamp 25690 8.01 Desired Ending Inventory 200 8.02 Total Needed 26390 Less: Begining Inventory 500 8.03 Total Purchase 25890 8.04 Cost Per Piece $9.21 Cost of Purchases = (25B90 Figurines X $9.71) 5251391.90 8.05 Cost of Purchases = ( 25890 Figurines X $9.71) $251391.90 8.05 Electrical Parts Needed for Production = ( 25690 Lamps X1 Electrical Sets Per lamp) 25690 Desired Ending Inventory 500 Total Needed 26190 8.06 Less: Begining Inventory 500 Total Purchase 25690 Cost Per Piece $1.3187500 Cost of Purchase = (25690 Lamps X $1.3187500) $33878,69 8.07 Lamp Shades Needed for Production = (25690 Lamps X 1 Electrical Sets Per lamp) 25690 Desired Ending Inventory Ni Total Needed 25690 Less: Begining Inventory NI Total Purchase 25690 Cost Per Piece $6.3300000 Cost of Purchase = (25690 Lamps X 56.3300000) $162617.70 B.08 Description Units Answer Labour Cost Per Lamp $2.3737500 Production 25690 Total Labour Cost - (25690 Lamps X $2.3737500) $60981.64 8.09 4) Factory Overhead Budget Description Units Answer Variable Factory Overhead: Variable Factory Overhead Cost Per Unit SO 2327500 Number of Units to be produced 25690 Total Variable Factory Overhead - (25690 Lamps X $0 2317500) S5953.66 8.10 Fixed Factory Overhead 5275000.00 Total Factory Overhead S280952.66 8,31 $10.9363044 8.12 Predetermined Factory Overhead Rate = ( S280953,66 / 25690 Lamps)