I only need help with problems in 11.10 and 11.13. if you need moreninformation please let me know. Thank you.
this is all that i have for the budget section.
8 4 F 20x2 Cost Rounded to 7 Decimal Places 5 6 7 8 9 9 Variable Cost of making one unit next year-used to calculate the Ending Inventory of Fished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable manufacturing cost of one unit $ 19.00400000 (101) 10 11 12 13 20x2 Cost Rounded to 2 Decimal Places 46.00 29000 $ 1334 000 00 S 80x278.00 11.02 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 20 Varsable Cost of Goods Sold - Assume FIFO (First First Out) Beginning inventory. Finished Goods (Variable Costing) 20 Production Costs 07 Materials 00 Figurines Electric Parts Lamp Shades 49 Labor 60 Vanable Overhead 51 Total Variable Production Costs 62 Cost of Goods Available For Sale 61 Less Ending Inventory Fished Goods (Variable Costing) Variable Cost of Goods Sold 03 Variable Sling (Round to two places Sww. Variable Admin Round to two places, 5 tib Total Vonable costs 10 11415 $ 284104.00 $ NI 150.00 185 04000 $ G 948 63 S 7095 5 2950 (103) 157001 3 740/0001109 GAZ 33001 R3 12700051 $ 10 25 11.00 5 TE rent de les 16 17 1 19 2. W Tyne here to search . Clipboard Font Alignment Number 1127 fi E F G H $ 56775.00 (1102) $ $ $ $ $ $ $ $ $ 4. D 26 Variable Cost of Goods Sold - Assume FIFO (First In First-Out) 35 Beginning Inventory, Finished Goods (Variable Costing) 36 Production Costs 37 Materials 38 Figurines 39 Electrical Parts 48 Lamp Shades 49 Labor 50 Variable Overhead 51 Total Vanable Production Costs 52 Cost of Goods Available For Sale 01 Less Ending Inventory, Finished Goods (Variable Costing) 62 Variable Cost of Goods Sold Variable Selling (Round to two places, SA 64 Variable Administrative (Round to two places, st) Us Total Variable Costs 74 Contribution Margin 75 Fixed Costs 70 Fund Manufacturing Overhead 77 Fixed selling 78 Fixed Administrative Total Fixed 08 Operating Income Variable Costing 89 00 Operating Income Absorption 01 Operating Income Variable Costing 100 Excess (Absorption Costing Operating Income Variable Costing Operating income 305 102 Budgeted Fixed Overhead 103 Budgeon Number of Unes to be produced 104 Budgeted Fored Cost Per Unit (Round to 7 decimals.) 294464 00 38.650.00 185,640.00 88,945.63 7 095 39 584 705.01. (11.03) 641 57001 73.740.00 (11.04 187 30.01 93.177 00 (1105) 148825. (1106) 362493 20 6705024(11071 $ $260.000 29,000.00 $45.500.00 334,600 00(11.08) 3370074 (110) S $ S 3370044 (1110 $200 do 29 750.00 11 Fixed Ianuacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory 8 11 $ 322112 11 131 23 Penta Tobin 14 15 21 22 Tipe here to search D G $ $ $ $ $ $ $ $ $ $ $ $ $ A 09 30 48 49 50 51 52 61 62 83 64 55 74 75 78 77 7B BY 88 89 00 91 100 101 102 103 104 113 H 284,46410 38,650.00 185,840.00 68.945.63 7095.38 584705.01 11.09 641,57001 73,740.00 1.04 567 830.01 93 177.00 (11,05) 1486 25 (1106) 652 493 26 671606741107) B Figurines Electrical Parts Lamp Shades Labor Variable Overhead Total Variable Production Costs Cost of Goods Available For Sale Less Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, straww) Variable Administrative (Round to two places, S.) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing Operating Income. Absorption Operating Income, Variable Costing Excess (Absorption Costing Operating income. Variable Costing Operating income) Budgeted Fixed Overhead Budgeted Number of Units to be Produced Budgeted Fixed Cost Per Unit (Round to 7 decimals #.) $ $200,000 29,000.00 $45,500.00 334500.00 (1109) 337000.24 (1109) $ $ $ 327 000.74 (11.102 $200.000 20.750.00 8.7411111 S S Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Faed Manufacturing Overhead in the Beginning invertory 32.73 11 11.121 (1113) 3277111.14) 9 115 118 117 128 1271 19 20 16 17 18 21 22 23 Present Value Tables 13 2 10 14 15 8 9 11 12 Type here to search fr B D E 8. Cash Budget Notes for Budgeting The company wants to maintain the same number of units in the beginning and ending inventories of 3 work-in-process, and electrical parts while increasing the figurines inventory to 600 pieces and 4 increasing the finished goods by 25.00% so Complete the following budgets 59 1 Production Budget 51 62 63 68 69 70 71 Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory 29000 3750 32750 3000 72 Total Production 29,750 units 17.013 77 78 79 BO 81 Post Value Type here to search o Arial 10 Xcut th Copy Format Painter A7A" 2 Wrap Text SEE Mega Center WE Pone $ % 8-9 Oletform Conditional formato Formatting tablete Dipboard To Alone Number 1127 1 B E F 20x2 Cost Rounded to 7 Decimal Places 5 6 7 B 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable manufacturing cost of one unit $ 19.66400000 |(11.01) 10 11 12 13 20x2 Cost Rounded to 2 Decimal Places $ 46.00 29000 $ 1.334,000.00 $ 56.775.00 (1102) 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 26 Variable Cost of Goods Sold - Assume FIFO (First-in, First-Out) 35 Beginning Inventory, Finished Goods (Variable Costing) 36 Production Costs 37 Materials 38 Figurines 39 Electrical Parts 48 Lamp Shades 49 Labor 11 12 13 $ $ $ $ 284 464.00 38.650.00 185,840.00 68,945.63 10 Best Value Type het to search O BIU- Tomat Painter 2 Essa Menpea Center $ -% % Conditional formats Formatting the Shes tror poleso Toma Font Alignment Member 127 1 X D E F G $ AA 5 6 7 8 H 56,775.00 11.02) 38 99 50 51 52 81 62 63 64 65 B Beginning Inventory, Finished Goods (Variable Costing) Production Costs: Materials: Figurines Electrical Parts Lamp Shades: Labor Variable Overhead: Total Variable Production Costs Cost of Goods Available For Sale Less: Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, S) Variable Administrative (Round to two places, S** #*) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income. Variable Costing $ $ $ $ $ $ $ $ $ $ $ $ $ 284,464.00 38,650.00 185,640.00 68,945.63 7,095.38 584 795.01 (11.03) 641.570.01 73.740.00 11:04) 567,830.01 93,177.00 (11.05) 1,486.25 11.06) 662,493.26 671,505.74 1107) 74 o 75 76 77 78 B7 88 89 90 91 $260,000 29,000.00 $45,500.00 334,500.00 (11.08) 337006 74 (11.09) $ $ 337,006.74 Operating Income. Absorption Operating Income. Variable Costing Frase Ahention Cortin narating InanmaMariahla natin naratin Imma inn 3. Present atat 1 Type here to search O RE E Clipboard 5 Alignment om en yes Number A G $ $ $ 1,486 25 (11.06) 662 493 28 671506.74 (11.07) $ $260.000 29,000.00 $45,500.00 334,500.00 (11.08) 337,006.74 (11.09) $ $ B c D E Variable Administrative (Round to two places, St.) Total Variable Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fued Seling Fixed Administrative Total Fixed Operating Income, Variable Costing Operating Income Absorption Operating Income. Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals #.#######) Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) $ 337,006.74 (11.10) $260.000 29.750.00 8.74 (11.11) $ S 32.773.11 (11.12) [11.13) 32 773.11 (11.14) S 4 PART 3 5 Budgets 09 Keep in mind that the budget section builds on work from the previous parts, including Part I as well as the Background Information (tabs 1-4). You should continue to use the same file with your previously submitted answers. 6 7 Division N has decided to develop its budget based upon projected sales of 29,000 lamps at 9 $46.00 per lamp 14 The company has requested that you prepare a master budget for the year. This budget is to be used 15 for planning and control of operations and should be composed of: 16 17 1. Production Budget 18 23 2. Materials Budget 24 25 3. Direct Labor Budget 26 27 4. Factory Overhead Budget 32 33 5. Selling and Administrative Budget 10 11 12 14 15 16 17 18 19 21 22 Present Value Tables Clotoard Font Alignment Number Styles G61 D E B 35 6. Cost of Goods Sold Budget 36 41 7. Budgeted Income Statement 42 43 8. Cash Budget 44 45 Notes for Budgeting: 50 51 52 The company wants to maintain the same number of units in the beginning and ending inventories of 53 work-in-process, and electrical parts while increasing the figurines inventory to 600 pieces and 54 increasing the finished goods by 25.00%. 59 60 Complete the following budgets 61 62 1 Production Budget 63 Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory 68 69 70 71 72 77 78 29000 3750 32750 3000 Total Production 29.750 units {7.01) . 10 11 32 13 14 15 16 17 18 20 21 22 23 Present Value Tables Type here to search ORA B E 2 Materials Budget {8.013 (8.02 Figurines Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) 29,750 units 600 units 30.350 units 500 units 29.850 units 9.568 285,604.80 {8.03) (8.04) $ {8.05) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places. S#### {8.06) 29750 500 30,250 units -500 29.750 units 1.3 38,675.00 $ {8.07) Lamp Shades not inventoried they arrive from the shop next door Just-in-time Needed for Production Desired Ending Inventory Total Needed Less: Beginning inventory Total Purchases Chet AAA 8 10 11 12 13 14 15 16 17 18 17.108 29750 0 29750 0 29750 17 100 CA 23 Present Value Tables 19 20 21 22 Type here to search o - Format Painter Formatting Clipboard 19 Font Alignment Number N77 D E F 29750 6.24 185,640.00 17.108 $ {8.08) 2.3175 29750 68,945.63 (8.09) A B 56 Total Purchases 67 Cost per piece 58 Cost of Purchases (Round to two places. $## ##) 59 60 66 67 3 Direct Labor Budget 68 69 Labor Cost Per Lamp 70 Production 76 Total Labor Cost (Round to two places, $## ## 77 78 79 80 4 Factory Overhead Budget 86 B7 Variable Factory Overhead: 88 Variable Factory Overhead Cost Per Unit 89 Number of Units to be produced 90 Total Variable Factory Overhead (Round to two places. S#*#*) 96 Fixed Factory Overhead 97 98 Total Factory Overhead (Round to two places. S##.#) 99 100 Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be 101 produced and then rounded to seven places. Se 102 0.2385 29750 7,095.38 $260.000 $ (8.10) $ 267,095.38 {8.113 $ 8.97799600 {8.12 10 11 1914 116 17 18 19 20 21 22 28 Present Value Table B. D E 4 H 5 Selling and Admin Budget $ 5 6 7 8 9 10 11 18 19 Fixed Selling Variable Selling (Round to two ples, S.) Fixed Administrative Variable Administrative (Round to two places, Sw) Total Selling and Administrative (Round to two places, Sia) 29,000.00 93177 $45,500.00 1486 25 $169 163 251901) 8 Cost of Goods Sold Budget - Assume FIFO (Firubin, Fiest-out) and overhead is applied based on the number of units to be produced 20 21 22 29 30 31 32 33 40 Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overload por unit Round dollars to seven places SU 17 108 23175 8.972990 $ 28.40340009.02) Total cost of one unit (Round to seven places, saw ) Round dollars to two places $ $80 775 00 19.08) S 845,00401 41 42 43 44 51 52 53 54 Beginning inventory. Finished Goods Production Costs Materials Figurines Beginning Inventory Purchased Available for USO 10 11 4800 $ 285 604.80 290 204.80 22 Valuables 13 15 16 17 18 19 20 22 Type here to search 1 SI Format Painter Merge & Center $%98-%% COP fam Clipboard Font 5 Alignment Number 44 X fi A 3 D E F G H 845,004 01 $ 1 2 $ $ 4600 285,604.80 290,204 80 5740.8 284,464.00 19.04 $ 4 5 2 3 4 6 6 B Production Costs Materials: Figurines Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used in Production Total Materials Labor Overhead Cost of Goods Available Less Ending Inventory. Finished Goods Cost of Goods Sold $ 625 38,675.00 39300 650 38,650.00 19.05) $ 4 5 $ $ $ $ 34 35 36 37 38 95 96 185,640.00 19.06) 508.754.00 19071 68.945,63 1908) 267 095 38 19.09 $931,570 19.101 106,513 11 19.111 825 056 90 19.121 $ $ 98 99 106 107 12 JK 4 4 ABC D E F G 24 H 32 33 8 Cash Budget 34 35 Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and 36 Payables of 12/31/x1 will have a cash impact in 20x2.) 44 45 1 15.00% of sales for the year are made in November and December Since our customers have 60 day terms 48 those funds will be collected be collected in January and February 47 2. 84.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 48 3. All other manufacturing and operating costs are paid for when incurred 56 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses 57 5. Minimum Cash Balance needed for 20x2, $190,000 58 I See The Light 59 Projected Cash Budget 30 For the Year Ending December 31, 20x2 Round dollars to two places, $ 34710 68 09 70 71 72 80 81 82 83 84 92 93 Beginning Cash Balance Cash Inflows Sales Collections Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available 1334000 0.85 $ $ $ 67500.00 11002) 1.133,900.00 110.031 1.238.110.00 110.041 Cash Outflows Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20X2 9 TO 11 12 13 14 $ 509 919.80 16 17 18 0.84 20 54000 $ 428,332 6311005] 23. Present Value Tables 75 19 Home sert age Layout Formulas Data Review View Developer Help Power Pivot Arial 10 ' X Cut In Copy Format Painter Paste = 2 Wrap Text 3 Merge & Center BIU $ % &8 Conditional for Formatting Tobe Clipboard Font Alignment Number 1121 X fy F G H 1 1334000 K $ 67 500 0011002) $ 1,133,900.00 11003) $ 1236.110.00 110.04) 0.85 $ 509,919.80 0.84 ABO D E 72 Account Receivable (Sales last year not collected) 80 Sales made and collected in 20x2 81 Cash Available 82 83 Cash Outflows 84 Purchases 92 Accounts Payable (Purchases last year) 93 Material purchases made and paid for in 20x2 94 Other Manufacturing Costs 95 Direct Labor 90 Total Manufacturing Overhead 104 Selling and Administrative 105 Loss Depreciation 108 Total Cash Outflows 107 108 Budgeted Cash Balance before financing 116 Needed Minimum Balance 117 118 Amount to be borrowed (if any) 119 120 Budgeted Cash Balance $ $ $ $ 54000 428,332 83110.05) 267,095 38 88.945 83 818 373 64 $189.183.25 2007.00 110.06) 985, 529 89 110.07) $280 000 a $45,500.00 $ $ $ 250 580.1111008) 190000 $ 110.00 > $ 250 580.11 110 101 122 123 124 125 126 127 128 129 Arad 10 A == 23 w Test 5. Mergea come Font Painte $ % 48 Conditional formato del Tomate Deuteloma Font Number 1127 1 X A B D E F 4 20x2 Cost Rounded to 7 Decimal Places 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit 5 6 7 B 9 10 11 12 13 Total variable manufacturing cost of one unit $ 19.68400000 (11.01) + 20x2 Cast Rounded to 2 Decimal Places $ 46.00 29000 $ 1,334,000.00 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 26 Variable Cost of Goods Sold - Assume FIFO (First-In. First-Out) Beginning Inventory, Finished Goods (Variable Costing) Production Costs: 37 Materials 38 Figurines Electrical Parts Lamp Shades Labor s 56 775.00 (11.02) $ $ $ $ 284, 464.00 38,650.00 185 640.00 68.945,63 11 D E F G 4 61 62 63 64 65 uuu B Less Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, Sw##) Variable Administrative (Round to two places, S.##) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing $ $ $ $ H 73,740.00 11.04) 567.830.01 93.177.00 (11.05) 1.486 25 (11.06) 662,493 26 671,506.74 (11.07) $ $280,000 29,000.00 $45,500.00 334,500.00 (11.08) 337.006.74 (1109) s $ es 75 76 77 78 B7 B8 89 90 91 100 101 102 103 104 113 114 115 116 117 337,006.74 (11.10) Operating Income, Absorption Operating Income. Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals ######## Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) $260.000 29,750.00 8.74 (11.11) val $ 32.773.11 (11.12) [11.13) 32.773.11 (11.14 $ 8 4 F 20x2 Cost Rounded to 7 Decimal Places 5 6 7 8 9 9 Variable Cost of making one unit next year-used to calculate the Ending Inventory of Fished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable manufacturing cost of one unit $ 19.00400000 (101) 10 11 12 13 20x2 Cost Rounded to 2 Decimal Places 46.00 29000 $ 1334 000 00 S 80x278.00 11.02 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 20 Varsable Cost of Goods Sold - Assume FIFO (First First Out) Beginning inventory. Finished Goods (Variable Costing) 20 Production Costs 07 Materials 00 Figurines Electric Parts Lamp Shades 49 Labor 60 Vanable Overhead 51 Total Variable Production Costs 62 Cost of Goods Available For Sale 61 Less Ending Inventory Fished Goods (Variable Costing) Variable Cost of Goods Sold 03 Variable Sling (Round to two places Sww. Variable Admin Round to two places, 5 tib Total Vonable costs 10 11415 $ 284104.00 $ NI 150.00 185 04000 $ G 948 63 S 7095 5 2950 (103) 157001 3 740/0001109 GAZ 33001 R3 12700051 $ 10 25 11.00 5 TE rent de les 16 17 1 19 2. W Tyne here to search . Clipboard Font Alignment Number 1127 fi E F G H $ 56775.00 (1102) $ $ $ $ $ $ $ $ $ 4. D 26 Variable Cost of Goods Sold - Assume FIFO (First In First-Out) 35 Beginning Inventory, Finished Goods (Variable Costing) 36 Production Costs 37 Materials 38 Figurines 39 Electrical Parts 48 Lamp Shades 49 Labor 50 Variable Overhead 51 Total Vanable Production Costs 52 Cost of Goods Available For Sale 01 Less Ending Inventory, Finished Goods (Variable Costing) 62 Variable Cost of Goods Sold Variable Selling (Round to two places, SA 64 Variable Administrative (Round to two places, st) Us Total Variable Costs 74 Contribution Margin 75 Fixed Costs 70 Fund Manufacturing Overhead 77 Fixed selling 78 Fixed Administrative Total Fixed 08 Operating Income Variable Costing 89 00 Operating Income Absorption 01 Operating Income Variable Costing 100 Excess (Absorption Costing Operating Income Variable Costing Operating income 305 102 Budgeted Fixed Overhead 103 Budgeon Number of Unes to be produced 104 Budgeted Fored Cost Per Unit (Round to 7 decimals.) 294464 00 38.650.00 185,640.00 88,945.63 7 095 39 584 705.01. (11.03) 641 57001 73.740.00 (11.04 187 30.01 93.177 00 (1105) 148825. (1106) 362493 20 6705024(11071 $ $260.000 29,000.00 $45.500.00 334,600 00(11.08) 3370074 (110) S $ S 3370044 (1110 $200 do 29 750.00 11 Fixed Ianuacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory 8 11 $ 322112 11 131 23 Penta Tobin 14 15 21 22 Tipe here to search D G $ $ $ $ $ $ $ $ $ $ $ $ $ A 09 30 48 49 50 51 52 61 62 83 64 55 74 75 78 77 7B BY 88 89 00 91 100 101 102 103 104 113 H 284,46410 38,650.00 185,840.00 68.945.63 7095.38 584705.01 11.09 641,57001 73,740.00 1.04 567 830.01 93 177.00 (11,05) 1486 25 (1106) 652 493 26 671606741107) B Figurines Electrical Parts Lamp Shades Labor Variable Overhead Total Variable Production Costs Cost of Goods Available For Sale Less Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, straww) Variable Administrative (Round to two places, S.) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing Operating Income. Absorption Operating Income, Variable Costing Excess (Absorption Costing Operating income. Variable Costing Operating income) Budgeted Fixed Overhead Budgeted Number of Units to be Produced Budgeted Fixed Cost Per Unit (Round to 7 decimals #.) $ $200,000 29,000.00 $45,500.00 334500.00 (1109) 337000.24 (1109) $ $ $ 327 000.74 (11.102 $200.000 20.750.00 8.7411111 S S Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Faed Manufacturing Overhead in the Beginning invertory 32.73 11 11.121 (1113) 3277111.14) 9 115 118 117 128 1271 19 20 16 17 18 21 22 23 Present Value Tables 13 2 10 14 15 8 9 11 12 Type here to search fr B D E 8. Cash Budget Notes for Budgeting The company wants to maintain the same number of units in the beginning and ending inventories of 3 work-in-process, and electrical parts while increasing the figurines inventory to 600 pieces and 4 increasing the finished goods by 25.00% so Complete the following budgets 59 1 Production Budget 51 62 63 68 69 70 71 Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory 29000 3750 32750 3000 72 Total Production 29,750 units 17.013 77 78 79 BO 81 Post Value Type here to search o Arial 10 Xcut th Copy Format Painter A7A" 2 Wrap Text SEE Mega Center WE Pone $ % 8-9 Oletform Conditional formato Formatting tablete Dipboard To Alone Number 1127 1 B E F 20x2 Cost Rounded to 7 Decimal Places 5 6 7 B 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable manufacturing cost of one unit $ 19.66400000 |(11.01) 10 11 12 13 20x2 Cost Rounded to 2 Decimal Places $ 46.00 29000 $ 1.334,000.00 $ 56.775.00 (1102) 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 26 Variable Cost of Goods Sold - Assume FIFO (First-in, First-Out) 35 Beginning Inventory, Finished Goods (Variable Costing) 36 Production Costs 37 Materials 38 Figurines 39 Electrical Parts 48 Lamp Shades 49 Labor 11 12 13 $ $ $ $ 284 464.00 38.650.00 185,840.00 68,945.63 10 Best Value Type het to search O BIU- Tomat Painter 2 Essa Menpea Center $ -% % Conditional formats Formatting the Shes tror poleso Toma Font Alignment Member 127 1 X D E F G $ AA 5 6 7 8 H 56,775.00 11.02) 38 99 50 51 52 81 62 63 64 65 B Beginning Inventory, Finished Goods (Variable Costing) Production Costs: Materials: Figurines Electrical Parts Lamp Shades: Labor Variable Overhead: Total Variable Production Costs Cost of Goods Available For Sale Less: Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, S) Variable Administrative (Round to two places, S** #*) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income. Variable Costing $ $ $ $ $ $ $ $ $ $ $ $ $ 284,464.00 38,650.00 185,640.00 68,945.63 7,095.38 584 795.01 (11.03) 641.570.01 73.740.00 11:04) 567,830.01 93,177.00 (11.05) 1,486.25 11.06) 662,493.26 671,505.74 1107) 74 o 75 76 77 78 B7 88 89 90 91 $260,000 29,000.00 $45,500.00 334,500.00 (11.08) 337006 74 (11.09) $ $ 337,006.74 Operating Income. Absorption Operating Income. Variable Costing Frase Ahention Cortin narating InanmaMariahla natin naratin Imma inn 3. Present atat 1 Type here to search O RE E Clipboard 5 Alignment om en yes Number A G $ $ $ 1,486 25 (11.06) 662 493 28 671506.74 (11.07) $ $260.000 29,000.00 $45,500.00 334,500.00 (11.08) 337,006.74 (11.09) $ $ B c D E Variable Administrative (Round to two places, St.) Total Variable Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fued Seling Fixed Administrative Total Fixed Operating Income, Variable Costing Operating Income Absorption Operating Income. Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals #.#######) Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) $ 337,006.74 (11.10) $260.000 29.750.00 8.74 (11.11) $ S 32.773.11 (11.12) [11.13) 32 773.11 (11.14) S 4 PART 3 5 Budgets 09 Keep in mind that the budget section builds on work from the previous parts, including Part I as well as the Background Information (tabs 1-4). You should continue to use the same file with your previously submitted answers. 6 7 Division N has decided to develop its budget based upon projected sales of 29,000 lamps at 9 $46.00 per lamp 14 The company has requested that you prepare a master budget for the year. This budget is to be used 15 for planning and control of operations and should be composed of: 16 17 1. Production Budget 18 23 2. Materials Budget 24 25 3. Direct Labor Budget 26 27 4. Factory Overhead Budget 32 33 5. Selling and Administrative Budget 10 11 12 14 15 16 17 18 19 21 22 Present Value Tables Clotoard Font Alignment Number Styles G61 D E B 35 6. Cost of Goods Sold Budget 36 41 7. Budgeted Income Statement 42 43 8. Cash Budget 44 45 Notes for Budgeting: 50 51 52 The company wants to maintain the same number of units in the beginning and ending inventories of 53 work-in-process, and electrical parts while increasing the figurines inventory to 600 pieces and 54 increasing the finished goods by 25.00%. 59 60 Complete the following budgets 61 62 1 Production Budget 63 Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory 68 69 70 71 72 77 78 29000 3750 32750 3000 Total Production 29.750 units {7.01) . 10 11 32 13 14 15 16 17 18 20 21 22 23 Present Value Tables Type here to search ORA B E 2 Materials Budget {8.013 (8.02 Figurines Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S####) 29,750 units 600 units 30.350 units 500 units 29.850 units 9.568 285,604.80 {8.03) (8.04) $ {8.05) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places. S#### {8.06) 29750 500 30,250 units -500 29.750 units 1.3 38,675.00 $ {8.07) Lamp Shades not inventoried they arrive from the shop next door Just-in-time Needed for Production Desired Ending Inventory Total Needed Less: Beginning inventory Total Purchases Chet AAA 8 10 11 12 13 14 15 16 17 18 17.108 29750 0 29750 0 29750 17 100 CA 23 Present Value Tables 19 20 21 22 Type here to search o - Format Painter Formatting Clipboard 19 Font Alignment Number N77 D E F 29750 6.24 185,640.00 17.108 $ {8.08) 2.3175 29750 68,945.63 (8.09) A B 56 Total Purchases 67 Cost per piece 58 Cost of Purchases (Round to two places. $## ##) 59 60 66 67 3 Direct Labor Budget 68 69 Labor Cost Per Lamp 70 Production 76 Total Labor Cost (Round to two places, $## ## 77 78 79 80 4 Factory Overhead Budget 86 B7 Variable Factory Overhead: 88 Variable Factory Overhead Cost Per Unit 89 Number of Units to be produced 90 Total Variable Factory Overhead (Round to two places. S#*#*) 96 Fixed Factory Overhead 97 98 Total Factory Overhead (Round to two places. S##.#) 99 100 Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be 101 produced and then rounded to seven places. Se 102 0.2385 29750 7,095.38 $260.000 $ (8.10) $ 267,095.38 {8.113 $ 8.97799600 {8.12 10 11 1914 116 17 18 19 20 21 22 28 Present Value Table B. D E 4 H 5 Selling and Admin Budget $ 5 6 7 8 9 10 11 18 19 Fixed Selling Variable Selling (Round to two ples, S.) Fixed Administrative Variable Administrative (Round to two places, Sw) Total Selling and Administrative (Round to two places, Sia) 29,000.00 93177 $45,500.00 1486 25 $169 163 251901) 8 Cost of Goods Sold Budget - Assume FIFO (Firubin, Fiest-out) and overhead is applied based on the number of units to be produced 20 21 22 29 30 31 32 33 40 Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overload por unit Round dollars to seven places SU 17 108 23175 8.972990 $ 28.40340009.02) Total cost of one unit (Round to seven places, saw ) Round dollars to two places $ $80 775 00 19.08) S 845,00401 41 42 43 44 51 52 53 54 Beginning inventory. Finished Goods Production Costs Materials Figurines Beginning Inventory Purchased Available for USO 10 11 4800 $ 285 604.80 290 204.80 22 Valuables 13 15 16 17 18 19 20 22 Type here to search 1 SI Format Painter Merge & Center $%98-%% COP fam Clipboard Font 5 Alignment Number 44 X fi A 3 D E F G H 845,004 01 $ 1 2 $ $ 4600 285,604.80 290,204 80 5740.8 284,464.00 19.04 $ 4 5 2 3 4 6 6 B Production Costs Materials: Figurines Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used in Production Total Materials Labor Overhead Cost of Goods Available Less Ending Inventory. Finished Goods Cost of Goods Sold $ 625 38,675.00 39300 650 38,650.00 19.05) $ 4 5 $ $ $ $ 34 35 36 37 38 95 96 185,640.00 19.06) 508.754.00 19071 68.945,63 1908) 267 095 38 19.09 $931,570 19.101 106,513 11 19.111 825 056 90 19.121 $ $ 98 99 106 107 12 JK 4 4 ABC D E F G 24 H 32 33 8 Cash Budget 34 35 Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and 36 Payables of 12/31/x1 will have a cash impact in 20x2.) 44 45 1 15.00% of sales for the year are made in November and December Since our customers have 60 day terms 48 those funds will be collected be collected in January and February 47 2. 84.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 48 3. All other manufacturing and operating costs are paid for when incurred 56 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses 57 5. Minimum Cash Balance needed for 20x2, $190,000 58 I See The Light 59 Projected Cash Budget 30 For the Year Ending December 31, 20x2 Round dollars to two places, $ 34710 68 09 70 71 72 80 81 82 83 84 92 93 Beginning Cash Balance Cash Inflows Sales Collections Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available 1334000 0.85 $ $ $ 67500.00 11002) 1.133,900.00 110.031 1.238.110.00 110.041 Cash Outflows Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20X2 9 TO 11 12 13 14 $ 509 919.80 16 17 18 0.84 20 54000 $ 428,332 6311005] 23. Present Value Tables 75 19 Home sert age Layout Formulas Data Review View Developer Help Power Pivot Arial 10 ' X Cut In Copy Format Painter Paste = 2 Wrap Text 3 Merge & Center BIU $ % &8 Conditional for Formatting Tobe Clipboard Font Alignment Number 1121 X fy F G H 1 1334000 K $ 67 500 0011002) $ 1,133,900.00 11003) $ 1236.110.00 110.04) 0.85 $ 509,919.80 0.84 ABO D E 72 Account Receivable (Sales last year not collected) 80 Sales made and collected in 20x2 81 Cash Available 82 83 Cash Outflows 84 Purchases 92 Accounts Payable (Purchases last year) 93 Material purchases made and paid for in 20x2 94 Other Manufacturing Costs 95 Direct Labor 90 Total Manufacturing Overhead 104 Selling and Administrative 105 Loss Depreciation 108 Total Cash Outflows 107 108 Budgeted Cash Balance before financing 116 Needed Minimum Balance 117 118 Amount to be borrowed (if any) 119 120 Budgeted Cash Balance $ $ $ $ 54000 428,332 83110.05) 267,095 38 88.945 83 818 373 64 $189.183.25 2007.00 110.06) 985, 529 89 110.07) $280 000 a $45,500.00 $ $ $ 250 580.1111008) 190000 $ 110.00 > $ 250 580.11 110 101 122 123 124 125 126 127 128 129 Arad 10 A == 23 w Test 5. Mergea come Font Painte $ % 48 Conditional formato del Tomate Deuteloma Font Number 1127 1 X A B D E F 4 20x2 Cost Rounded to 7 Decimal Places 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit 5 6 7 B 9 10 11 12 13 Total variable manufacturing cost of one unit $ 19.68400000 (11.01) + 20x2 Cast Rounded to 2 Decimal Places $ 46.00 29000 $ 1,334,000.00 22 10 Budgeted Operating Income Using Variable (Direct) Costing 23 24 Sales 25 26 Variable Cost of Goods Sold - Assume FIFO (First-In. First-Out) Beginning Inventory, Finished Goods (Variable Costing) Production Costs: 37 Materials 38 Figurines Electrical Parts Lamp Shades Labor s 56 775.00 (11.02) $ $ $ $ 284, 464.00 38,650.00 185 640.00 68.945,63 11 D E F G 4 61 62 63 64 65 uuu B Less Ending Inventory, Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, Sw##) Variable Administrative (Round to two places, S.##) Total Variable Costs Contribution Margin Fixed Costs Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income, Variable Costing $ $ $ $ H 73,740.00 11.04) 567.830.01 93.177.00 (11.05) 1.486 25 (11.06) 662,493 26 671,506.74 (11.07) $ $280,000 29,000.00 $45,500.00 334,500.00 (11.08) 337.006.74 (1109) s $ es 75 76 77 78 B7 B8 89 90 91 100 101 102 103 104 113 114 115 116 117 337,006.74 (11.10) Operating Income, Absorption Operating Income. Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) Budgeted Fixed Overhead Budgeted Number of Units to be produced Budgeted Fixed Cost Per Unit (Round to 7 decimals ######## Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory) $260.000 29,750.00 8.74 (11.11) val $ 32.773.11 (11.12) [11.13) 32.773.11 (11.14 $
