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Page > of 2 Dimash Inc. is a recreational outfitter that provides quality products based around fun and water. The Company is now considering expanding its offerings to include specialty touring kayaks. Kayak By Design concept grew out of inspiration and experience of its resident sportsman and craftsman, Dimash Kudaibergen. Long before the paddle enters the water, each Kayak design begins with a pen stroke. With prototype in hand, the goal now is to open a Kayak Design and Sales Center on January 1, 2022. To make the decision, Dimash planning group requires a master budget for the center's first quarter of operation (i.e., January, February, March of 2022). Requirements: 1 Based on the following estimates, you are asked to construct a three-month master budget for the months January, February and March. a. The Company owners will contribute $30,000 cash to get this center started. b. Its capital expenditures projection require that the Company purchase $208,000 of equipment on January 2 for the new center. The equipment supplier allows a thirty-day trial period. The company expects pay for the equipment on or before January 31, 2022. The equipment is expected to have a 10- year useful life and a $18,000 salvage value. Market research and various meetings with sales staff has produced the following sales projections: January 400 kayaks February 450 kayaks March 500 kayaks April 600 kayak Each Kayak is priced to sell at $750.50% of the sales will be cash and 50% will be credit. Prepare a sales budget. d. The company expects to collect 30% of accounts receivable in the month of sale and 70% of accounts receivable in the month following the sale. Prepare a schedule of expected cash receipts. c. Page 5 > of 2 a e. The company policy is to have finished goods ending inventory of Kayaks in a month equal to 20% of the next month's anticipated sales. Prepare a production budget f. Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next month. The finishing kits can be assembled as they are needed. The company maintains a smaller inventory of the finishing kits, only 10% of the number needed for production in the next month. The polyethylene powder used in these kayaks costs $1.75 per pound, and the finishing kits cost $140 each. Prepare a direct materials budget. g. Materials inventory purchases will all be on account. The company would pay 80% of accounts payable in the month of purchase. It will pay the remaining 20% in the following month. Prepare a schedule of expected cash payments for inventory purchases. h. Production of a single kayak requires 2 hours of time by more skilled type I employee and 3 hours of finishing time by less skilled type II employees. Type I employees are paid $18 per hour, and type II employees are paid $14 per hour. Prepare a labor budget. 100% of direct labor is paid in the month incurred. i. Manufacturing overhead is assigned at 150% of labor costs. Depreciation on equipment is included in the assigned overhead (i.e., covered by the 150% rate). Prepare a manufacturing overhead budget. Manufacturing overhead, except depreciation, is paid in the month incurred. j. Use the information developed in requirements above to determine Cost per Kayak. k. Prepare a selling and administrative expense budget. Budgeted monthly selling and administrative expenses are: $ 30 Variable Cost per unit sold* Fixed Cost Salary Expense Rent Utilities Miscellaneous Insurance 20,000 4,500 1,400 1,350 500 * Variable cost of $30 includes sales commission of $20 per unit sold. 1. Sales commission and utilities are paid in the month after the month in which they are incurred. All other expenses are paid in the month in which they are incurred. Prepare a schedule of cash payments for selling and administrative expenses. m. The company is subject to 20% income tax. n. Using a line of credit, the company borrows and repays principal in increments of $1,000 on the last day of the month as needed. It pays interest of 0.5 percent (i.e. half of 1%)) per month in cash on the last day of the month. Company policy is to maintain an ending cash balance of at least $20,000. Use this and other information developed in requirements above to prepare a cash budget. B D E F G Sales Budget For the Quarter Ending March 31, 2022 Quarter January February March Quarter 400 450 500 1350 $750.00 $750.00 $750.00 $750.00 $300,000.00 $337,500.00 $375,000.00 $1,012,500.00 Expected sales in units Unit selling price Total Sales 2 3 4 5 March 6 Schedule of Expected Collections from Customers Collections by Month Sales January February Accounts receivable, 1/1/22 $0.00 Cash Collections $150,000.00 $168,750.00 January $150,000.00 $45,000.00 $105,000.00 February $168,750.00 $50,625.00 March $187,500.00 Total collections $195,000.00 $324,375.00 7 $187,500.00 8 9 10 $118,125.00 $56,250.00 $361,875.00 11 A B C D E G H Production Budget by Month For the Quarter Ending March 31, 2022 January February Expected sales in units 400 450 Add: Desired finished Goods units 90 100 Total required units 490 550 Less: Beginning Finished goods units 0 90 Required production units 490 460 March 500 120 620 Quarter 1350 310 1660 100 520 190 1470 Direct Materials Budget (for polyethylene powder) by Month For the Quarter Ending March 31, 2022 January February March Units to be produced 490 460 520 Direct materials per unit 54 54 54 Total pounds needed 26460 24840 28080 Add: Ending Direct Materials 6210 7020 8370 Total materials required 32670 31860 36450 Less: Beginning Direct Materials 0 6210 7020 Direct Materials purchases 32670 25650 29430 Cost per pound $1.75 $1.75 $1.75 Total cost of direct materials purchases $57,172.50 $44,887.50 $51,502.50 Quarter 1470 162 79380 21600 100980 13230 87750 $5.25 $153,562.50 Quarter 1470 3 Direct Materials Budget (for finishing kits) by Month For the Quarter Ending March 31, 2022 January February March Units to be produced 490 460 520 Direct materials per unit 1 1 1 Total kits needed 490 460 520 Add: Ending Direct Materials 46 52 62 Total materials required 536 512 582 Less: Beginning Direct Materials 0 46 52 Direct Materials purchases 536 466 530 Cost per kit $140.00 $140.00 $140.00 Total cost of direct materials purchases $75,040.00 $65,240.00 $74,200.00 1470 160 1630 98 1532 $420.00 $214,480.00 Schedule of Expected Payments for Direct Materials Payments by Month Purchases January February March Accounts payable, 1/1/22 $0.00 January $132,212.50 $105,770.00 $26,442.50 February $110,127.50 $88,102.00 $22,025.50 March $125,702.50 $100,562.00 Total payments $105,770.00 $114,544.50 $122,587.50 Direct Labor Budget (for Type I employee) For the Quarter Ending March 31, 2022 Quarter January February March Units to be produced 490 460 520 Direct labor hours per unit 2 2 2 Total required direct labor hours 980 920 1040 Direct labor cost per hour $18.00 $18.00 $18.00 Total direct labor cost $17,640.00 $16,560.00 $18,720.00 Quarter 1470 2 2940 $18.00 $52,920.00 Direct Labor Budget (for Type II employee) For the Quarter Ending March 31, 2022 Quarter January February March Units to be produced 490 520 Direct labor hours per unit 3 3 3 Total required direct labor hours 1470 1380 1560 Direct labor cost per hour $14.00 $14.00 $14.00 Total direct labor cost $20,580.00 $19,320.00 $21,840.00 460 Quarter 1470 3 4410 $14.00 $61,740.00