I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 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: $ 1,125,000.00 750,000.00 S 375,000.00 1. Production Budget Sales 25,000 lamps @ $45.00 Cost of Goods Sold $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ 53.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Adiranistrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 2. Materials Budget $ 42,000.00 50,000.00 2.000 3. Direct Labor Budget $ 190.000.00 185,000.00 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement I See The Light Projected Balance Sheet As of December 31, 20x1 8. Cash Budget Cument Assets Notes for Budgeting $ 34,710.00 67,500.00 Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Cument Assets 500 @ $16.00 8,000.00 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 700 pieces and decreasing the finished goods by 20%. 3000 @ $30.00 90,000.00 s200.210.00 6 Selling and Admin. Budge! Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6.800.00 {9.04} 13,200.00 213.410.00 S Fixed Selling Variable Selling (Round to two places, $##.) Fibed Administrative Variable Administrative (Round to two places, S##.##) Total Seling and Administrative (Round to two places, $0.) 19.05 C 19.06) Gaads Sold Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Famings Total Stockholder's Equity Total Liabilities and Stockholder's Equity Round dolars to two places, S#### $ 54,000.00 $ 54,000.00 $ 12,000.00 147.410.00 159.410.00 S213.410.00 19.07) Budget Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Avelable for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 19.08 Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold 9.09) 19.10) {9.11) 29.12} {9.13) {9.14} I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 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: $ 1,125,000.00 750,000.00 S 375,000.00 1. Production Budget Sales 25,000 lamps @ $45.00 Cost of Goods Sold $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ 53.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Adiranistrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 2. Materials Budget $ 42,000.00 50,000.00 2.000 3. Direct Labor Budget $ 190.000.00 185,000.00 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement I See The Light Projected Balance Sheet As of December 31, 20x1 8. Cash Budget Cument Assets Notes for Budgeting $ 34,710.00 67,500.00 Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Cument Assets 500 @ $16.00 8,000.00 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 700 pieces and decreasing the finished goods by 20%. 3000 @ $30.00 90,000.00 s200.210.00 6 Selling and Admin. Budge! Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6.800.00 {9.04} 13,200.00 213.410.00 S Fixed Selling Variable Selling (Round to two places, $##.) Fibed Administrative Variable Administrative (Round to two places, S##.##) Total Seling and Administrative (Round to two places, $0.) 19.05 C 19.06) Gaads Sold Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Famings Total Stockholder's Equity Total Liabilities and Stockholder's Equity Round dolars to two places, S#### $ 54,000.00 $ 54,000.00 $ 12,000.00 147.410.00 159.410.00 S213.410.00 19.07) Budget Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Avelable for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 19.08 Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold 9.09) 19.10) {9.11) 29.12} {9.13) {9.14}