I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 75000 $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 7 5,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 90,000.00 200,210.00 S Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ 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: 5 1.125.000.00 750,000.00 $375,000.00 1. Production Budget Sales 25,000 lamps @ 545.00 Cost of Goods Sold $20.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 98,000.00 $ 23,000.00 75,000.00 S42,000.00 50,000.00 2. Materials Budget 92,000.00 190.000.00 ESTOU,00 3. Direct Labor Budget 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 34,710.00 67,500.00 8. Cash Budget Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Cument Assets Notes for Budgeting: 8,000.00 500 @ $16.00 3000 @ $30.00 $ 90,000.00 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 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%. $ 20,000.00 6.800.00 13.200.00 $213.410.00 4 Factory Overhead Budget $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained kamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 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 $ 12,000.00 147.410.00 18.09) (8.10) 159.410.00 $ 213.410.00 Total Factory Overhead (Round to two places, $####) (8.11) 4 Fectory Overeed Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 19.01) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 19.02) (9.03) Total cost of one unit (Round to two places, $####) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 75000 $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 7 5,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 90,000.00 200,210.00 S Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ 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: 5 1.125.000.00 750,000.00 $375,000.00 1. Production Budget Sales 25,000 lamps @ 545.00 Cost of Goods Sold $20.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 98,000.00 $ 23,000.00 75,000.00 S42,000.00 50,000.00 2. Materials Budget 92,000.00 190.000.00 ESTOU,00 3. Direct Labor Budget 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 34,710.00 67,500.00 8. Cash Budget Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Cument Assets Notes for Budgeting: 8,000.00 500 @ $16.00 3000 @ $30.00 $ 90,000.00 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 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%. $ 20,000.00 6.800.00 13.200.00 $213.410.00 4 Factory Overhead Budget $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained kamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 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 $ 12,000.00 147.410.00 18.09) (8.10) 159.410.00 $ 213.410.00 Total Factory Overhead (Round to two places, $####) (8.11) 4 Fectory Overeed Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 19.01) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 19.02) (9.03) Total cost of one unit (Round to two places, $####)