I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales $ 1,125,000.00 750,000.00 $ 375,000.00 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 75,000.00 $ 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 $ $ 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 2 Materials Budget 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. Production Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 2. Materials Budget 3. Direct Labor Budget 3 Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 4 Factory Overhead Budget 8. Cash Budget Notes for Budgeting: 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 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%. Total Factory Overhead (Round to two places, $##.##) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales $ 1,125,000.00 750,000.00 $ 375,000.00 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 75,000.00 $ 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 $ $ 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 2 Materials Budget 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. Production Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 2. Materials Budget 3. Direct Labor Budget 3 Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 4 Factory Overhead Budget 8. Cash Budget Notes for Budgeting: 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 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%. Total Factory Overhead (Round to two places, $##.##)