Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc Sot Input Values Back As of Apples to Fix the Format of All Dec. 31 Quarter in the 2021 Planning Year 20 20 In 2021 1st 1 at Quarter and 3rd 4th Sales Budget of 2022 Sales in Units Average Seling Price per Unit 10,000 units 14,000 urits 16,000 units 18,000 units Cach Collection Pattern for Sales In the : 1st Quarter $30 per unit $30 per unit |$12 per unit |$32 per unit 60%% 10% Remaincher 2nd Quarter 3rd Quarter Remainder 80% 4th Quarter Remainder 70% Remainder Production Budget Finished Units in Imentory - as of 12/31/2020 (the prior year]| 3,000 writes Forecasted Sales in Units - 1st Quarter of 2022 (next year)| % of the Next Oir.'s Sales in Units to Have in This Qir.'s Ending Imentary 12.000 uriits Raw Materials Budget Ounces of PlasticSted Powder (PSP) Required par Frished Unit of Next Otr.'s "Ounces of PSP Required" to Have in This Qt's Ending Inve 10 cuz 20% Ounces of PSP in Raw Materials Imentory - as of 12/31/2020 (the prior year)| 15,000 az Forecasted "Ounces of PSP Required" in the 1st Qu of 2022 (next year)| Cast of PAP per Ounce 130,000 0z Cach Fay ment Fatte m for PCP Purchased In the : 1 at Quarter $1 20 per az $1.10 per oz $1.10 per oz $1.20 per az 40% 30% 2nd Quarter Remainder 60% 3rd Quarter 20% Remainder 70% 4th Quarter Remainder 80% Direct Labor Budget Direct Labor Hours (Irs) per Finished Unit Average Cast of a Direct Labor Hour 0.20 hurs $18 per har $20 per hour $20 per hour $18 per Fwar Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (DUH) Total Fixed Manufacturing Overhead Cast per Quarts 36 per DLH Depreciation per Quarter Included in Fixed Manufacturing Overhead $50,000 $7,000 Finished Goods Inventory Budget No Required Input Data Cost of Goods Sold Budget Only Required Input Data Is on the Prior Year Balance Sheet below Selling, General, and Administrative (SG&A) Budget Variable SG &A Cast per Unit Sold Advertising Foved Cost $4 per unit Salary Fixed Cost $5,000 $40,000 $5,000 $40,000 $15,000 Mall Kiosk Rental Fixed Cost per Quarter $45,000 $1 5,000 $2,000 $50,000 Liities Fixed Cost per Quarter $1,000 Property Taxes Depreciation $12,000 $12,000 $12,000 $13,000 $12,000 $14,000 Cash Budget Equipment Purchases Dividends $20,000 SO $10,000 $15,000 20,000 Arrual Interest Rate Charged by the Bank on the Bank Loan 6%% $20,000 $20,000 Income Statement No Reg wired Input Data Prior Year Balance Sheet as of Dec. 31, 2020 $24,000 Accounts Receivable Raw Material Imentory $1 25,000 Finished Goods Imentary $18,000 360,000 Property, Pant & Equoment, gross Accumulated Depreciation $7 23,000 ($260,000) Total Assets $6 50.000 Accounts Payable $28,000 Bank Loan Common Stock Retained Eamings $160,000 Total Liabilities & Equity 3442,000 movavi $6 50.000 Screen RecorderSales Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 Test My MyArmor, Inc. Quarter in the 2021 Planning Year Full Year A 1st 3rd 4th Total Sales in Units 10,000 units 14,000 units 16,000 units 18,000 units 58,000 units C times Average Selling Price per Unit $30 per unit $30 per unit $32 per unit $32 per unit Total Dollar Sales $300,000 $420,000 $512,000 $576,000 $1,808,000 Check Amount - $300,000 Check Amount - $1,808,000 Fix the Format of All B Calculation of Cash Collections - for the Cash Budget D. 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Collection of Dec. 31, 2020 Accounts Rec. $125,000 Collection of 1st Qtr Sales $180,000 $30,000 $90,000 E Collection of 2nd Qtr Sales $252,000 $168,000 Collection of 3rd Qtr Sales $409,600 $102,400 Partial Collection of 4th Qtr Sales $403,200 Total Cash Collections $305,000 $282,000 $667,600 $505,600 Check Amounts $305,000 $282,000 6667,600 6505,600 Calculation of the December 31, 2021 Accounts Receivable - for the Balance Sheet Total Dollar Sales 4th Quarter (per above) $576,000 less 4th Quarter Sales Already Collected (per above) ( ) ($403,200) Accounts Receivable as of December 31, 2021 $172,800 Check Amount + G $172,800 Multiple Choice Questions 1. Which one of the following statements is correct? Answer: A. All white cells in the Sales Budget, and in the other budgets, must contain numbers. B. Some white cells in the Sales Budget, and in the other budgets, can be left blank. C. All white cells in the Sales Budget, and in the other budgets, must contain Excel formulas. D. None of the above statements are correct. 2. Which one of the following statements is correct? Answer A. The Sales Budget uses data from the Cash Budget. B. Sales in Units on the Sales Budget will be an input to the Production Budget. C. Total Dollar Sales on the Sales Budget will be an input to the Forecasted Balance Sheet. D. None of the above statements are correct. movavi Screen RecorderProduction Budget - for the Prot Planning Year Jan. 'I to Dec. 31, 2021 Test My MyArmor, Inc. Quarter in the 2021 Planning Year Full Year Ali Units are Finished Units (Finished Ceii Phone Covers)| Total Units Sales in Units (irom Sales Bu plus Units Needed in Ending Inventory Iess Units Available from Beginning Inventory I )5 Finished Units to Produce Check Amounts 0,800 units 16,000 units 18,400 units 13,200 units Fix the Format of All Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Production Budgetpdf document, Answer: what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 20? A. 110 B. 100 C. 90 D. 80 2. Which E of the following statements is correct? Answer: v A. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. B. Total Dollar Sales on the Sales Budget is an input to the Production Budget. C. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. D. None of the above statements are correct. -:- movovi Screen Recorder Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year Full Year 1st 20d Total Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder [PsP] Required per Finished Unit Ounces of PsP Required to Produce the Finished Units Ounces of PSP Required to Produce the Finished Units plus Ounces of PSP Needed in Ending Raw Materials Inventory| less Ounces of PSP Available from Beginning Raw Materials Inventory () ..... Total Ounces of PSP to Purchase [ Total Ounces of PSP to Purchase . times Cost of PsP per Ounce A Total Cost of PsP Purchases Check Amount + $138,000 Check Amount + $668,160 Fix the Format of All White Calculation of Cash Payments for Raw Materials - for the Cash Budget Ist Qir. 2nd Qur. 3rd Qur. 4th Qur. Payment of December 31, 2020 Accounts Payable .Payment of 1st Our PEP Purchases Payment of 2nd Otr PsP Purchases Payment of 3rd Our PEP. Purchases (9535..*."** *.martial Payment of 4th Qu PEP Purchases Total Cash Payments for PSP Check Amounts + $83,200 $150,16 $211,328 $219,881 Calculation of December 31, 2021 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of PsP Purchases less Partial Payment of 4th Qtr PEP Purchases ( )| Accounts Payable as of December 31, 2021 Check Amount + $31,584 Calculation of Dec. 31, 2021 Raw Materials Inventory [FIFO] for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of PSP in Ending Raw Materials Inventory times 4th Quarter Cost of PsP per Ounce Raw Materials Inventory as of December 31, 2021 Check Amount + $31,200 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Raw Materials Budget.pdf document, what would Answer: be Total Cost of Raw Material Purchases if Pounds of Raw Material Needed in Ending Raw Materials Inventory were 30 rather than 25? A. $635 B. $625 C. $645 D. $615 2. Which one of the following statements is correct? A. Total Cost of PsP Purchases on the Raw Materials Budget will be an input to the Forecasted Income Statement. Answer : B. Total Cost of PSP Purchases on the Raw Materials Budget will be an input to the Forecasted Balance Sheet C. Total Cost of PEP Purchases on the Raw Materials Budget will be an input to the Cost of Goods Sold Budget. D. None of the above statements are correct movavi Screen RecorderDirect Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 Test My MyArmor, Inc. Quarter in the 2021 Planning Year Full Year 1st End 4th Total Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount + $35.280 Check Amount + $220.400 Fix the Format of All White Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Cash Payments for Direct Labor * MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor $'s Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Direct Labor Budget.pdf document, Answer: what would be Total Direct Labor $'s if Finished Units to Produce were 80 rather than 100? A. $40 B. $500 C. $600 D. $700 2. Which one of the following statements is correct? Answer: A. The Direct Labor Budget is more difficult than the Raw Materials Budget. B. Total Direct Labor Hours is an input to the Cost of Goods Sold Budget C. Total Direct Labor $'s is an input to the Manufacturing Overhead Budget. D. None of the above statements are correct. movavi Screen RecorderManufacturing Overhead Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year Full Year 1st Total Total Direct Labor Hours ( from Direct Labor Budget ) times Variable Overhead Cost Rate per Direct Labor Hour (DLH) equals Total Variable Manufacturing Overhead Cost plus Total Fixed Manufacturing Overhead Cost Total Manufacturing Overhead Cost Check Amount + $61,760 Check Amount + $268 250 Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget Full Year 1st Qtr. 2nd Qtr. 3rd Otr. 4th Qtr. Total Total Manufacturing Overhead Cost (per above] |.. less Depreciation Included in Manufacturing Overhead ( ) Total Cash Payments for Manufacturing Overhead Check Amounts + $54.760 $62.200 $65.080 $58.840 Fix the Format of All White Cells Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget _and Restore the Formula in Cell D28 Full Year Total Manufacturing Overhead Cost divided by Full Year Total Direct Labor Hours equals Predetermined Overhead Rate per Direct Labor Hour (DLH)| $0 per DLH A Check Amount + $23 Multiple Choice Questions 1. Using the data in the simple example on Pg. 3 of the Manufacturing Overhead Budget.pdf document. Answer: what would be Total Manufacturing Overhead Cost if Total Direct Labor Hours were 200 rather than 100? A. $400 B. $450 C. $600 D. $650 2. Which one of the following statements is correct? Answer: A. Total Variable Overhead Cost does not change when the level of manufacturing activity changes. B. Total Fixed Overhead Cost does not change when the level of manufacturing activity changes. C. Total Manufacturing Overhead Cost is an input to the Cash Budget. D. Total Cash Payments for Manufacturing Overhead is an input to the Cost of Goods Sold Budget movavi Screen RecorderFinished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test Ily Calculation of 4th Quarter Production Cost per Finished Unit Quantity Required A Total Cost per Finished Unit PSP [ Raw Materials] Ath Our Cost . Der Finished Unit B Direct Labor Manufacturing Overhead [applied based on Direct Labor Hours)| 4th Qtr. Production Cost per Finished Unit Check Amount + $20.20 Calculation of Finished Goods Inventory (FIFO) as of Dec. 31, 2021 Units in 4th Qtr. Finished Goods Ending Inventory (from Production Budget )| times 4th Qtr. Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2021 Check Amount + $48,480 Fix the Format of All White Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Finished Goods Inventory Budget.pdf Answer: document, what would be the value of the 100 Finished Units if 4th qtr. cost of an hour of Direct Labor was $8 rather than $10? A. $6,000 B. $6,800 C. $7,600 D. $8,400 2. Which one of the following statements is correct? A. Finished Goods Inventory as of Dec. 31, 2021 is an input to the Cash Budget. Answer: B. Finished Goods Inventory as of Dec. 31, 2021 is an input to the Raw Materials Budget C. Finished Goods Inventory as of Dec. 31, 2021 is an input to the Cost of Goods Sold Budget. D. None of the above statements are correct. movavi Screen RecorderCost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 Test My Budget MyArmor, Inc. Raw Materials Inventory Raw Materials Inventory as of January 1, 202- plus Total Cost of PSP Purchases for 2021 (from Raw Materials Budget) less Raw Materials Inventory as of December 31, 2021 (from Raw Materials Budget) ( ) equals Cost of Raw Materials Transferred to Work-in-Process Inventory Work-in-Process Inventory (WIP) Work-in-Process Inventory as of January 1, 2021 :0 Fix the Format of All White Cells plus Cost of Raw Materials Transferred to Work-in-Process Inventory and Restore the Zeros in Cells D14 and D18 plus Total Direct Labor $'s for 2021 [from Direct Labor Budget) plus Total Manufacturing Overhead Cost for 2021 (from Manufacturing Overhead Budget ] less Work-in-Process Inventory as of December 31, 2021 ( ) equals Cost of Work-in-Process Transferred to Finished Goods Inventory Finished Goods Inventory and Cost of Goods Sold Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory less Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) ( ) Cost of Goods Sold Check Amount + $1,155,760 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Cost of Goods Sold Budget.pdf Answer: document, what would be Cost of Goods Sold if Raw Materials Inventory as of December 31, 2021 was $$25 rather than $20? A. $990 B. $995 C. $1,000 D. $1,005 2. Which one of the following statements is correct? Answer: A. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Balance Sheet. B. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Cash Budget. C. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Income Statement. D. None of the above statements are correct movavi Screen RecorderSelling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year Full Year 1st 2n 3ro 4th Total SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost| Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost- Total SG&A Cost4 Check Amounts + $100,000 $166,000 Fix the Format of All White Calculation of Cash Payments - for the Cash Budget Full Year 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Total SG&A Cost [per above] less Depreciation Included in Total SG&A Cost ( ) Total Cash Payments for SG&A Check Amounts + $116,000 $127,000 Multiple Choice Questions 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document Answer what would be Total SG&A Cost if Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $150 B. $250 C. $350 0. $450 2. Which one of the following statements is correct? Answer: A. Total SG&A Fixed Cost changes based on the level of activity. B. Total SG&A Variable Cost changes based on the level of activity. C. Total SG&A Cost is an input to the Cash Budget. D. None of the above statements are correct. movavi Screen RecorderCash Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 Test Ily MyArmor, Inc. IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Loan Schedule located below the Ca Budget. Quarter in the 2021 Planning Year Full Year 1st ard 4th Total Beginning Cash Balance |plus Cash Collections (from Sales Budget ) less Payments for PSP [ Raw Materials] (from Raw Materials Budget) ( ) less Payments for Direct Labor (from Direct Labor Budget) ( ) less Payments for Manufacturing Overhead (from Manufacturing OH Budget) ( ) less Payments for SG&A (from SG&A Budget] ( ) less Payments for Equipment Purchases ( ] less Payments for Dividends ( ] Excess Cash or (Deficiency of Cash) belove Borrowings. Axeawments. Interest plus Additional Borrowings from the Bank during the quarter less Repayments Made to the Bank during the quarter ( ] Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter ( ) Ending Cash Balance C $24.271 Check Amounts 24.793 Fix the Format of All White See IMPORTANT box above Cells and Loan Schedule -- Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 4th Qtr. Beginning Loan Balance Before Additional Borrowings and Repayments| plus Additional Borrowings less Repayments ( ] Ending Loan Balance After Additional Borrowings and Repayments Check Amount + $18,259 Multiple Choice Questions 1. Using the 1st Otr. data in the simple example on Pg. 2 of the Cash Budget. pdf document, what would be Answer: Ist Qtr. Interest Paid on the Bank Loan if 1st Otr. Cash Collections were $300 rather than $500? A. $12 B. $14 C. $16 D. $18 2. Which one of the following statements is correct? Answer: A. Ending Cash Balance on the Cash Budget is an input to the SG&A Budget. B. Ending Cash Balance on the Cash Budget is an input to the Forecasted Income Statement. C. Ending Cash Balance on the Cash Budget is an input to the Sales Budget. D. None of the above statements are correct. " movavi Screen RecorderForecasted Income Statement for the Prot Planning Year Ending December 31, 2021 Test My Budget l MyArmor, Inc. Dollars Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) { ] Gross Prot; Jess SG&A Cost (from sea. Budget) { 1 Operating Income; less Interest Expense (from Cash Budget) [ l E Net Income (Net Loss) Check Amount 'P $114,430 Fix the Format MA" I -:- movuvi Screen Recorder Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2021 Test My Budget MyArmor, Inc. IMPORTANT Before "Wiring-Up" the Balance Sheet, complete the PP&E. Accumulated Depreciation, and Retained Earnings schedules as of December 31, 2021 located below the Balance Sheet Assets Dollars Current Assets Cash (from Cash Budget) 0.00% Accounts Receivable (from Sales Budget) 0.00% Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% Property, Plant, and Equipment, gross (from schedule below) 0.00% Jess Accumulated Depreciation ( ) (from schedule below) 0.00% Property, Plant, and Equipment, net 0.00% Total Assets 0.00% Check Amount $686,273 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget] 0.00% Bank Loan (from Cash Budget) 0.00% Total Current Liabilities 0.00% Stockholders' Equity Common Stock 0.00% Retained Earnings (from schedule below ) 0.00% Total Stockholders' Equity 0.00% Total Liabilities and Stockholders' Equity 0.00% Check Amount - $686,273 Fix the Format of All Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property, Plant, and Equipment, gross Property, Plant, and Equipment, gross as of Dec. 31, 2020 plus Equipment Purchases - Full Year Total (from Cash Budget Property, Plant, and Equipment, gross as of Dec. 31, 2021 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2020 ( ) add Depreciation - Full Year Total (from Manufacturing Overhead Budget) ( ) add Depreciation - Full Year Total (from SG&A Budget) ( ) Accumulated Depreciation as of Dec. 31, 2021 ( ) Retained Earnings Retained Earnings as of Dec. 31, 2020 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) ( ) Retained Earnings as of Dec. 31, 2021 movavi Screen Recorder