ivision N has decided to develop its budget based upon projected sales of 31,000 lamps at 52.00 per lamp. he company has requested that you prepare a master budget for the year. This budget is to be used or planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Jotes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of vork-in-process, and electrical parts while increasing the inventory of Lamp Kits to 550 pieces and lecreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production {7.01} Projected Income Statement For the Period Ending December 31, 20x1 Sales 25,000 lamps ( $45.00 $1,125,000.00 Cost of Goods Sold (a) $30.00 Gross Profit Selling Expenses: Fixed $23,000.00 Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable (a) $2.00 $42,000.00 Total Selling and Administrative Expenses: Net Profit \begin{tabular}{rr} 190,000.00 \\ \hline$185,000.00 \\ \hline \hline \end{tabular} I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Imventory Raw Material \begin{tabular}{lrrr} Lamp Kits & 500@ & $16.00 & 8,000.00 \\ Work in Process & 0 & & - \\ Finished Goods & 3000@ & $30.00 & 90,000.00 \\ \hline Current Assets & & & 200,210.00 \end{tabular} Fixed Assets Equipment Accumulated Depreciation $20,000.006,800.00 Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities \begin{tabular}{ll} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity \begin{tabular}{rr} 159,410.00 \\ \hline$213,410.00 \\ \hline \hline \end{tabular} ivision N has decided to develop its budget based upon projected sales of 31,000 lamps at 52.00 per lamp. he company has requested that you prepare a master budget for the year. This budget is to be used or planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Jotes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of vork-in-process, and electrical parts while increasing the inventory of Lamp Kits to 550 pieces and lecreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production {7.01} Projected Income Statement For the Period Ending December 31, 20x1 Sales 25,000 lamps ( $45.00 $1,125,000.00 Cost of Goods Sold (a) $30.00 Gross Profit Selling Expenses: Fixed $23,000.00 Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable (a) $2.00 $42,000.00 Total Selling and Administrative Expenses: Net Profit \begin{tabular}{rr} 190,000.00 \\ \hline$185,000.00 \\ \hline \hline \end{tabular} I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Imventory Raw Material \begin{tabular}{lrrr} Lamp Kits & 500@ & $16.00 & 8,000.00 \\ Work in Process & 0 & & - \\ Finished Goods & 3000@ & $30.00 & 90,000.00 \\ \hline Current Assets & & & 200,210.00 \end{tabular} Fixed Assets Equipment Accumulated Depreciation $20,000.006,800.00 Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities \begin{tabular}{ll} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity \begin{tabular}{rr} 159,410.00 \\ \hline$213,410.00 \\ \hline \hline \end{tabular}