Land O'Lakes Balance Sheet as of December 31, 2023 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities and Equities } \\ \hline Cash & $318,000,000 & Accounts Payable & 31,000,000 \\ \hline Accounts Receivable & 79,000,000 & Notes Payable & $120,000,000 \\ \hline Raw Materials Inventory & 6,144,600 & Interest Payable & 4,800,000 \\ \hline Finished Goods Inventory & 12,000,000 & Common Stock & $800,000,000 \\ \hline Property, Plant and Equipment, net & $1,300,000,000 & Retained Earnings & $759,344,600 \\ \hline Total Assets & $1,715,144,600 & Total Liabilities and Equities & $1,715,144,600 \\ \hline \end{tabular} Production Budget \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{5}{|c|}{2024} & \multicolumn{2}{|c|}{2025} \\ \hline & & & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total & Quarter 1 & Quarter 2 \\ \hline \multicolumn{10}{|l|}{ Unit Sales } \\ \hline \multicolumn{10}{|c|}{ Plus: Desired FG Ending Inventory } \\ \hline \multicolumn{10}{|l|}{ Total Units Required } \\ \hline \multicolumn{10}{|c|}{ Less: FG Beginning Inventory } \\ \hline \multicolumn{10}{|l|}{ Units Produced } \\ \hline \multicolumn{10}{|c|}{ Variable Product Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Direct Materials Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Direct Labor Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Variable Overhead Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Total Variable Product Cost per Unit } \\ \hline \multicolumn{10}{|l|}{ CHECK TOTALS } \\ \hline \multicolumn{10}{|l|}{ Production: } \\ \hline Sum across 4 quarters & $ & - & & & & & & & \\ \hline Sum of Total column & $ & - & & & & & & & \\ \hline Difference & $ & - & (should be $0 ) & & & & & & \\ \hline Provided Check Figure & $ & 292,880,000 & (check for match) & & & & & & \\ \hline \multicolumn{10}{|c|}{ Variable Product Cost per Unit: } \\ \hline Provided Check Figure & $ & 4.00 & (check for match) & & & & & & \\ \hline \end{tabular} Land O'Lakes Sales and Collections \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Projected Sales Budget } \\ \hline & \multicolumn{5}{|c|}{2024} \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total \\ \hline \multicolumn{6}{|c|}{ Total Pounds of Butter Sold } \\ \hline \multicolumn{6}{|c|}{ Selling Price per Pound of Butter } \\ \hline \multicolumn{6}{|l|}{ Total Sales } \\ \hline \multicolumn{6}{|c|}{ Expected Cash Collections Budget } \\ \hline & \multicolumn{5}{|c|}{2024} \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total \\ \hline \multicolumn{6}{|c|}{ Collections of Current Quarter Sales } \\ \hline \multicolumn{6}{|c|}{ Collections of Prior Quarter Sales } \\ \hline \multicolumn{6}{|l|}{ Total Cash Collections } \\ \hline \multicolumn{6}{|l|}{ CHECK TOTALS } \\ \hline \multicolumn{6}{|l|}{ Sales: } \\ \hline Sum across 4 quarters & $ & & & & \\ \hline Sum of Total column & $ & & & & \\ \hline Difference & $ & (should be $0 ) & & & \\ \hline Provided Check Figure & 1,787,30 & 0 (check for match) & & & \\ \hline \multicolumn{6}{|l|}{ Cash Collections: } \\ \hline Sum across 4 quarters & $ & & & & \\ \hline Sum of Total column & $ & & & & \\ \hline Difference & $ & (should be $0 ) & & & \\ \hline Provided Check Figure & 1,769,31 & 0 (check for match) & & & \\ \hline \end{tabular} Land O'Lakes ACCT 285 - Fall 2023 Excel Case \#3 INPUTS \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{2024 (Projected) } & \multicolumn{2}{|c|}{2025 (Projected) } \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Quarter 1 & Quarter 2 \\ \hline \multicolumn{7}{|l|}{ Sales } \\ \hline Pounds of Butter & 75,000,000 & 62,000,000 & 50,000,000 & 106,000,000 & 72,000,000 & 60,000,000 \\ \hline Selling Price per Pound (4 sticks) & 6.10 & & & & & \\ \hline \multicolumn{7}{|l|}{ Collections } \\ \hline Quarter of Sale & 85% & & & & & \\ \hline Quarter after Sale & 15% & & & & & \\ \hline \multicolumn{7}{|l|}{ Finished Goods Inventory } \\ \hline Ending FG Inventory Requirement & 4% & of next quarte & er's sales & & & \\ \hline Ending FG Inventory Units (December 31, 2023) & 3,000,000 & units ( 1 poun & dpkgw/4s & sticks) & & \\ \hline \multicolumn{7}{|l|}{ Raw Materials Inventory } \\ \hline Raw Materials (cream) Required per Pound of Butter & 1 & quart & & & & \\ \hline Raw Materials Cost per Quart & 2.75 & per quart & & & & \\ \hline Ending RM Inventory Requirement & 3% & of next quarte & er's productior & n needs & & \\ \hline Ending RM Inventory Units (December 31, 2023) & 2,234,400 & quarts & & & & \\ \hline Paid in Quarter of Purchase & 90% & & & & & \\ \hline Paid in Following Quarter & 10% & & & & & \\ \hline \multicolumn{7}{|l|}{ Direct Labor } \\ \hline Labor Required per Pound of Butter & 0.05 & hours & & & & \\ \hline Labor Cost per Hour & 18.00 & per hour & & & & \\ \hline \multicolumn{7}{|l|}{ Manufacturing Overhead } \\ \hline Variable & 0.35 & per pound of & butter & & & \\ \hline Fixed & $20,000,000 & per quarter & & & & \\ \hline Noncash Fixed (included in above) & $14,000,000 & per quarter & & & & \\ \hline \multicolumn{7}{|l|}{ Selling \& Administrative Expenses } \\ \hline Variable & 0.25 & per pound of & butter & & & \\ \hline Fixed & $68,000,000 & per quarter & & & & \\ \hline Noncash Fixed (included in above) & $19,000,000 & per quarter & & & & \\ \hline \multicolumn{7}{|l|}{ Cash } \\ \hline Minimum Cash Balance & $100,000,000 & & & & & \\ \hline Note Payable as of December 31,2023 & $120,000,000 & to be paid Ja & anuary 1,2024 & & & \\ \hline Interest Payable as of December 31,2023 & $4,800,000 & to be paid Ja & anuary 1,2024 & & & \\ \hline \multicolumn{7}{|l|}{ Other } \\ \hline Factory Equipment Purchase (capitalized) & $80,000,000 & 1st Quarter & & & & \\ \hline Corporate Headquarters Renovation (capitalized) & $140,000,000 & 3rd \& 4th Qu & Jarter & & & \\ \hline \end{tabular} Land O'Lakes Balance Sheet as of December 31, 2023 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities and Equities } \\ \hline Cash & $318,000,000 & Accounts Payable & 31,000,000 \\ \hline Accounts Receivable & 79,000,000 & Notes Payable & $120,000,000 \\ \hline Raw Materials Inventory & 6,144,600 & Interest Payable & 4,800,000 \\ \hline Finished Goods Inventory & 12,000,000 & Common Stock & $800,000,000 \\ \hline Property, Plant and Equipment, net & $1,300,000,000 & Retained Earnings & $759,344,600 \\ \hline Total Assets & $1,715,144,600 & Total Liabilities and Equities & $1,715,144,600 \\ \hline \end{tabular} Production Budget \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{5}{|c|}{2024} & \multicolumn{2}{|c|}{2025} \\ \hline & & & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total & Quarter 1 & Quarter 2 \\ \hline \multicolumn{10}{|l|}{ Unit Sales } \\ \hline \multicolumn{10}{|c|}{ Plus: Desired FG Ending Inventory } \\ \hline \multicolumn{10}{|l|}{ Total Units Required } \\ \hline \multicolumn{10}{|c|}{ Less: FG Beginning Inventory } \\ \hline \multicolumn{10}{|l|}{ Units Produced } \\ \hline \multicolumn{10}{|c|}{ Variable Product Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Direct Materials Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Direct Labor Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Variable Overhead Cost per Unit } \\ \hline \multicolumn{10}{|c|}{ Total Variable Product Cost per Unit } \\ \hline \multicolumn{10}{|l|}{ CHECK TOTALS } \\ \hline \multicolumn{10}{|l|}{ Production: } \\ \hline Sum across 4 quarters & $ & - & & & & & & & \\ \hline Sum of Total column & $ & - & & & & & & & \\ \hline Difference & $ & - & (should be $0 ) & & & & & & \\ \hline Provided Check Figure & $ & 292,880,000 & (check for match) & & & & & & \\ \hline \multicolumn{10}{|c|}{ Variable Product Cost per Unit: } \\ \hline Provided Check Figure & $ & 4.00 & (check for match) & & & & & & \\ \hline \end{tabular} Land O'Lakes Sales and Collections \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Projected Sales Budget } \\ \hline & \multicolumn{5}{|c|}{2024} \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total \\ \hline \multicolumn{6}{|c|}{ Total Pounds of Butter Sold } \\ \hline \multicolumn{6}{|c|}{ Selling Price per Pound of Butter } \\ \hline \multicolumn{6}{|l|}{ Total Sales } \\ \hline \multicolumn{6}{|c|}{ Expected Cash Collections Budget } \\ \hline & \multicolumn{5}{|c|}{2024} \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Total \\ \hline \multicolumn{6}{|c|}{ Collections of Current Quarter Sales } \\ \hline \multicolumn{6}{|c|}{ Collections of Prior Quarter Sales } \\ \hline \multicolumn{6}{|l|}{ Total Cash Collections } \\ \hline \multicolumn{6}{|l|}{ CHECK TOTALS } \\ \hline \multicolumn{6}{|l|}{ Sales: } \\ \hline Sum across 4 quarters & $ & & & & \\ \hline Sum of Total column & $ & & & & \\ \hline Difference & $ & (should be $0 ) & & & \\ \hline Provided Check Figure & 1,787,30 & 0 (check for match) & & & \\ \hline \multicolumn{6}{|l|}{ Cash Collections: } \\ \hline Sum across 4 quarters & $ & & & & \\ \hline Sum of Total column & $ & & & & \\ \hline Difference & $ & (should be $0 ) & & & \\ \hline Provided Check Figure & 1,769,31 & 0 (check for match) & & & \\ \hline \end{tabular} Land O'Lakes ACCT 285 - Fall 2023 Excel Case \#3 INPUTS \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{2024 (Projected) } & \multicolumn{2}{|c|}{2025 (Projected) } \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Quarter 1 & Quarter 2 \\ \hline \multicolumn{7}{|l|}{ Sales } \\ \hline Pounds of Butter & 75,000,000 & 62,000,000 & 50,000,000 & 106,000,000 & 72,000,000 & 60,000,000 \\ \hline Selling Price per Pound (4 sticks) & 6.10 & & & & & \\ \hline \multicolumn{7}{|l|}{ Collections } \\ \hline Quarter of Sale & 85% & & & & & \\ \hline Quarter after Sale & 15% & & & & & \\ \hline \multicolumn{7}{|l|}{ Finished Goods Inventory } \\ \hline Ending FG Inventory Requirement & 4% & of next quarte & er's sales & & & \\ \hline Ending FG Inventory Units (December 31, 2023) & 3,000,000 & units ( 1 poun & dpkgw/4s & sticks) & & \\ \hline \multicolumn{7}{|l|}{ Raw Materials Inventory } \\ \hline Raw Materials (cream) Required per Pound of Butter & 1 & quart & & & & \\ \hline Raw Materials Cost per Quart & 2.75 & per quart & & & & \\ \hline Ending RM Inventory Requirement & 3% & of next quarte & er's productior & n needs & & \\ \hline Ending RM Inventory Units (December 31, 2023) & 2,234,400 & quarts & & & & \\ \hline Paid in Quarter of Purchase & 90% & & & & & \\ \hline Paid in Following Quarter & 10% & & & & & \\ \hline \multicolumn{7}{|l|}{ Direct Labor } \\ \hline Labor Required per Pound of Butter & 0.05 & hours & & & & \\ \hline Labor Cost per Hour & 18.00 & per hour & & & & \\ \hline \multicolumn{7}{|l|}{ Manufacturing Overhead } \\ \hline Variable & 0.35 & per pound of & butter & & & \\ \hline Fixed & $20,000,000 & per quarter & & & & \\ \hline Noncash Fixed (included in above) & $14,000,000 & per quarter & & & & \\ \hline \multicolumn{7}{|l|}{ Selling \& Administrative Expenses } \\ \hline Variable & 0.25 & per pound of & butter & & & \\ \hline Fixed & $68,000,000 & per quarter & & & & \\ \hline Noncash Fixed (included in above) & $19,000,000 & per quarter & & & & \\ \hline \multicolumn{7}{|l|}{ Cash } \\ \hline Minimum Cash Balance & $100,000,000 & & & & & \\ \hline Note Payable as of December 31,2023 & $120,000,000 & to be paid Ja & anuary 1,2024 & & & \\ \hline Interest Payable as of December 31,2023 & $4,800,000 & to be paid Ja & anuary 1,2024 & & & \\ \hline \multicolumn{7}{|l|}{ Other } \\ \hline Factory Equipment Purchase (capitalized) & $80,000,000 & 1st Quarter & & & & \\ \hline Corporate Headquarters Renovation (capitalized) & $140,000,000 & 3rd \& 4th Qu & Jarter & & & \\ \hline \end{tabular}