Master Budget for: Serious Business, Inc. Enter your name: Enter your ID The facts for this problem are presented on the Facts tab of this workbook. Instructions - Your solutions should be clearly labeled on the Solutions tab of this workbook. For the first quarter of 2019, do the following. (a) Prepare a sales budget. This is similar to Illustration 21-3on page 1088 of your textbook. (b) Prepare a production budget. This is similar to llustration 21-5 on page 1089 of your textbook. (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to lilustration 21-7 on (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to litu (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar Rules: *Use Excel's functionality to your benefit. Points are lost for lack of formula. Use proper formats for schedules, following the referenced textbook examples Use dollar-signs and underscores where appropriate Double-check your work! Verify your formula and logic! Grading Guidelines Effective Use of Excel Facts, Logic Completeness Spelling, Punctuation, Value Format 40% 20% 30% 10% Serious Business, Inc. The company is preparing its budget for the coming year, 2019. The first step is to plan for the first of that coming year. The following information has been gathered from their managers. Sales Information Period Units November December January February March 114,000 Actual 102,000 Actual 112,000 Planned 113,000 Planned 116,000 Planned 125,000 Planned 137,500 Planned ri May Unit selling price 12.00 Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory Accounts Receivable & Collections Sales on Account 100% Collections Activity Month of Sale Month after Sale Balance at 12/31/18 85% 15% 185,000.00 $ Materials Inventory Costs & Planning Direct Materiais Amount Used per Unit Cost 0.75 lb Metal The company likes to keep 5% of the material needed for the next month's production in materials ending inventory 2 lb Accounts Payable & Disbursements Purchases on Account 100% Payment Activity Month of Purchase Month after Purchase Balance at 12/31/18 50% 50% 120,000 Direct Labor & Costs Time per Unit Production Pay Rate/Hour 12 minutes 8.00 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor 0.30 0.50 Utilities Maintenance 0.45 0.25 Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial 42,000 16,800 2,675 1,200 1,300