MASTER BUDGET PROJECT

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a Master Budget Project 2021 Insert Draw Page Layout Formulas Data Review View Tell me Share X 12 mno Tea - A A BU OY E B Merge Center $ % 3 Conditional Format Formatting a Tale Styles insert Del Format Select B D E F H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Fix the Format of All Yellow Cells Sales Budget Sales in Units Average Selling Price per Unit Cash Collection Pattern for Salles in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,000 units $30 per unit 60% 18.000 units $32 per unit 14.000 units $30 per unit 10% 80% 16.000 units $32 per unit Remainder Remainder 80% Remainder 70% Romainder 3,000 units Production Budget Finished Units in Inventory as of 12/31/2020 (the prior year) Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Qr's Sales in Units to Have in This Otr's Ending Inventory 12,000 units 20% 30% 40% 20% 10 OF 20% 15.000 2 130,000 2 $1.20 per oz Raw Materials Budget Ounces of PlasticSteel Powder (PSP) Required per Finished Unit % of Next "Ounces of PSP Required to have in this ar's Ending Inventory Ounces of Psp in Raw Materials inventory as of 12/31/2020 the prior year) Forecasted "Ounces of PSP Required in the 1st of 2022 (next year) Cost of Psp per Ounce Cash Payment Pattern for PsP Purchased in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Inputs Prod Rawat Dirlab $1.20 per 2 40% $1.10 perc 30% 60% $1.10 per o Remainder 20% 70% Remainder Remainder 80% InStar Remainder MICH Filoods CofGS SOA Canh MacBook Pro Condom ce Format SO fx Select B D E F G H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 My Armor, Inc. Set Input Values Back to Original Amounts Fix the Format of All Yellow Calle As of Dec. 31 2020 Applies to All Otrs in 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter 1st of 2022 Direct Labor Budget Direct Labor Hours (hr) per Finished Unit Average cost of a Direct Labor Hour 0.20 hrs $18 per hour $20 per hour $20 per hour $18 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (OLH) Total Fixed Manufacturing Overhead Cost per Quarter Depreciation per Quarter included in Fixed Manufacturing Overhead $6 per DLH $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 Show below 7 S4 per unit $5,000 $40,000 $5,000 $40,000 $15,000 $45.000 Selling, General, and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fred Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost per Quarter Utilities Fixed Cost per Quarter Inputs Sales Prod Durat $15.000 $50,000 0 1 $2.000 $1,000 Foods Start COGS Cash SOA Ready MacBook Pro DO F3 888 F4 FS SS % & A. Merge Center $% 9 29.0 set Format Xfx sont Select B D E F H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 My Armor, Inc. Set Input Values Back to Original Amounts Fix the Format of All Yellow Celle As of Dec. 31 2020 Applies to All Otrs in 2021 Quarter in the 2021 Planning Year 2nd 3rd $12,000 $0 $12,000 $13.000 1st Quarter of 2022 1st $0 $12,000 Property Taxes Depreciation $12,000 $14,000 Cash Budget Equipment Purchases Dividends Annual Interest Rate Charged by the Bank on the Bank Loan SO $20.000 SO $20,000 $10,000 $20,000 $15,000 $20.000 Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property. Plant & Equipment, gross Accumulated Depreciation Total Assets $24.000 $125,000 $18.000 $80.000 $723,000 15200,000 $600,000 Accounts Payable Bank Loan Common Stock Rear Fami Rawat DiLab $28.000 $60,000 $100,000 cm MOOH Inc. BSN FinGoods SGA Cols Inputs Sales Prod ady MacBook Pro bi 80 For F Se D F 0 1 3 Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Set Input Vues Back to Orginal Amounts 5 For the form of Al Yellow Calle As of Dec. 31 2020 Applies to All Qtrs. in 2021 7 60 Quarter in the 2021 Planning Year 2nd 3rd 1st 4th 1st Quarter of 2012 81 Income Statement No Required input Data 62 63 64 65 66 67 68 69 70 71 72 Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $24.000 $125.000 $18.000 $0 000 $723 000 5250.000 5630 000 Accounts Payable Bank Loan Common Stock Retained Eaming Total Liabilities & Equity S28 000 $10.000 $160.000 $442.000 $690,000 74 75 75 77 78 79 81 82 83 05 BE Fin Goods DUL SGA MOH Colos Raw Mat Inputs Start Sales Prod MacBook Pro 38 Bo 200 06 OSC F less Units Available from Beginning Inventory Finished Units to Produce Check mounts 9.800 units 16,000 units 18,400 units 13.200 units Fix the Format of All White Cells Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 207 A. 110 B. 100 C. 90 D. 80 2. Which one of the following statements is correct? 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 Answer: H Raw Materials Budget for the Profit Planning Your Jan 1 to Dec 31, 201 MyArmor, Inc. Quarter in the 2021 Planning Year 2nd 1 Full Year th Finished Units to produce from Production Budget time Ources of Plastic Powder (PP) Required per Finished Unt Ounces of PP Required to produce the Finished Units Ounces of Required to produce the Finished Units plus Our Pap Needed in Ending Raw Materials inventory foss Ounces of Psp Arable from Begiving Raw Materials inventory Total Ounces of PP to Purch Total Ounces of PP to Purchase times Cost of Pupper Ounce Total Cost of Pop Purch Out E NORXONNES Ath our Calculation Cash Payment to Raw Materials for the Budget Str 2nd Payment of December 31, 2090 Acer Payable Payment of Psp Purchase Payment of and OPP Pixhases Payment of OPP Phases Para Payment of Psp Purchase Total Cash Payments for PPL Calon December 2001 Aude for the dance sheet ch Quarter Tot Com of Psp Purchases foss Part Payment of th Or PP Purchase Accounts Payable of December 31, 2011 Calculaton DC122Raw Materials Inventory for the cost of Goods Sold Budget and the Balance Shoot TOTO Pin Erding How Materias Invertory Times 4h Quarter Cost of Pupper Ounce Raw Materials Inventory of December 31, 2021 GAR Answer 98888888888888 Multiple Choice Questione 1. Using the detais simple sample on Pg. 1 of the Budget po doon, what would De Tow Cost of Purchases of Pounds of Raw Material Needed in E Material inventory were 257 ASS B 95 C. 3645 D. 5615 Which of the following statement is com? A To Cost of PP Purchases on the Raw Materials Boot will be an input to the Forecasted comes 8. Total Cost of PP Purchases on the Raw Material Buio will be an input to the Forecasted Blace Shoot Total Cost of Psp Purchase on the Raw Materials Buge will be an input to the cost of Goods Sold Budget D. None of the above tomorro Araw B D E F G Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th 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 Cells 3rd Qtr. 4th Otr. Cash Payments for Direct Labor-for the Cash Budget 1st Qtr 2nd 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 Answer: 1. Using the data in the simple example on Pg. 1 of the Direct Labor Budget.pdf document, what would be Total Direct Labor $'s il Finished Units to produce were 80 rather than 100? A $400 B. $500 C. $600 D. $700 Answer: 3 2. Which one of the following statements is correct? 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. Manufacturing Overhead Budget - for the Proft Planning Year Jan. 1 to Dec. 31, 2021 MyArmor Inc. 3 Test My Budget 4 Quarter in the 2021 Planning Year 2nd 7 1st Full Year Total 3rd 4th 9 10 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 11 12 13 14 551,760 Check Amount 15 16 Full Year Total 17 3rd Qtr. 4th otr 18 19 20 21 Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget 1st otr 2nd Otr. Total Manufacturing Overhead Cost (per above) Jess Depreciation Included in Manufacturing Overhead Total Cash Payments for Manufacturing Overhead Check Arts $54,700 $2.200 $66.080 SSB 540 22 23 Fix the Format of All W and Restore the Formula in 25 26 Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget Ful 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 Check Amount $123 28 29 30 31 32 Answer: 34 35 36 37 38 39 Multiple Choice Questions 1. Using the data in the simple example on Pg. 3 of the Manufacturing Overhead Budget.pdf document, What would be Total Manufacturing Overhead Cost Total Direct Labor Hours were 200 rather than 1007 A. $400 B. $450 C. $600 D. $650 2. Which one of the following statements is correct? A. Total Vanable 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 Answer: 41 42 45 Wraplex Paste a. A Merge & Center $ % 2 Insert Conditional Format Cell Formatting as Table Styles Del B x fx A B E F D G Finished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Tou My Budget Total Cost per Finished Ung Calculation of 4th Quarter Production Cost per Finished Unit Quantity Required per Finished Unit 4th QtrCost PSP (Raw Materials Direct Labor Manufacturing Overhead (applied based on Direct Labor Hours) 4th Otr. 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 Our Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2021 Check Amount $48,480 Fix the Format Al White Cells 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? Answer: A Finished Goods Inventory as of Dec. 31,2021 is an input to the Cash Budget 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. 7 Cash Inputs Start SGA Sales Prod Raw Mat Dirlab FinGoods ColGS Ready 7 xvfx B C D E F Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My Budget Raw Materials Inventory Raw Materials Inventory as of January 1, 2021 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 $0 4 5 Restor Work-in-Process Inventory (WIP) Work-in-Process Inventory as of January 1, 2021 plus Cost of Raw Materials Transferred to Work-in-Process Inventory 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 6 7 (0) 8 9 20 21 Finished Goods Inventory and Cost of Goods Sold 23 24 Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory loss Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) 25 26 Cost of Goods Sold Check Amount 51.155.760 27 Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory Tess Finished Goods Inventory as of Dec 31, 2021 (from Finished Goods Inventory Budget) Cost of Goods Sold Check Amount $1,155.750 9 0 12 3 35 36 37 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 $207 A $990 B. $995 C. $1.000 D. $1,006 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. 39 40 42 43 45 46 47 48 49 50 51 53 55 56 57 58 59 80 81 82 63 64 55 88 67 fx B D E F G H Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Tota! 1st 4th 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 Cost Check Amounts - $100,000 $166,000 Fix the Format of All White Cells Full Year Total 3rd Qtr. 4th otr Calculation of Cash Payments - for the Cash Budget 1st Qtr. 2nd Qtr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost () Total Cash Payments for SG&A Check Amounts $110,000 $127.000 Multiple choice untione X fx B D E F G Total Cash Payments for SG&A Check Amounts $116.000 $127.000 Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Costit Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $150 B. $250 C. $350 D. $450 2. Which one of the follo statements is correct? 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. Answer: AutoSave OFF BESU: Master Budget Project 2021 Home Insert Draw Page Layout Formulas Data Review View Tell me == 2 Wrap Text a. Av Paste B Merge & Center $% 9 193 Conditional Format Cell Formatting as Table Styles C8 x fx B D E G 2. Cash Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Testy Budget 7 Full Year Total 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 IMPORTANT Before using the mounts, you must complete all 4 Quarter of the Cash Budget and the Loan Schedule lected below the Cash Budget Quarter in the 2021 Planning Year 1st 2nd 3rd 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) before Borowings, Repayments, terest plus Additional Borrowings from the Bank during the quarter 0 0 0 less Repayments Made to the Bank during the quarter() 0 0 0 Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter() 0 0 Ending Cash Balance $24.271 Check Amount See IMPORTANT box above Fix the Format of All White Cells and Restore the form in the Gray Cells Loan Schedule Calculation of the Bank Loan Balance for the interest Calculation and for the Balance Sheet 1st otr. 2nd Qir 3rd or Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings Jess Repayments Ending Loan Balance After Additional Borrowings and Repayments A 10 0 C $24.793 24 25 26 27 28 29 4th otr 30 B D E F G C $24,703 Ending Cash Balance $24271 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and Restore the Formulas in the Gray Cells Loan Schedule - Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 3rd Qtr Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments Ending Loan Balance After Additional Borrowings and Repayments Check Amount + 4th or + $18.259 Answer: Multiple Choice Questions 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Gtr. Cash Collections were $300 rather than $500? A. $12 B. $14 C. $16 D. $18 Answer: 2. Which one of the following statements is correct? 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. Start Inputs SGA Sales Prod Raw Mat CofGS Dirlab MIGOH FinGoods Ready Tell me LO Paste B TU A 29 Wrap Text Merge & Center EEE C8 4 x fx A B D EF 2 3 4 Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 5 6 2021 7 A 00 9 10 Dollars Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit less SG&A Cost (from SG&A Budget) Operating Income less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount $114,430 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11 2. 13 14 0.00% Fix the Format of All White Cells 15 16 17 18 19 20 21 erge & Center Conditional For Formatting as cio x fx A B D EF IMPORTANT Before Wiring-Up the Balance Sheet complete the PP&E, Accumulated Depreciation, and Retained Eamings schedules located below the Balance Sheet 14 2 Forecasted Balance Sheet 3 for the Profit Planning Year Ending December 31, 2021 4 Test My Budget MyArmor, Inc. 5 6 7 as of December 31, 2021 8 Assets Dollars % 9 Current Assets 0 Cash (from Cash Budget) 0.00% 11 Accounts Receivable (from Sales Budget) 0.00% 2 Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% 3 Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% 5 Property. Plant, and Equipment, gross (from schedule below) 0.00% 6 less Accumulated Depreciation () (from schedule below) 0.00% 7 Property, Plant, and Equipment, net 0.00% 8 Total Assets 0.00% 9 Check Amount $686 273 0 Liabilities and Stockholders' Equity Current Liabilities 2 Accounts Payable (from Raw Materials Budget) 0.00% 3 Bank Loan (from Cash Budget) 0.00% 4 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% 0 Check Amount $686.273 1 8 7 8 1 Fix the Format of All White Cells B D EF 0.00% 29 30 31 $686.273 32 33 Total Liabilities and Stockholders' Equity Check Amount Fix the Format of All White Cells 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 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 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 OL 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 52 53 54 55 56 57 58 59 a Master Budget Project 2021 Insert Draw Page Layout Formulas Data Review View Tell me Share X 12 mno Tea - A A BU OY E B Merge Center $ % 3 Conditional Format Formatting a Tale Styles insert Del Format Select B D E F H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Fix the Format of All Yellow Cells Sales Budget Sales in Units Average Selling Price per Unit Cash Collection Pattern for Salles in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,000 units $30 per unit 60% 18.000 units $32 per unit 14.000 units $30 per unit 10% 80% 16.000 units $32 per unit Remainder Remainder 80% Remainder 70% Romainder 3,000 units Production Budget Finished Units in Inventory as of 12/31/2020 (the prior year) Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Qr's Sales in Units to Have in This Otr's Ending Inventory 12,000 units 20% 30% 40% 20% 10 OF 20% 15.000 2 130,000 2 $1.20 per oz Raw Materials Budget Ounces of PlasticSteel Powder (PSP) Required per Finished Unit % of Next "Ounces of PSP Required to have in this ar's Ending Inventory Ounces of Psp in Raw Materials inventory as of 12/31/2020 the prior year) Forecasted "Ounces of PSP Required in the 1st of 2022 (next year) Cost of Psp per Ounce Cash Payment Pattern for PsP Purchased in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Inputs Prod Rawat Dirlab $1.20 per 2 40% $1.10 perc 30% 60% $1.10 per o Remainder 20% 70% Remainder Remainder 80% InStar Remainder MICH Filoods CofGS SOA Canh MacBook Pro Condom ce Format SO fx Select B D E F G H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 My Armor, Inc. Set Input Values Back to Original Amounts Fix the Format of All Yellow Calle As of Dec. 31 2020 Applies to All Otrs in 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter 1st of 2022 Direct Labor Budget Direct Labor Hours (hr) per Finished Unit Average cost of a Direct Labor Hour 0.20 hrs $18 per hour $20 per hour $20 per hour $18 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (OLH) Total Fixed Manufacturing Overhead Cost per Quarter Depreciation per Quarter included in Fixed Manufacturing Overhead $6 per DLH $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 Show below 7 S4 per unit $5,000 $40,000 $5,000 $40,000 $15,000 $45.000 Selling, General, and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fred Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost per Quarter Utilities Fixed Cost per Quarter Inputs Sales Prod Durat $15.000 $50,000 0 1 $2.000 $1,000 Foods Start COGS Cash SOA Ready MacBook Pro DO F3 888 F4 FS SS % & A. Merge Center $% 9 29.0 set Format Xfx sont Select B D E F H Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 My Armor, Inc. Set Input Values Back to Original Amounts Fix the Format of All Yellow Celle As of Dec. 31 2020 Applies to All Otrs in 2021 Quarter in the 2021 Planning Year 2nd 3rd $12,000 $0 $12,000 $13.000 1st Quarter of 2022 1st $0 $12,000 Property Taxes Depreciation $12,000 $14,000 Cash Budget Equipment Purchases Dividends Annual Interest Rate Charged by the Bank on the Bank Loan SO $20.000 SO $20,000 $10,000 $20,000 $15,000 $20.000 Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property. Plant & Equipment, gross Accumulated Depreciation Total Assets $24.000 $125,000 $18.000 $80.000 $723,000 15200,000 $600,000 Accounts Payable Bank Loan Common Stock Rear Fami Rawat DiLab $28.000 $60,000 $100,000 cm MOOH Inc. BSN FinGoods SGA Cols Inputs Sales Prod ady MacBook Pro bi 80 For F Se D F 0 1 3 Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Set Input Vues Back to Orginal Amounts 5 For the form of Al Yellow Calle As of Dec. 31 2020 Applies to All Qtrs. in 2021 7 60 Quarter in the 2021 Planning Year 2nd 3rd 1st 4th 1st Quarter of 2012 81 Income Statement No Required input Data 62 63 64 65 66 67 68 69 70 71 72 Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $24.000 $125.000 $18.000 $0 000 $723 000 5250.000 5630 000 Accounts Payable Bank Loan Common Stock Retained Eaming Total Liabilities & Equity S28 000 $10.000 $160.000 $442.000 $690,000 74 75 75 77 78 79 81 82 83 05 BE Fin Goods DUL SGA MOH Colos Raw Mat Inputs Start Sales Prod MacBook Pro 38 Bo 200 06 OSC F less Units Available from Beginning Inventory Finished Units to Produce Check mounts 9.800 units 16,000 units 18,400 units 13.200 units Fix the Format of All White Cells Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 207 A. 110 B. 100 C. 90 D. 80 2. Which one of the following statements is correct? 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 Answer: H Raw Materials Budget for the Profit Planning Your Jan 1 to Dec 31, 201 MyArmor, Inc. Quarter in the 2021 Planning Year 2nd 1 Full Year th Finished Units to produce from Production Budget time Ources of Plastic Powder (PP) Required per Finished Unt Ounces of PP Required to produce the Finished Units Ounces of Required to produce the Finished Units plus Our Pap Needed in Ending Raw Materials inventory foss Ounces of Psp Arable from Begiving Raw Materials inventory Total Ounces of PP to Purch Total Ounces of PP to Purchase times Cost of Pupper Ounce Total Cost of Pop Purch Out E NORXONNES Ath our Calculation Cash Payment to Raw Materials for the Budget Str 2nd Payment of December 31, 2090 Acer Payable Payment of Psp Purchase Payment of and OPP Pixhases Payment of OPP Phases Para Payment of Psp Purchase Total Cash Payments for PPL Calon December 2001 Aude for the dance sheet ch Quarter Tot Com of Psp Purchases foss Part Payment of th Or PP Purchase Accounts Payable of December 31, 2011 Calculaton DC122Raw Materials Inventory for the cost of Goods Sold Budget and the Balance Shoot TOTO Pin Erding How Materias Invertory Times 4h Quarter Cost of Pupper Ounce Raw Materials Inventory of December 31, 2021 GAR Answer 98888888888888 Multiple Choice Questione 1. Using the detais simple sample on Pg. 1 of the Budget po doon, what would De Tow Cost of Purchases of Pounds of Raw Material Needed in E Material inventory were 257 ASS B 95 C. 3645 D. 5615 Which of the following statement is com? A To Cost of PP Purchases on the Raw Materials Boot will be an input to the Forecasted comes 8. Total Cost of PP Purchases on the Raw Material Buio will be an input to the Forecasted Blace Shoot Total Cost of Psp Purchase on the Raw Materials Buge will be an input to the cost of Goods Sold Budget D. None of the above tomorro Araw B D E F G Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th 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 Cells 3rd Qtr. 4th Otr. Cash Payments for Direct Labor-for the Cash Budget 1st Qtr 2nd 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 Answer: 1. Using the data in the simple example on Pg. 1 of the Direct Labor Budget.pdf document, what would be Total Direct Labor $'s il Finished Units to produce were 80 rather than 100? A $400 B. $500 C. $600 D. $700 Answer: 3 2. Which one of the following statements is correct? 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. Manufacturing Overhead Budget - for the Proft Planning Year Jan. 1 to Dec. 31, 2021 MyArmor Inc. 3 Test My Budget 4 Quarter in the 2021 Planning Year 2nd 7 1st Full Year Total 3rd 4th 9 10 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 11 12 13 14 551,760 Check Amount 15 16 Full Year Total 17 3rd Qtr. 4th otr 18 19 20 21 Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget 1st otr 2nd Otr. Total Manufacturing Overhead Cost (per above) Jess Depreciation Included in Manufacturing Overhead Total Cash Payments for Manufacturing Overhead Check Arts $54,700 $2.200 $66.080 SSB 540 22 23 Fix the Format of All W and Restore the Formula in 25 26 Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget Ful 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 Check Amount $123 28 29 30 31 32 Answer: 34 35 36 37 38 39 Multiple Choice Questions 1. Using the data in the simple example on Pg. 3 of the Manufacturing Overhead Budget.pdf document, What would be Total Manufacturing Overhead Cost Total Direct Labor Hours were 200 rather than 1007 A. $400 B. $450 C. $600 D. $650 2. Which one of the following statements is correct? A. Total Vanable 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 Answer: 41 42 45 Wraplex Paste a. A Merge & Center $ % 2 Insert Conditional Format Cell Formatting as Table Styles Del B x fx A B E F D G Finished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Tou My Budget Total Cost per Finished Ung Calculation of 4th Quarter Production Cost per Finished Unit Quantity Required per Finished Unit 4th QtrCost PSP (Raw Materials Direct Labor Manufacturing Overhead (applied based on Direct Labor Hours) 4th Otr. 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 Our Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2021 Check Amount $48,480 Fix the Format Al White Cells 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? Answer: A Finished Goods Inventory as of Dec. 31,2021 is an input to the Cash Budget 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. 7 Cash Inputs Start SGA Sales Prod Raw Mat Dirlab FinGoods ColGS Ready 7 xvfx B C D E F Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My Budget Raw Materials Inventory Raw Materials Inventory as of January 1, 2021 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 $0 4 5 Restor Work-in-Process Inventory (WIP) Work-in-Process Inventory as of January 1, 2021 plus Cost of Raw Materials Transferred to Work-in-Process Inventory 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 6 7 (0) 8 9 20 21 Finished Goods Inventory and Cost of Goods Sold 23 24 Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory loss Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) 25 26 Cost of Goods Sold Check Amount 51.155.760 27 Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory Tess Finished Goods Inventory as of Dec 31, 2021 (from Finished Goods Inventory Budget) Cost of Goods Sold Check Amount $1,155.750 9 0 12 3 35 36 37 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 $207 A $990 B. $995 C. $1.000 D. $1,006 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. 39 40 42 43 45 46 47 48 49 50 51 53 55 56 57 58 59 80 81 82 63 64 55 88 67 fx B D E F G H Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Tota! 1st 4th 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 Cost Check Amounts - $100,000 $166,000 Fix the Format of All White Cells Full Year Total 3rd Qtr. 4th otr Calculation of Cash Payments - for the Cash Budget 1st Qtr. 2nd Qtr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost () Total Cash Payments for SG&A Check Amounts $110,000 $127.000 Multiple choice untione X fx B D E F G Total Cash Payments for SG&A Check Amounts $116.000 $127.000 Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Costit Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $150 B. $250 C. $350 D. $450 2. Which one of the follo statements is correct? 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. Answer: AutoSave OFF BESU: Master Budget Project 2021 Home Insert Draw Page Layout Formulas Data Review View Tell me == 2 Wrap Text a. Av Paste B Merge & Center $% 9 193 Conditional Format Cell Formatting as Table Styles C8 x fx B D E G 2. Cash Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Testy Budget 7 Full Year Total 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 IMPORTANT Before using the mounts, you must complete all 4 Quarter of the Cash Budget and the Loan Schedule lected below the Cash Budget Quarter in the 2021 Planning Year 1st 2nd 3rd 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) before Borowings, Repayments, terest plus Additional Borrowings from the Bank during the quarter 0 0 0 less Repayments Made to the Bank during the quarter() 0 0 0 Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter() 0 0 Ending Cash Balance $24.271 Check Amount See IMPORTANT box above Fix the Format of All White Cells and Restore the form in the Gray Cells Loan Schedule Calculation of the Bank Loan Balance for the interest Calculation and for the Balance Sheet 1st otr. 2nd Qir 3rd or Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings Jess Repayments Ending Loan Balance After Additional Borrowings and Repayments A 10 0 C $24.793 24 25 26 27 28 29 4th otr 30 B D E F G C $24,703 Ending Cash Balance $24271 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and Restore the Formulas in the Gray Cells Loan Schedule - Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 3rd Qtr Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments Ending Loan Balance After Additional Borrowings and Repayments Check Amount + 4th or + $18.259 Answer: Multiple Choice Questions 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Gtr. Cash Collections were $300 rather than $500? A. $12 B. $14 C. $16 D. $18 Answer: 2. Which one of the following statements is correct? 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. Start Inputs SGA Sales Prod Raw Mat CofGS Dirlab MIGOH FinGoods Ready Tell me LO Paste B TU A 29 Wrap Text Merge & Center EEE C8 4 x fx A B D EF 2 3 4 Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 5 6 2021 7 A 00 9 10 Dollars Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit less SG&A Cost (from SG&A Budget) Operating Income less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount $114,430 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11 2. 13 14 0.00% Fix the Format of All White Cells 15 16 17 18 19 20 21 erge & Center Conditional For Formatting as cio x fx A B D EF IMPORTANT Before Wiring-Up the Balance Sheet complete the PP&E, Accumulated Depreciation, and Retained Eamings schedules located below the Balance Sheet 14 2 Forecasted Balance Sheet 3 for the Profit Planning Year Ending December 31, 2021 4 Test My Budget MyArmor, Inc. 5 6 7 as of December 31, 2021 8 Assets Dollars % 9 Current Assets 0 Cash (from Cash Budget) 0.00% 11 Accounts Receivable (from Sales Budget) 0.00% 2 Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% 3 Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% 5 Property. Plant, and Equipment, gross (from schedule below) 0.00% 6 less Accumulated Depreciation () (from schedule below) 0.00% 7 Property, Plant, and Equipment, net 0.00% 8 Total Assets 0.00% 9 Check Amount $686 273 0 Liabilities and Stockholders' Equity Current Liabilities 2 Accounts Payable (from Raw Materials Budget) 0.00% 3 Bank Loan (from Cash Budget) 0.00% 4 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% 0 Check Amount $686.273 1 8 7 8 1 Fix the Format of All White Cells B D EF 0.00% 29 30 31 $686.273 32 33 Total Liabilities and Stockholders' Equity Check Amount Fix the Format of All White Cells 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 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 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 OL 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 52 53 54 55 56 57 58 59