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You are the recently appointed accountant at Look Out Ltd is a new company, which will be incorporated on 1st April 2022. Initially the company will manufacture and sell a single electronic product used in the production of drones. The following details relate to the company's first financial year: Selling price 300 per unit. Direct materials cost 85 per unit Direct labour is 6 hours per unit for the first 2 months, reducing to 5 hours per unit thereafter. Direct labour cost 13 per hour Sales targets for the forthcoming financial year are as follows: 85% of sales will be on credit terms, with customers paying two months later. The remaining sales are paid for immediately. Closing inventory is planned to be 10% of the following month's sales target. Closing inventory is valued on an average-cost basis, calculated by using the "cost- of- sales" figure for the year. Sales for April 2023 are expected to be 1,700 units. Direct materials will be purchased the month they are required for production and paid for the following month. A variable overhead rate of 15 per direct labour hour is required for the production overheads. Variable distribution costs of 10 per unit sold will also be incurred. Total fixed production overheads of 110,000 and total fixed administration and distribution overheads of 75,000 for the year will be incurred on an even basis throughout the year. All overheads and the direct labour costs will be paid for in the month in which they are incurred. All production machinery will be leased; the costs of leasing the machinery are included in the above figures. Look Out Ltd will also buy equipment that will be used mainly in the I.T. department. They will purchase and pay for the equipment in June 2022 . The equipment will cost 25,000 and will be depreciated by 20% per annum. Depreciation is not included in the overhead details given above. Look Out Ltd will issue 140,000 ordinary shares of 1 at par for cash on 1st April 2022 and the company is unwilling to issue any further shares at this stage. Units April 20221,200 May 1,400 June 1,500 July 1,900 August 2,000 September 2,000 October 2,100 November 2,200 December 2,000 January 20231,800 February 1,800 March 1,900 A (circa 2,000 word) report, created in Microsoft Word, to the Board of Directors of Look Out Ltd which includes 1. An explanation as to why it is important to prepare budgets 10 marks 2. Comments on the budgeted cash position 15 marks 3. Suggestions of ways the monthly budgeted cash balances could be improved 15 marks 4. An appendix (created as an Excel workbook) which shows : The following monthly budgets (on a single worksheet) for the 12 months ended 31st March 2023 in as much detail as the information given allows (you should also include a total column for the year): 1. The Production Budget (in units) 2. The Sales Budgets (in ) 3. The Materials Purchases Budget (in ) 4. The Direct Labour Budgets (in ) 5. The Overheads Budgets (in ) 20 marks - Monthly Cashflow Forecast for the company for the 12 months ended 31st March 2023 in as much detail as the information given allows (you should also include a total column for the year) 20 marks - A forecast Income Statement (Profit and Loss Account) for the year 15 marks - Presentation 5 marks You are the recently appointed accountant at Look Out Ltd is a new company, which will be incorporated on 1st April 2022. Initially the company will manufacture and sell a single electronic product used in the production of drones. The following details relate to the company's first financial year: Selling price 300 per unit. Direct materials cost 85 per unit Direct labour is 6 hours per unit for the first 2 months, reducing to 5 hours per unit thereafter. Direct labour cost 13 per hour Sales targets for the forthcoming financial year are as follows: 85% of sales will be on credit terms, with customers paying two months later. The remaining sales are paid for immediately. Closing inventory is planned to be 10% of the following month's sales target. Closing inventory is valued on an average-cost basis, calculated by using the "cost- of- sales" figure for the year. Sales for April 2023 are expected to be 1,700 units. Direct materials will be purchased the month they are required for production and paid for the following month. A variable overhead rate of 15 per direct labour hour is required for the production overheads. Variable distribution costs of 10 per unit sold will also be incurred. Total fixed production overheads of 110,000 and total fixed administration and distribution overheads of 75,000 for the year will be incurred on an even basis throughout the year. All overheads and the direct labour costs will be paid for in the month in which they are incurred. All production machinery will be leased; the costs of leasing the machinery are included in the above figures. Look Out Ltd will also buy equipment that will be used mainly in the I.T. department. They will purchase and pay for the equipment in June 2022 . The equipment will cost 25,000 and will be depreciated by 20% per annum. Depreciation is not included in the overhead details given above. Look Out Ltd will issue 140,000 ordinary shares of 1 at par for cash on 1st April 2022 and the company is unwilling to issue any further shares at this stage. Units April 20221,200 May 1,400 June 1,500 July 1,900 August 2,000 September 2,000 October 2,100 November 2,200 December 2,000 January 20231,800 February 1,800 March 1,900 A (circa 2,000 word) report, created in Microsoft Word, to the Board of Directors of Look Out Ltd which includes 1. An explanation as to why it is important to prepare budgets 10 marks 2. Comments on the budgeted cash position 15 marks 3. Suggestions of ways the monthly budgeted cash balances could be improved 15 marks 4. An appendix (created as an Excel workbook) which shows : The following monthly budgets (on a single worksheet) for the 12 months ended 31st March 2023 in as much detail as the information given allows (you should also include a total column for the year): 1. The Production Budget (in units) 2. The Sales Budgets (in ) 3. The Materials Purchases Budget (in ) 4. The Direct Labour Budgets (in ) 5. The Overheads Budgets (in ) 20 marks - Monthly Cashflow Forecast for the company for the 12 months ended 31st March 2023 in as much detail as the information given allows (you should also include a total column for the year) 20 marks - A forecast Income Statement (Profit and Loss Account) for the year 15 marks - Presentation 5 marks