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Requirement: Prepare the production budget for Guman Inc.. Company policy calls for a given quarter's ending finished goods inventory to equal 50% of the next quarter's expected unit sales. The finished goods Inventory at the end of the prior year is 900 units, which complies with the policy. Expected sales (In units) for the current year are: 1,800 (Quarter 1), 1,200 (Quarter 2), 1,600 (Quarter 3), and 1,600 (Quarter 4). Sales for the first quarter of the following year total 2,400 units. Show less Guman Inc Production Budget For the year ended December 31, 2018 5 First Qir. Second Otr. Third Qir. Fourth Qtr, Total Ratio of invertory to future salos Budgeted ending inventory (units) Required units of available production Units to be produced Sales Budget Production Direct Mtis Budget Budget Direct Lbr Factory OH Selling Exp Admin Exp Budget Budget Budget Budget Cost of Income Goods Sold Statement Requirement Prepare the Direct Materials Budget for Guman Inc. Company. Company policy calls for a given quarter's ending raw materials inventory to equal 40% of next quarter's expected materials needed for production. The prior year-end Inventory is 4,800 lbs of materials, which complies with the policy. The company expects to have 7,680 lbs. of materials in Inventory at year-end. The product's manufacturing cost is $191 per unit, including per unit costs of $112 for materials (8 lbs. at $14 per ib.), $60 for direct labor (3 hours * $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Show less Guman Inc. Direct Materials Budget For the year ended December 31, 2018 First Qtr. Second Otr. Third Qir. Fourth Qtr. Total Materials needed for production (pounds) Total materials requirements pounds) Materials to be purchased (pounds) Total cost of direct material purchases ( Production Budget Direct Lor Budget > 1 Income taxes will be assessed at 30%, and are paid in the quarter incurred. Sales Budget Production Direct Mols Direct Lor Factory OH Selling Exp Admin Exp Cost of Income Budget Budget Budget Budget Budget Budget Goods Solid Statement Requirement Prepare the Direct Labor Budget for Guman Inc. The product's manufacturing cost is $191 per unit, including per unit costs of $112 for materials (8 lbs. at $14 per Ib.), $60 for direct labor (3 hours * $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Guman Inc, Direct Labor Budget For the year ended December 31, 2015 First or Second Otr. Third or Fourth otr Total Total direct labor hours needed Total budgeted direct labor cost (dollars) UCL MUS Sales Budget Budget Budget Budget Factory OH Budget Selling Exp Budget Admin CP Budget income Goods Sold Statement Requirement Prepare the Factory Overhead Budget for Guman Inc.. The product's manufacturing cost is $191 per unit, Including per unit costs of $112 for materials (8 lbs. at $14 per lb.), $60 for direct labor (3 hours * $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipment, $10,400; factory utilities, $13,000, and other factory overhead of $2,600. Show less Guman Inc. Factory Overhead Budget For the year ended December 31, 2018 First otr. Second Otr. Third Qtr. Fourth Otr Total Budgeted variable overhead Budgeted total overhead note payable (12% annually): f. Income taxes will be assessed at 30%, and are paid in the quarter incurred, Sales Budget Production Direct Mtis Direct Lbr Factory OH Selling Exp Admin Exp Budget Budget Budget Budget Budget Budget Cost of Income Goods Sold Statement Requirement Prepare the selling expense budget for the Guman Inc.. Sales representatives' commissions are 16% of sales and are paid in the quarter of the sales. The sales manager's quarterly salary will be $104,000 in the first three quarters of the year, and $111,000 in the final quarter. Guman Inc. Selling Expense Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr. Fourth Qtr. Total $ 954.000 $ 636,000 $ 848,000 $ 896,000 $ 3,334,000 Sales commissions 104,000 104,000 104,000 111,000 423,000 Total budgeted selling expenses Income taxes will be assessed at 30%, and are paid in the quarter incu Production Direct Mtis Sales Budget Direct Lbr Factory OH Selling Exp Admin Exp Cost of Income Budget Budget Budget Budget Budget Budget Goods Sold Statement Requirement Prepare the Administrative Expense Budget for Guman Inc. Quarterly general and administrative expenses include $44,000 administrative salaries, rent expense of $26,000 per quarter, insurance expense of $21,000 per quarter, straight-line depreciation of $21,000 per quarter, and 1% monthly interest on the $300,000 long-term note payable (3% quarterly). Show less Guman Inc. General and Administrative Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr. Fourth Qtr. Total Total budgeted general and administrative expenses Production Direct Mtis Direct Lbr Factory OH Selling Exp Admin Exp Cost of Sales Budget Income Budget Budget Budget Budget Budget Budget Goods SoldStatement Requirement Using Information from the sales budget and the following information, calculate the budgeted cost of goods sold for Guman Inc. The product's manufacturing cost is $191 per unit, including per unit costs of $112 for materials (8 lbs. at $14 per lb.), $60 for direct labor (3 hours * $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipment, $10,400; factory utilities, $13,000, and other factory overhead of $2,600. Show less A Guman Inc. Cost of Goods Sold Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third tr. 1,800 1.200 1,600 Total Fourth Qtr. 1.600 6,200 Cost of goods sold Sales Budget Budget Budget Budget Budget Goods Sold Budget Budget Statement Requirement Prepare the Budgeted Income Statement for the year for Guman Inc. Interest on the $300,000 long-term note payable is 1% per month (12% annually). Income taxes will be assessed at 30%, and are paid in the quarter incurred. 31 Guman Inc. Budgeted Income Statement For the year ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Interest expense Total operating expenses Income before income taxes income tax expenso Net Income (Cost of Goods Sold homment