Need help filling out the yellow cells. (10.01-10.1). Also included the extra information needed to solve and all numbers already in yellow are correct, thanks!

2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 34,400 units 600 units 35,000 units 500 units {8.01} {8.02) {8.03} {8.04} 34,500 units 16.96 $ $ 16.96 585,120.00 {8.05) {8.06) 3 Direct Labor Budget $ 2.07 {8.07} Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) $ 71,208.00 {8.08} 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, $##.##) Fixed Factory Overhead $ $ 71,208.00 295,000.00 {8.09} {8.10} Total Factory Overhead (Round to two places, $##.##) $ 366,208.00 {8.11} I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $45.00 $30.00 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ Cost of Goods Sold @ Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ Administrative Expenses: Fixed Variable @ Total Selling and Administrative Expenses: Net Profit Ser unit) $3.00 $ 23.000:00 s 98.000 $3.00 75,000.00 $ 98,000.00 $2.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets $16.00 8,000.00 500 @ 0 3000 @ $30.00 $ 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 20,000.00 6,800.00 13,200.00 213,410.00 $ $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159, 410.00 213,410.00 $ PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Lamp Kit: Direct Labor: Variable Overhead: Fixed Overhead: $16.0000000 per lamp 2.0000000 per lamp (4 lamps/hr.) 2.0000000 per lamp 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp: $30.0000000 per lamp Expected increases for 20x2 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 6.00%. 2. Labor Costs are expected to increase by 3.50%. 3. Variable Overhead is expected to increase by 5.00%. 4. Fixed Overhead is expected to increase to $295,000. 5. Fixed Administrative expenses are expected to increase to $54,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 2.50%. 7. Fixed selling expenses are expected to be $29,000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 2.00%. On the following schedule develop the following figures: 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 2- 20x2 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs. I See The Light, Inc Schedule of Projected Costs Variable Manufacturing Unit Cost 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places 16 Lamp Kit Labor Variable Overhead Projected Percent Increase 6% 3 .50% 5% 2 $16.96 $2.07 $2.10 {4.01} {4.02) {4.03) 2 Projected Variable Manufacturing Cost Per Unit $21.13 (4.04) Total Variable Cost Per Unit 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places Projected Percent Increase 2.50% 2.00% 31 Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost 2 $21.13 3.08 2.04 21.13 {4.05} {4.06) {4.04} Projected Total Variable Cost Per Unit 26.25 {4.07} Schedule of Fixed Costs 20x1 Cost 20x2 Cost Projected Percent Increase 18% at $10 295,000.00 {4.08} lamps @__) Fixed Overhead (normal capacity of Fixed Selling Fixed Administrative 250,000 25,000 lamps 23,000 54,000 29,000.00 54,000.00 {4.09} {4.10) Projected Total Fixed Costs $ 378,000.00 (4.11} 7 Budaeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income (10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and Payables of 12/31/x 1 will have a cash impact in 20x2.) - 1. 24.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February. 2. 88.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February. - 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $180,000. I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places, $##.# Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available $ $ $ $ 34.710.000 67,500.00 1,250,200.00 1,352,410.00 {10.02) {10.03) {10.04} {10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows m Tt in m ##**## 0.006 $ 2,268.00 {10.06) {10.07) {10.08) inn Budgeted Cash Balance before financing Needed Minimum Balance D $ 180,000.000 Amount to be borrowed (if any) {10.09) Budgeted Cash Balance $ {10.10)