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PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 35,000 lamps at $47.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 600 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 35000 24001 37400 3000 Total Production 34,400 units {7.01} 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 367240 34400 $10.68 {9.01) 16.96 5 Cost of making one unit next vear Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit {9.02} {9.03) Total cost of one unit (Round to two places, $##.##) 6 Selling and Admin. Budget 350003 .08 {9.04} Fixed Selling Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, $##.##) 290001 $107,800.00 54000 71,400.00 262,200.00 $ $ {9.05) {9.06) Round dollars to two places, $##.## $ 90,000.00 {9.07) LUST OL Goods Sold Budget Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 600 16.96 $ 10,176.00 {9.08) $ $ 71,208.00 367,240.00 Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold (9.09) {9.10) (9.11} (9.12) (9.13) (9.14) 7 Budgeted 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/x1 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 1,352410.00 (10.02) {10.03) {10.04} $ $ 514.905.60 {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 0.006 $ 2268.00 {10.06) {10.07) {10.08) Budgeted Cash Balance before financing Needed Minimum Balance $ $ 88,196.40 180,000.000 Amount to be borrowed (if any) $ 91,803.60 (10.09) Budgeted Cash Balance 180,000.00 (10.10} PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 35,000 lamps at $47.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 600 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 35000 24001 37400 3000 Total Production 34,400 units {7.01} 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, $##.##) 367240 34400 $10.68 {9.01) 16.96 5 Cost of making one unit next vear Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit {9.02} {9.03) Total cost of one unit (Round to two places, $##.##) 6 Selling and Admin. Budget 350003 .08 {9.04} Fixed Selling Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, $##.##) 290001 $107,800.00 54000 71,400.00 262,200.00 $ $ {9.05) {9.06) Round dollars to two places, $##.## $ 90,000.00 {9.07) LUST OL Goods Sold Budget Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 600 16.96 $ 10,176.00 {9.08) $ $ 71,208.00 367,240.00 Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold (9.09) {9.10) (9.11} (9.12) (9.13) (9.14) 7 Budgeted 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/x1 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 1,352410.00 (10.02) {10.03) {10.04} $ $ 514.905.60 {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 0.006 $ 2268.00 {10.06) {10.07) {10.08) Budgeted Cash Balance before financing Needed Minimum Balance $ $ 88,196.40 180,000.000 Amount to be borrowed (if any) $ 91,803.60 (10.09) Budgeted Cash Balance 180,000.00 (10.10}