Need help solving selling & administration as well as cost of goods sold budget. (all blank yellow spaces)
This comes from part 3 of cybertext "I see the light"
Given info:
Following needs to be solved:
se lle LIYUIL Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 $ $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ 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 500 @ $16.00 8,000.00 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 $ Division N has decided to develop its budget based upon projected sales of 25,000 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 550 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 25000 2400 27400 3000 Total Production 24,400 units {7.01} 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, $##.##) 24.400 units 550 units 24,950 units 500 units 24450 16.40 400,980,00 {8.01) {8.02) (8.03) (8.04) $ $ {8.05) (8.06) 3 Direct Labor Budget S 2.05 (8.07) Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) S 50,020.00 {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 2.0500000 24,450 units 50,020.00 270,000.00 S S {8.09) (8.10) Total Factory Overhead (Round to two places, $##.##) $ 320,020.00 (8.11) 6 Selling and Admin. Budget 23000 {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, $##.##) 42000 {9.05) {9.06) Round dollars to two places, $##.## 90,000.00 {9.07) LUSI UI 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 {9.08) 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)
