Need help with corrections in black and gold (attached week 6 redo)

SALES FORECAST/BUDGET INFO 1) Prepare two Sales Budget by Quarter, given the following information. Format for 2 decimal places. Cat Dog Pet Castle Den Palace Sales price, constant all year $384.94 $466.67 $412.37 Q1 projected sales units 247 180 100 527 Q2 projected sales units 281 188 115 584 Q3 projected sales units 308 190 131 629 Q4 projected sales units 333 192 139 664 5%3B26;z?

2) CASH COLLECTION INFORMATION for SCHEDULE OF CASH COLLECTIONS 80% of sales - customers use a credit card Peter's Pet Toys receives cash in the month of sale, minus a credit card fee of 5% of the sale. 10% of sales - cash, immediate receipt of cash upon sale 10% of sales - Peter's Pet Toys offers terms of n/90, allowing the customer to pay in full the next quarter after the sale is made. Beginning A/R Balance is $25,000, collected in its entirety in the first quarter. Format for whole #s or 2 decimals, as you wish. An outline of the schedule is shown below.

4) DIRECT MATERIALS BUDGET INFORMATION for DIRECT MATERIALS BUDGET The totals of the Production Budget will be used to determine the amount and cost of Direct Material needed. The amount of raw material needed to produce each completed toy is 15 lbs. Raw material cost is $1.05/lb. for Q1, Q2, Q3. It is projected to rise to $1.08/ lb. in Q4 Peter's Pet Toys likes to keep 10% of the next quarter's raw material needs, plus an additional 20 lbs. in the current quarter's ending raw material inventory. It is anticipated that Raw Material required in Q1 of the following year will be unchanged from Q4 the previous year. Format for whole #s except for the raw material cost per unit of $1.05 or $1.08. No other decimals besides these. Rounding differences or errors of +/- 1 are acceptable. Beginning Raw Materials Inv for Q1 is 75 lbs. :"NA_LETTER","vendor_id":"1","width_microns":215900}}

5) DIRECT LABOR BUDGET INFORMATION Direct labor hours per unit of production is 4.2. Wages are $18.50 per hour for Q1, Q2, and will rise to $19.50 per hour in Q3, Q4 Format for whole #s except for the labor hours of 4.2 and cost per unit of $18.50 or $19.50 No other decimals besides these.

6) CASH PAYMENTS BUDGET INFORMATION
To obtain the low prices for materials, Peter's Pet Toys must pay its supplier in cash upon receipt. As a result the final line of the Direct
Materials Budget also serves as the Cash Payments Budget. An additional Cash Payments Budget is not needed.

le> FINAL PROJECT TO BE COMPLETED WEEK BY WEEK, COMMENTS REVIEWED, THEN COMPILED IN WEEK 8 FOR GRADING This first intro page (1) can be deleted before submission PETER'S PET TOYS makes toys and supplies for cats and dogs out of reusable/recycled materials when possible. All problems and exercises are based on PETER'S PET TOYS. Week 6 (80 PTS) Using Word or Excel prepare the following budgets in order, for Peter's Pet Toys. Use good form. Double rule the completed budgets. Use $ signs for totals that represent dollars, to distinguish from units. Each budget should show 4 quarters of calendar year, and a total for the whole year, where appropriate. Terminology can be flexible. For example some schedules can be labeled budgets. Taken together, these individual budgets create the Master Budget. SALES FORECAST/BUDGET INFO 1) Prepare two Sales Budget by Quarter, given the following information. Format for 2 decimal places.Dog Cat Pet Castle Den Palace $384.9 Sales price, constant all year 4 $466.67 $412.37 Q1 projected sales units 247 180 100 Q2 projected sales units 281 188 115 Q3 projected sales units 308 190 131 Q4 projected sales units 333 192 139 General format/layout of the first sales budget. Castle Q1 Den Palace Castle Q2 Den Palace Castle Q3 Den Budgeted Units Sales prices Total Budgeted Sales General format of the second sales budget which will show only total sales for each quarter Q1 Total Budgeted Sales Dollars Q2 Q3 Q4 Total Palace Castle Q4 Den Palace 2) CASH COLLECTION INFORMATION for SCHEDULE OF CASH COLLECTIONS 80% of sales - customers use a credit card 3) PRODUCTION INFORMATION for PRODUCTION BUDGET Peter's Pet Toys products can be aggregated sale, minus a purposes. Production - The 3receives cash in the month offor productioncredit card fee of 5% of the sale. The sum of all the castles, dens, and palaces--combined--are the units used in the production budget. 10% of salesnot a separate production budget for each product as they undergo the same production process. There is - cash, immediate receipt of cash upon sale 10% of sales - Peter's Petto keep 5% of the next quarter's sales level as the to pay in full the Finished Goods ending inventory. Peter's Pet Toys likes Toys offers terms of n/90, allowing the customer current quarter's next quarter that Projected Units Projections areafter the sale is made.Sold in Q1 of the following year will be unchanged from Q4 the previous year. Format for whole #s. No decimal places. Rounding differences or errors of +/- 1 are acceptable. Beginning A/R Finished is $25,000,for Q1 is 20 units. Beginning Balance Goods Inv collected in its entirety in the first quarter. Below is the start of the body of the production budget. Format for whole #s or 2 decimals, as you wish. An outline of the schedule is shown below. Q1 Q2 Budgeted Unit Sales per Quarter, based on all products combined A/R, Beginning balance Cash Sales (10% of sales, less 5% credit card fee) Credit card sales (80% of sales Sales on account, n/90 Totals $25,000 Q1 Q3 Q2 Q4 Q3 Year Q4 (next qrtr same as this qrtr) 4) DIRECT MATERIALS BUDGET INFORMATION for DIRECT MATERIALS BUDGET The totals of the Production Budget will be used to determine the amount and cost of Direct Material needed. The amount of raw material needed to produce each completed toy is 15 lbs. Raw material cost is $1.05/lb. for Q1, Q2, Q3. It is projected to rise to $1.08/ lb. in Q4 Peter's Pet Toys likes to keep 10% of the next quarter's raw material needs, plus an additional 20 lbs. in the current quarter's ending raw material inventory. It is anticipated that Raw Material required in Q1 of the following year will be unchanged from Q4 the previous year. Format for whole #s except for the raw material cost per unit of $1.05 or $1.08. No other decimals besides these. Rounding differences or errors of +/- 1 are acceptable. Beginning Raw Materials Inv for Q1 is 75 lbs. 5) DIRECT LABOR BUDGET INFORMATION Direct labor hours per unit of production is 4.2. Wages are $18.50 per hour for Q1, Q2, and will rise to $19.50 per hour in Q3, Q4 Format for whole #s except for the labor hours of 4.2 and cost per unit of $18.50 or $19.50 No other decimals besides these. 6) CASH PAYMENTS BUDGET INFORMATION To obtain the low prices for materials, Peter's Pet Toys must pay its supplier in cash upon receipt. As a result the final line of the Direct Materials Budget also serves as the Cash Payments Budget. An additional Cash Payments Budget is not needed. 7) MANUFACTURING OVERHEAD BUDGET--TOTAL FACTORY OH AND CASH SPENT ON MFG OVERHEAD SHOULD BE SHOWN IN BUDGET Variable Mfg Overhead per quarter is for each successive quarter, $13,845, $13,972, $14,010, $14,216. The Fixed Mfg Overhead includes: Storage Shed Rental Expense (Cat Castle) $10,000 for each of the 4 quarters Depreciation Expense-Buzz Saw (Dog Den) $9,500 for each of the 4 quarters Depreciation Plant, $100,000 per year; equally divided among the 4 quarters Fixed Component of Maintenance Costs: $20,000 each quarter Fixed Component of Utilities Costs, $8,000 each quarter Plant Insurance Costs, $3,000 each quarter Format for whole #s. No decimals. 8) SELLING AND ADMINISTRATIVE EXPENSES---TOTAL S&A EXPENSE AND CASH SPENT ON S&A SHOULD BE SHOWN IN BUDGET Donation Expense, $20,000 in Q1 only. This will be an annual donation. Delivery and Assembly, $16 per unit sold. (See sales budget) Note: Certain items appear Sales Commission, $59,000, all paid in Q4. (Pet Palace) Salaries Expenses, $200,000, divided evenly among quarters Depreciation Expense on Office, $20,000 annually, evenly divided each quarter Fixed component of Maintenance Expense, $1500per quarter Fixed Component of Utilities Expense, $1,000 each quarter Office Insurance Expense, $9,000 each quarter Format for whole #s. No decimals. The outline for this budget is presented for you. 8) CASH BUDGET info to create a CASH BUDGET. In addition to the above budgets, which show the effects on cash, the following information is needed to complete the Cash budget: in both the Mfg OH Budget AND the S&A Budget. Same type of cost/expense appears in the factory and the office. Beginning cash balance is $4,000,000. An addition of $40,000 was made to Plant, Property, and Equipment in Q3. Cash was paid. In Q4 cash dividends to investors in the amount of $17,000 were issued. No financing, no borrowing, no interest, no repayments. The cash balance remains very high throughout the year. Format for whole #s. No decimals. SALES FORECAST/BUDGET INFO 1) Prepare two Sales Budget by Quarter, given the following information. Format for 2 decimal places. Cat Castle Dog Den Sales price, constant all year Pet Palace $384.94 $466.67 $412.37 Q1 projected sales units 247 180 100 Q2 projected sales units Q3 projected sales units Q4 projected sales units 281 308 333 188 190 192 115 131 139 Q1 Den Castle Budgeted Units 247 Sales prices Total Budgeted Sales 584 629 SALES 664 Palace 180 384.94 527 When you need projected sales in units, use these 23771 Castle 100 466.67 Q2 Den 281 412.37 84001 188 384.94 41237 Palace 115 466.67 108168 87734 412 47380 Castle 308 384.94 118562 Q3 Den 190 466.67 88667 Palace 131 4122.37 540030 cell c18 should show 384.94 128185 466.67 price for General format of the second sales budget which will show only total sales for each quarter Q1 Q2 Total Budgeted Sales Dollars 149009 243282 will change when cell c18 changes ok Palace Q3 747259 will change when cell 2) CASH COLLECTION INFORMATION for SCHEDULE OF CASH COLLECTIONS 80% of sales - customers use a credit card Peter's Pet Toys receives cash in the month of sale, minus a credit card fee of 5% of the sale. Q4 275105 ok Total 1414655 will change when cell c18 changes m16 changes 10% of sales - cash, immediate receipt of cash upon sale 10% of sales - Peter's Pet Toys offers terms of n/90, allowing the customer to pay in full the next quarter after the sale is made. Beginning A/R Balance is $25,000, collected in its entirety in the first quarter. Format for whole #s or 2 decimals, as you wish. An outline of the schedule is shown below. Q1 A/R, Beginning balance Cash Sales (10% of sales, less 5% credit card fee) Credit card sales (80% of sales SUBTRACT THE CC FEE Sales on account, n/90 Totals Q2 $25,000 14156 119207 Q3 Q4 Year 25000 23112 194626 70990 597807 26135 220084 134392 there is no credit card fee on cash sales because only money changes hands, no credit card 1131724 HERE, is where the 5% credit card fee is subtracted. 10 % of the previous quarter's sales goes here $158,363 $217,737 $668,797 $246,219 $1,291,117 3) PRODUCTION INFORMATION for PRODUCTION BUDGET Production - The 3 products can be aggregated for production purposes. The sum of all the castles, dens, and palaces--combined--are the units used in the production budget. There is not a separate production budget for each product as they undergo the same production process. Peter's Pet Toys likes to keep 5% of the next quarter's sales level as the current quarter's Finished Goods ending inventory. Projections are that Projected Units Sold in Q1 of the following year will be unchanged from Q4 the previous year. Format for whole #s. No decimal places. Rounding differences or errors of +/- 1 are acceptable. Beginning Finished Goods Inv for Q1 is 20 units. Below is the start of the body of the production budget. Q1 Sales in Uniits Add ending Inventory Total Requirements Less Beginning Inventory in Units Production in Units Q2 527 29 556 -20 536.2 ok 4) DIRECT MATERIALS BUDGET INFORMATION for DIRECT MATERIALS BUDGET The totals of the Production Budget will be used to determine the amount and cost of Direct Material needed. The amount of raw material needed to produce each completed toy is 15 lbs. Raw material cost is $1.05/lb. for Q1, Q2, Q3. It is projected to rise to $1.08/ lb. in Q4 Q3 Q4 Year 584 606 664 2381 30 614 -29 585.1 33 639 -30 608.9 33 697 -33 664 33 2414 -20 changes above should correct Q2 and Q3 ok 2394 1) Prepare following in Palace 139 412.37 89601 57319.43 wrong 247 x $384.84 Castle 333 Q4 Den 192 Sales price Q1 project Q2 project Q3 projec Q4 projec Peter's Pet Toys likes to keep 10% of the next quarter's raw material needs, plus an additional 20 lbs. in the current quarter's ending raw material i It is anticipated that Raw Material required in Q1 of the following year will be unchanged from Q4 the previous year. Format for whole #s except for the raw material cost per unit of $1.05 or $1.08. No other decimals besides these. Rounding differences or errors of +/- 1 are acceptable. Beginning Raw Materials Inv for Q Q1 Q2 Q3 Q4 Year 536 x15 585 x15 609 x15 664 x15 2,394 x15 Material needed for production Add: Ending raw material inventory 8,043 898 8,777 933 9,134 1,016 9,960 1,016 35,913 1,016 Total material requirements (lbs.) Less: Beginning raw material inventory 8,941 (75) 9,710 (898) 10,150 (933) 10,976 (1,016) 36,929 (75) Material to be purchased *Material price per lbs. 8,866 1.05 8,812 ### 9,216 1.05 9,960 1.08 36,854 9,309 9,253 9,677 10,757 38,996 Production Budget (units) *Raw material required per unit of finished goods Total cost of Direct material purchased ok changes above should correct Q2 and Q3 ok 5) DIRECT LABOR BUDGET INFORMATION Direct labor hours per unit of production is 4.2. Wages are $18.50 per hour for Q1, Q2, and will rise to $19.50 per hour in Q3, Q4 Format for whole #s except for the labor hours of 4.2 and cost per unit of $18.50 or $19.50 No other decimals besides these. Q1 Q2 Q3 Q4 Year 536.2 $4.20 585.1 $4.20 608.9 $4.20 664 $4.20 $2,252.04 $18.50 $0.00 $2,457.42 $18.50 $0.00 $2,557.38 $19.50 $0.00 $2,788.80 $19.50 $0.00 $10,055.64 41,663 45,462 49,869 54,382 191,376 Q4 10,757 10,757 Year 38,996 38,996 Budgeted production (units) *Labor hours required per unit of finished goods Total labor hours needed *Labor rate per unit Labor Dollar ok changes should correct changes should correct 2394.2 these are units, not $s $4.20 ok 6) CASH PAYMENTS BUDGET INFORMATION To obtain the low prices for materials, Peter's Pet Toys must pay its supplier in cash upon receipt. As a result the final line of the Direct Materials Budget also serves as the Cash Payments Budget. An additional Cash Payments Budget is not needed. Q1 Total cost of Direct material purchased Q2 9,309 9,309 Cash paid for purchases Q3 9,253 9,253 9,677 9,677 7) MANUFACTURING OVERHEAD BUDGET--TOTAL FACTORY OH AND CASH SPENT ON MFG OVERHEAD SHOULD BE SHOWN IN BUDGET Variable Mfg Overhead per quarter is for each successive quarter, $13,845, $13,972, $14,010, $14,216. The Fixed Mfg Overhead includes Storage Shed Rental Expense (Cat Castle) $10,000 for each of the 4 quarters Depreciation Expense-Buzz Saw (Dog Den) $9,500 for each of the 4 quarters Depreciation Plant, $100,000 per year; equally divided among the 4 quarters Fixed Component of Maintenance Costs: $20,000 each quarter Fixed Component of Utilities Costs, $8,000 each quarter Plant Insurance Costs, $3,000 ea Format for whole #s. No decimal Q1 Variable Manufacturing Overhead Add fixed Overheads Storage Shed Rental expense Depreciation expense - buzz saw Depreciation Plant Fixed component of Maintenance Costs Fixed Component of utilities Costs Plant insurance Total manufacturing Overheads Budget Less Depreciation Cash Paid for Manufacturing Overhead Budget 13,845 Q2 13,972 Q3 14,010 Q4 14,216 Year 56,043 10,000 ### 10,000 ### 40,000 9500 25000 9500 25000 9500 25000 9500 25000 20,000 8,000 3,000 89,345 (45,000) 44,345 ### ### ### 89,472 (45,000) 44,472 20,000 8,000 3,000 89,510 (45,000) 44,510 ### ### ### 89,716 (45,000) 44,716 38000 100000 80,000 32,000 12,000 358,043 (180,000) There are 2 deprec expenses to subtract: buzz saw and plant 178,043 8) SELLING AND ADMINISTRATIVE EXPENSES---TOTAL S&A EXPENSE AND CASH SPENT ON S&A SHOULD BE SHOWN IN BUDGET Donation Expense, $20,000 in Q1 only. This will be an annual donation. Delivery and Assembly, $16 per unit sold. (See sales budget) Sales Commission, $59,000, all paid in Q4. (Pet Palace) Salaries Expenses, $200,000, divided evenly among quarters Depreciation Expense on Office, $20,000 annually, evenly divided each quarter Fixed component of Maintenance Expense, $1500per quarter Fixed Component of Utilities Expense, $1,000 each quarter Office Insurance Expense, $9,000 each quarter Format for whole #s. No decimals. The outline for this budget is presented for you. Note: Certain items appear in both the Mfg OH Budget AND the S&A Budget. Same type of cost/expense appears in the factory and the office. Q1 Variable; Delivery & Assembly Sales Commission (Pet Palace ) Q 4 only Fixed: Donation expense Salaries expense Depreciation expense Maintenance expense Utilities expense Insurance expense Total Selling & Adminstration Expenses Less Non - Cash S& A Expenses Total Cash Paid for Seling & Admin expenses Q2 Q3 Q4 8,432 9,344 9,696 10,624 59,000 20,000 50,000 5,000 1,500 1,000 9,000 94,932 (5,000) 89,932 ### 5,000 ### ### ### 75,844 (5,000) 70,844 50,000 5,000 1,500 1,000 9,000 76,196 (5,000) 71,196 ### 5,000 ### ### ### 136,124 (5,000) 131,124 Year 38,096 59,000 20,000 200,000 20,000 6,000 4,000 36,000 383,096 (20,000) 363,096 Q3 still off rest still right That is because 8) CASH BUDGET info to create In addition to the above budgets, which show the effects on cash, the following information is needed to complete the Cash budget: Q3 projected sales from first budgets are wrong Beginning cash balance is $4,000 An addition of $40,000 was made to Plant, Property, and Equipment in Q3. Cash was paid. In Q4 cash dividends to investors in the amount of $17,000 were issued. No financing, no borrowing, no interest, no repayments. The cash balance remains very high throughout the year. Format for whole #s. No decimal This budget has not been reviewed because Q1 Q2 Q3 Q4 Year the amounts will change based on the above budgets. When the budgets that feed into the cash Beginning cash balance Add: Total cash receipt from customers 4,000,000 $158,363 3,973,114 217,737 4,020,821 668,797 4,474,366 246,219 4,000,000 budget are corrected, then I'll look for the 1,291,117 those changes in the cash budget. Total cash available 4,158,363 4,190,852 4,689,618 4,720,585 5,291,117 9,309 41,663 44,345 89,932 9,253 45,462 44,472 70,844 9,677 49,869 44,510 71,196 10,757 54,382 44,716 131,124 17000 170,031 4,020,821 40,000 215,252 4,474,366 38,996 191,376 178,043 363,096 17,000 40,000 828,510 4,462,607 Cash Disbursements: Total cost of direct material purchased Labor dollar cost Overhead costs Total selling expense Dividend paid Equipment purchased Total cash Disbursements Ending cash balance 185,249 3,973,114 257,978 4,462,607 S FOREC e two Sales Budget by Quarter, given the nformation. Format for 2 decimal places. Cat Dog Pet Castle Den Palace $384.94 $466.67 $412.37 247 180 100 281 188 115 308 190 131 333 192 139 Cash sales are 10% of total sales