Need Manufacturing OH, Selling & Admin Budget, Costs of Goods Sold, and Cost of Goods Sold

amison and Co makes lightweight yoga mats. Jamison is preparing its budget for the second quarter of 2022. 1. Each mat sells for $24. Sales in units are as follows: In order to prevent stockouts they maintain an ending inventory at the end of each month. That inventory is 30% of the following month's sales. 2. The mats are made of a compound made of rubber and plastic which comes in a variety of colors and is made in India. Jamison buys the compound, rolls it flat, cuts the mats and stamps its logo on each one. Each mat requires 1.6 square yards of compound. Because the compound comes from India, they require that a 20% inventory of the following months production. The compound costs $3.25 per square yard. Aaterials needed for production in fuly are $45,125. 3. Each mat requires. 3 hours of direct labor and Jamison pays its assembly line workers $18 per hour. Variable overhead includes inexpensive cording that is attached to the mats and is included in the Variable OH application rate of $12 per direct labor hour. Fixed manufacturing overhead is applied at $8 per direct labor hour. 4. Delivery expenses are 7% of sales and sales commissions are another 4%. Fixed general and administrative are $32,000 per month and 50% of that amount is depreciation. 5. Sales are 30% cash and 70% on credit. Credit sales are collected as follows: 5. Sales are 30% cash and 70% on credit. Credit sales are collected as follows: a. 10% in the month of sale b. 50% in the month following sale c. 10% in the second month following sale 6. Payments for Purchases are made 25% in the month of purchase and 75% in the month following purchase. Purchases for March total $65,375 7. Jamison requires that a minimum of $20,000 remain in the bank at all times. If the balance drops below $20,000 Jamison borrows from it's line of credit in increments of $1,000. It pays all borrowings back as soon as possible. There are no borrowings on the line of credit on April 1. The beginning cash balance on April 1 is $20,000. 8. Jamison expects to purchase new equipment in April totaling $65,000 and pays a $50,000 dividend in the last month of each quarter. \begin{tabular}{l|l|l|l|l|l|l|l|} \hline Manufacturing Overhead & April & May & June & Total \\ \hline \#Units Produced & & & & \\ \hline Hours Per Unit & & & & \\ \hline Total Hours & & & & \\ \hline Variable OH rate per hour \\ Total Variable Overhead & & & & \\ \hline Fixed OH rate per hour & & 8 & & \\ \hline Fixed Overhead & & 8 & \\ Total Overhead & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Selling General and Administrative Budget & April & Mary & Jotal \\ \hline Total Sales & & & \\ \hline Dellivery \& Sales Commissions & & & \\ \hline Total Selling Expenses & & & \\ \hline Fixed G\&A Expenses & & & \\ \hline Total Selling General and Administrative Exp & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline Cost of Goods Sold: & April & May & June & Total \\ \hline H Units Sold & & & \\ \hline Cost Per Unit (See below) & & & \\ \hline Cost of Goods Sold & & & \\ \hline \end{tabular} \begin{tabular}{|l|c|l|l|l|l|l|} \hline Income Statement & April & May & June & Total \\ \hline Sales & & & \\ \hline Cost of Goods Sold & & & \\ \hline Gross Profit & & & \\ \hline Selling General and Administrative & & & \\ \hline Operating Income & & & \\ \hline \end{tabular} Cost of Goods Sold: \begin{tabular}{|l|l|l|} \hline Materials & \\ \hline Direct Labor \\ \hline VOH & & \\ \hline FOH & & \\ \hline Total Cost per Mat Sold & & \\ \hline \end{tabular}