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britany cioh 8895 PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 41,000 lamps at $49.00 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 ending inventories of wants to maintain the same number of units in the beginning and The company work-in-process, and electrical parts while increasing the figurines inventory to 700 pieces and decreasing the finished goods by 20%. Complete the following budgets Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory (7.01) Total Production Page 8 brittany ciot 6805 Figunines Needed for Production Desired Ending Inventory Total Needed (8.01) 8.02) Less. Beginning Inventory Total Purchases (8.03) (8.04) Cost per piece Cost of Purchases (Round to two places, se# # (8 05) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases (8.06) Cost per piece Cost of Purchases (Round to two places, se# # ) (8.07) Lamp Shades Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S## ##) ao (8.08) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places. S####) (8.09) 4 Factory Overhead Budget Variable Factory Overhead Variable Factory Overhead Cost Per Unit Number of Units to be Produced (8.10 Total Variable Factory Overhead (Round to two places. S## ##) Fixed Factory Overhead Total Factory Overhead (Round to two places. S## ##) britany ciot Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to seven places. S** ####00) 01) 2. Direct Labor Hours Total Factory Overhead / Direct Labor Hours Number of lamps to be Produced Number of lamps per hour Number of Direct Labor Hours (Round to seven places, se# ##s)) 9.02) 3. Direct Labor Cost Total Factory Overhead Direct Labor Cost (Round to four places,% is two of those places ## sr%) (9.03) Fixed Selling Variable Selling (Round to two places, ses tr) Fixed Administrative Variable Administrative (Round to two places, see #) Total Selling and Administrative (Round to two places, st# H) (9.04) Cost of Goods Sold Budget Assume FIFO (First-In, First Out) and overhead is applied based on the number of units to be produced Beginning Inventory. Finished Goods Production Costs: Round dollars to two places, $## # (9.05) Beginning Inventory Available for Use Ending Inventory of Figurines Figurines Used In Production 19 06) Electrical Parts Beginning Inventory Ending Inventory of Electrical Parts Electrical Parts Used In Production (9.07) (9.08) (9.09) (9.10) 9.11) (9.12) 9.13) Lamp Shades: Lamp Shades Used in Production Total Materials: Labor Cost of Goods Available 9.14) Less: Ending Inventory, Finished Goods Cost of Goods Sold Page 10 Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses 110 01) Assume actual cash receipts and disbursements will follow the Payables of 12/31x1 will have a cash impact in 20x2) patten below: (Note: Receivables and 1, 18.00% 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 86.00% of material purchases will be paid during the year, the remaining portion wil be paid in Janay 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 ed manufacturing, selling and ad inistrative expenses 5. Minimum Cash Balance needed for 20x2, $175,000 I See The Light Projected Cash Budget For the Yoar Ending December 31, 20x2 Round dollars to two Beginning Cash Balance Cash Inflows Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) 10.03) 10.04 Cash Outflows Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 (10.05) Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation (10.06) (10.07) Total Cash Outflows (10.08) Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) Budgeted Cash Balance (10.09) (10.10) Page 2 I See The Light Projected Income Statement or the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit Selling Expenses 25,000 lamps $45.00 @ $28.93 $ 1,125,000.00 723,250.00 3 401,750.00 Fixed $ 23.000.00 Administrative Expenses (commssion per unit) @ $3.15 78,750.00 $ 101,750.00 Fixed Variable $ 42,000.00 $0.06 1,500.00 Total Selling and Administrative Expenses: Net Proft 43,500.00 145,250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable s 34,710.00 67,500.00 Raw Material 500 @ $9.20 500 $1.25 4,600.00 625.00 Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 3000 $28.93 86,790,00 194,225.00 Fixed Assets $ 20,000.00 6,800.00 Accumulated Depreciation Total Fixed Assets 13,200.00 $ 207,425.00 Total Assets S 54,000.00 $ 54,000.00 Current Liabilities Accounts Payable Total Liabilities $ 12,000.00 141,425.00 Stockholders Equity Common Stock Retained Earnings 153,425.00 207425.00 Total Stockholder's Equity Total Liabilities and Stockholders Equity PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the current costs. The present costs to manufacture one to manfacure onelame arojected Increases o Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead Fixed Overhead: $9.2000000 per lamp 1.2500000 per lamp 6.0000000 per lamp 2.2500000 per lamp (4 lamps/hr.) 0.2250000 per lamp 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp: $28 9250000 per lamp Expected increases for 20x2 When calculating projected increases round to SEVEN decimal places, $0.0000000. 1. Material Costs are expected to increase by 5 00%. 2, Labor Costs are expected to increase by 6 00%. 3. Variable overhead is expected to increase by 4.50%. 4. Fixed Overhead is expected to increase to $285,000. 5. Fixed Administrative expenses are expected to increase to $60,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.50%. 7. Fixed selling expenses are expected to be $37,000 in 20x2. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 6.50% 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