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Answer-a: Sales Budget-NL 50 Total 7,500 Sales (in units) Selling price per unit Sales (in dollar) Quarter 1 2,000 95.00 $ 190,000 $ Quarter 2 Quarter 3 Quarter 4 1,800 2,200 1,500 95.00 95.00 95.00 171,000 $ 209,000 $ 142,500 $ 712,500 Sales Budget-NL 60 Total 2,300 Sales (in units Selling price per unit Sales (in dollar) Quarter 1 500 60.00 $ 30,000 $ Quarter 2 Quarter 3 Quarter 4 800 400 600 60.00 60.00 60.00 48,000 $ 24,000 $ 36,000 $ $ 138,000 2 Answer-b: Production Budget-N 50 Sales (units) Add desired ending finished goods inventory Total needs Less Beginning finished goods inventory Total required production 1 2,000 400 2,400 300 2,100 1,800 360 2,160 400 1,760 3 2,200 440 2,640 360 2,280 4 1,500 300 1,800 440 1,360 Total 7,500 300 7,800 300 7,500 1 2 3 4 Production Budget-N 60 Sales (units) Add desired ending finished goods inventory Total needs Less Beginning finished goods inventory Total required production 500 100 600 800 160 960 100 860 400 80 480 160 320 600 120 720 80 640 Total 2,300 120 2,420 200 2,220 200 400 1 2 3 4 Total 7,500 2,100 3 6,300 400 22,500 2,220 2 Answer-c: Raw Material Purchase Budget-X Required production (units)-N 50 Raw material required to produce one unit Production needs for N 50 Required production (units)-N 60 Raw material required to produce one unit Production needs for N 50 Total production needs of Item (X) Add desired ending inventory of raw materials Total needs Less beginning inventory of raw materials Raw materials to be purchased Cost of raw materials per unit Cost of raw materials to be purchased 800 7,100 710 7,810 200 7,610 3.00 $ 22,830$ 1,760 3 5,280 860 2 1,720 7,000 700 7,700 710 6,990 3.00 $ 20,970 $ 2,280 3 6,840 320 2 640 7,480 748 8,228 700 7,528 3.00 $ 22,584 $ 1,360 3 4,080 640 2 1,280 5,360 536 5,896 748 5,148 3.00 15,444 $ 4,440 26,940 536 27,476 200 27,276 $ $ 81,828 1 4 Total 7,500 30,000 2,220 Raw Material Purchase Budget-Y Required production (units)-N 50 Raw material required to produce one unit Production needs for N 50 Required production (units)-N 60 Raw material required to produce one unit Production needs for N 50 Total production needs of Item (Y) Add desired ending inventory of raw materials Total needs Less beginning inventory of raw materials Raw materials to be purchased Cost of raw materials per unit Cost of raw materials to be purchased 2,100 4 8,400 400 3 1,200 9,600 960 10,560 150 10,410 2.00 $ 20,820$ 2 1,760 4 7,040 860 3 2,580 9,620 962 10,582 960 9,622 2.00 $ 19,244 $ 3 2,280 4 9,120 320 3 960 10,080 1,008 11,088 962 10,126 2.00 $ 20,252 $ 1,360 4 5,440 640 3 1,920 7,360 736 8,096 1,008 7,088 2.00 14,176 $ 6,660 36,660 736 37,396 150 37,246 $ $ 74,492 1 4 Total 7,500 Answer-d: Production Budget-N 50 Production Budget (units) Labour hour required per unit of finished goods Total labour hours needed Labour cost per labour hour Budgeted direct labour cost 2,100 2 4,200 15.00$ 63,000 $ 2 1,760 2 3,520 15.00 $ 52,800 $ 3 2,280 2 4,560 15.00 $ 68,400 $ 1,360 2 2,720 15.00 40,800 $ 15000 $ $ 225,000 3 4 Total 2,220 640 1 Production Budget-N 60 Production Budget (units) Labour hour required per unit of finished goods Total labour hours needed Labour cost per labour hour Budgeted direct labour cost 1 400 1 400 15.00$ 6,000 $ 2 860 1 860 15.00 $ 12,900 $ 320 1 320 15.00$ 4,800 $ 640 2220 $ $ 15.00 9,600 $ 33,300 Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020 Accounting assistants furnish the data shown below. Product NL 50 Product NL 60 Sales budget: Anticipated volume in units Quarter 1 Quarter 2. Quarter 3 Quarter 4 Unit selling price 2,000 1,800 2,200 1,500 $95 500 800 400 600 $60 20% 20% of the same quarter's expected sales units Production budget: Desired ending finished goods each quarter Beginning finished goods Units Cost 300 $18000 200 $7000 2 3 si Direct materials budget: Direct materials per unit (pounds) Item (x) 3 Item (Y) 4 Desired ending direct 10% materials pounds Beginning direct materials pounds Units 200 Cost per pound S4 Cost per pound $3 Cost per pound of the same quarter's production requirements 10% 150 $2 Direct labor budget: Direct labor time per unit Direct labor rate per hour 2 S15 1 $15 Manufacturing Overhead Variable overhead costs per direct labor hour Indirect materials S0.5 Indirect labor $1.5 Utilities S0.75 Maintenance S0.25 Fixed overhead costs per quarter: Supervisory salaries $20.000 Depreciation $3,800 $2,300 is related to buildings and $1.500 is attributable to equipment Insurance Maintenance $9,000 $5,700 Selling and Administrative Expense Variable costs per dollar of sales Delivery expense. 0.75% Sales commissions 4.50% Utilities 2.75% Fixed overhead costs per quarter: Sales salaries $15,000 Office salaries $7,500 Depreciation $1,000 $600 is related to buildings and $400 is attributable to equipment. Insurance Advertising Repaire Expense $1,500 $5,000 $900 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred. Other data: 1. Accounts Receivable: December 2019, $29.000. are expected to be collected in 2020: the first quarter $17,400; and second quarter $11.600. 2. Accounts Payable: December 2016. $10,800; are expected to be collected in the first quarter 2020 3. Other receipts: January--proceeds from sale of securities $2.000 4. Other disbursements: April-payment of $20,000 for Equipment July-Notes payable of $9,800 were redeemed at their face value for cash 5. Income taxes are estimated to be $9.000. Paid in three equal quarterly installments started at the end of quarter 2. 8. Deleon uses the FIFO inventory method for evaluating all endings inventories. 7. The company's cash balance on January 1, 2020, is expected to be $180.000. The company wants to maintain a minimum cash balance of $85.000 8. Loans and interest are repaid in the earliest quarter in which there is sufficient cash (interest expense: $580) Deleon Inc.' balance sheet at December 31, 2019. is presented below Deleon Inc Balance Sheet December 31, 2018 Assets Current assets Cash 180.000 29,000 2,000 25,000 1,100 26,100 237,100 150,000 230,000 -57,500 172,500 160 000 -40,000 120,000 Accounts receivable Marketable securities Finished goods inventory Raw Material inventory Total current assets Property, plant, and equipment Land Buildings Less: Accumulated depredation Equipment Less: Accumulated depredation Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders equity 442,500 679,600 10.800 9,800 500,000 159,000 659.000 679,600 Instructions Prepare the following budgets for the year. Show data for each product. Quarterly budgets should be prepared. a. Sales b. Production C. Direct materials. d. Direct labor e. Manufacturing overhead f. Selling and administrative expense g. Multiple-step budgeted income statement h. schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases i. Cash budget