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I See The Light Projected Balance Sheet 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 8,000.00 500 @ $16.00 0 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 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Lamp Kit Direct Labor Variable Overhead: Fixed Overhead: $16.0000000 per lamp 2.0000000 per lamp (4 lamps/hr.) 20000000 per lamp 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $30.0000000 per lamp 5 6 Expected increases for 20x2 +7 When calculating projected increases round to TWO ($0.00) decimal places. 96 47 1. Material Costs are expected to increase by 5.00% 48 49 2. Labor Costs are expected to increase by 3.50%. 50 59 3. Variable Overhead is expected to increase by 3.00% 60 61 4. Fixed Overhead is expected to increase to $275,000 62 63 5. Fixed Administrative expenses are expected to increase to $50,000 72 73 6. Variable selling expenses (measured on a per lamp basis) are expected to increase 74 by 4.50% 75 76 7. Fixed selling expenses are expected to be $29,000 in 20x2 85 85 8. Variable administrative expenses (measured a per lamp basis) are expected to 87 increase by 2.00% 88 89 On the following schedule develop the following figures: 98 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp 99 100 2- 20x2 Projected Variable Unit Cost per lamp. 101 3- 20x2 Projected Fixed Costs. 1111 102 Division N has decided to develop its budget based upon projected sales of 31,000 lamps at $51.00 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 16. Cost of Goods Sold Budget 2 3 7. Budgeted Income Statement 6 7 8. Cash Budget 88 39 Notes for Budgeting: 10 3 44 The company wants to maintain the same number of units in the beginning and ending inventories of 45 work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 600 pieces and 46 decreasing the finished goods by 20%. 47 50 Complete the following budgets 51 52 1 Production Budget 53 54 Planned Sales 57 Desired Ending Inventory of Finished Goods 58 Total Needed 59 Less: Beginning Inventory 60 61 Total Production 30,400 units 64 {7.01) 65 2 Materials Budget Lamp Kits 600 units {8.01) {8.02) {8.03) {8.04) 500 units Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) {8.05) {8.06) 3 Direct Labor Budget 2.07 {8.07) Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $## ##) $ 62.928.00 {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 $ $ 62,624.00 275,000.00 {8.09) {8.10) Total Factory Overhead (Round to two places, S####) {8.11) 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead/Number of Units (Round to two places, S####) {9.01) 19.02) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 19.03) Total cost of one unit (Round to two places, $####) 19.04 (9.05) {9.06) Round dollars to two places, S#### (9.07) 2 6 Selling and Admin Budget 3 Fixed Selling 9 Variable Selling (Round to two places, S####) 0 Fixed Administrative 1 Variable Administrative (Round to two places, $## ##) 2 Total Selling and Administrative (Round to two places, S. 7 LOSLUL Goods 7 Sold 58 Budget 59 Beginning Inventory, Finished Goods 50 Production Costs 51 Materials 56 Lamp Kits 57 Beginning Inventory 68 Purchased 69 Available for Use 70 Ending Inventory of Lamp Kits Lamp Kits Used in Production 76 88 Total Materials 89 Labor 90 Overhead 91 Cost of Goods Available 92 Less Ending Inventory, Finished Goods 93 Cost of Goods Sold 94 95 + (9.08) 75 19.09) 19.10) (911) (9.12) (913) 19.14)