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Homework: Extra Credit Budgeting Assignment Score: 0 of 20 pts 1 of 1 (0 complete) P9-57A (similar to) Dalley Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalley Manufacturing's operations: (Click the icon to view the data.) Click the icon to view additional data.) Read the requirements Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total Dalley Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month January February March Quarter Cash sales Credits sales Total cash collections Enter any number in the edit fields and then click Check Answer. coar All agits ata.) Data Table - X Requirements X dule Current Assets as of December 31 (prior year) $ alley h Coil $ Quar $ $ Accounts receivable.net Inventory Property, plant and equipment net Accounts payable Capital stock Retained earings 4.500 53,000 15.300 122.500 42.400 125.500 27900 1. Prepare a schedule of cash collections for January February, and March, and for the quarter in total 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Selling price per unit) 3. Prepare a direct materials budget 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January) 5. Prepare a cash payments budget for direct labor 6. Prepare a cash payments budget for manufacturing overhead costs 7. Prepare a cash payments budget for operating expenses 8. Prepare a combined cash budget 9. Calculate the budgeted manufacturing cost per unit (assume that fored manufacturing overhead is budgeted to be 50.90 per unit for the year) 10. Prepare a budgeted Income statement for the quarter ending March 31. (Hint Cost of goods sold Budgeted cost of manufacturing one unit x Number of units sold) ary $ $ GA Print Done a.Actual sales in December were $70,000. Selling price per unit is projected to remain stable at $10 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January $ 80,000 February $ 92,000 March $ 99,000 April $ 97,000 May $ 85,000 b.Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. c. Dalley Manufacturing has a policy that states that each month's ending inventory of finished goods should be 25% of the following month's sales (in units). d. Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 10% of next month's production needs. e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.01 The direct labor rate per hour is $12 per hour. All direct labor is paid for in the month in which the work is performed. The Print Done e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.01. The direct labor rate per hour is $12 per hour. All direct labor is paid for in the month in which the work is performed. The direct labor total cost for each of the upcoming three months is as follows: January $ 996 February $ 1,125 March $ 1,182 f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and 51.20 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred g.Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Dalley Manufacturing will purchase equipment for $5,000 (cash), while February's cash expenditure will be $12,000 and March's cash expenditure will be $16.000 h.Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses are paid in the month in which they are incurred. No depreciation is included in these figures. i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5,100 for the entire quarter, which includes depreciation on new acquisitions March $ 1,182 f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and 51 20 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. g.Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Dalley Manufacturing will purchase equipment for $5,000 (cash), while February's cash expenditure will be $12,000 and March's cash expenditure will be $16,000. h. Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses are paid in the month in which they are incurred. No depreciation is included in these figures. i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5,100 for the entire quarter, which includes depreciation on new acquisitions. j. Dalley Manufacturing has a policy that the ending cash balance in each month must be at least $4,000. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $100,000. The interest rate on these loans is 1% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter, k. The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,000 cash at the end of February in estimated taxes Given Information Particulars Sales (In Dollars) Sale Price per Unit No. of Units January February 80,000 $ 92,000 $ $ 10 $ 10 $ 8.000 9,200 March 99,000 $ 10 $ 9,900 April 97,000 10 9,700 Requirement 1 Schedule of Cash Collections Particulars January February March Quarter Cash Sales $ 24,000 $ 27,600 $ 29,700 $ 81,300 Credit Sales $ 53,000 $ 56,000 $ 64,400 $ 69,300 Total Cash Collections $ 77,000 $ 83,600 $ 94,100 $ 150,600 Requirement 2 Production Budget Particulars January February March Quarter Unit Sales 8,000 9,200 9,900 27,100 Add: Desired Ending Inventory 2,300 2,475 2425 2,425 Total Needed 10,300 11,675 12,325 29,525 Less : Beginning Inventory 2,000 2,300 2,475 2,000 Units to Produce 8,300 9,375 9,850 27,525 April 9,700 2,125 11,825 2,425 9,400 April 9,400 2 19,800 Requirement 3 Direct Materials Budget Particulars January February March Quarter Units to be produced 8,300 9,375 9,850 27,525 kg. of DM needed per Unit 2 2 2 2 Quantity needed for Production 16,600 18,750 19,700 55,050 Add : Desired Ending Inventory of DM 1,875 1,970 1,880 1,890 Total Quantity (Kg.) Needed 18,475 20,720 21,580 56,930 Less : Beginning Inventory of DM 1,660 1,875 1,970 1,660 Quantity (Kg.) to Purchase 16,815 18,845 19,610 55,270 Cost per kg. $ 2.00 $ 2.00 $ 2.00 $ 2.00 Total Cost of DM Purchases $ 33,630 $ 37,690 $ 39,220 $ 110,540 Requirement 4 Cash Payments for Direct Materials Purchases Budget Particulars January February March Quarter December Purchases $ 42,400 $ 42,400 January Purchases $ 6,726 $ 26,904 $ 33,630 February Purchases $ 7,538 $ 30,1525 37,690 March Purchases $ 7,844 5 7,844 Total Cash Payment for DM Purchases $ 49,126 $ 34,442 $ 37 996 $ 121,564 As per the Chegg Guidelines, Only 4 Questions (or) 4 Sub-Questions are to be answered. Please post the remaining questions as a separate question. If you require any explanation with respect to above solution, please leave a comment and I will be glad to help you... Requirement 5. Prepare a cash payments budget for conversion costs. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Cash Payments for Conversion Costs Budget January February March Quarter Variable conversion costs 1.10 1.10 1.10 Rent (fixed) 5500 5500 5500 16500 Other fixed MOH 2800 2800 2800 8400 8301.1 8301.1 Total payments for conversion costs 83011 24903.3 3.30 Requirement 6. Prepare a cash payments budget for operating expenses. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Cash Payments for Operating Expenses Budget January February March Quarter Variable operating expenses 9675 10800 10687.5 311625 Fixed operating expenses 1600 1600 1600 4800 11275 12400 Total payments for operating expenses 122875 35962.5 Requirement 7. Prepare a combined cash budget. (Leave any unused cells blank. Use parentheses or a minus sign for negative cash balances and financing payments. Round your answers to the nearest Slinger Manufacturing Combined Cash Budget January February March Quarter Cash balance beginning 4640 4640 Add cash collections 624820 79200 86220 220700 Total cash available 529450 225340 Less cash payments Direct material purchases 568048 366128 37965. 12 131382 72 Conversion costs 83011 83011 83011 249033 Operating expenses 11275 12400 122875 359625 Equipment purchases 12800 15600 33800 10000 Tax payment Total cash payments 81780 9 801139 74153.72 236048 52 Excess (deficiency of cash IF 5000 10000 Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Equipment purchases 5400 12800 15600 33800 Tax payment 10000 10000 81780.9 Total cash payments 80113.9 74153.72 236048.52 Excess (deficiency) of cash Financing Borrowings Repayments Interest payments Total financing Cash balance, ending Requirement 8. Calculate the budgeted manufacturing cost per unit (Assume that fixed manufacturing overhead is budgeted to be $0.90 per unit for the year) (Round your answers to the nearest cent.) Slinger Manufacturing Requirement 8. Calculate the budgeted manufacturing cost per unit. (Assume that foxed manufacturing overhead is budgeted to be 50 90 per unit for the year) (Round your answers to the nearest cent.) Slinger Manufacturing Budgeted Manufacturing Cost per Unit Direct materials cost per unit Conversion costs per unit Fixed manufacturing overhead per unit Budgeted cost of manufacturing each unit Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Requirement 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint Cost of goods sold Budgeted cost of manufacturing each unit x Number of units sold.) (Round your answers to the nearest whole dollar.) Slinger Manufacturing Budgeted Income Statement For the Quarter Ending March 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating income Less interest expenso Less provision for income taxes Net income Requirement 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. (Round your answers to the nearest whole dollar) Slinger Manufacturing Partial Budgeted Balance Statement March 31 Cash Accounts receivable, net Inventory Property, plant and equipment, not Accounts payable Income tax payable Financing payable Capital stock Retained earnings