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A B C D D E F 4 PART 3 Budgets 14 15 16 17 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at 18 $55.00 per lamp 28 The company has requested that you prepare a master budget for the year. This budget is to be used 29 for planning and control of operations and should be composed of 30 31 1 Production Budget 32 42 2. Materials Budget 43 44 3. Direct Labor Budget 45 46 4. Factory Overhead Budget 56 57 5. Selling and Administrative Budget 58 59 6. Cost of Goods Sold Budget 60 70 7 Budgeted Income Statement 71 72 8 Cash Budget 73 74 Notes for Budgeting 84 85 86 The company wants to maintain the same number of units in the beginning and ending inventories of -- 1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Ready 18 Present Value Table 59 6. Cost of Goods Sold Budget 60 70 7. Budgeted Income Statement 71 72 8 Cash Budget 73 74 Notes for Budgeting 84 85 86 The company wants to maintain the same number of units in the beginning and ending inventories of 87 work in process, and electrical parts while increasing the inventory of Lamp Kits to 675 pieces and 88 decreasing the finished goods by 20% 98 99 Complete the following budgets 100 101 1 Production Budget 102 112 Planned Sales 113 Desired Ending Inventory of Finished Goods 114 Total Needed 115 Less. Beginning Inventory 116 126 Total Production 127 128 129 130 131 132 133 17011 K H A D E I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $1,125,000.00 750,000.00 $ 375,000.00 8 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses Fixed Vanable @ $2.00 Total Selling and Administrative Expenses Net Profit $23,000.00 75,000.00 $ 98,000.00 $42,000.00 50,000 00 92.000.00 190,000.00 $ 185,000.00 14 15 16 17 18 23 24 25 26 27 32 33 34 35 36 41 42 43 44 45 50 51 52 I See The Light Projected Balance Sheet As of December 31, 20x1 $ Current Assets Cash Accounts Receivable Inventor 2 3 4 5 6 34,710.00 67,500.00 1 7 8 9 10 11 12 13 14 15 16 17 18 Present Value Tables Ready Tyne here to search A B C D E G H 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 5 50 51 52 53 54 59 50 61 62 63 68 69 70 71 72 77 78 79 80 81 86 87 88 89 90 91 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 Rotained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 $ 213,410.00 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B D E F G H 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are 10 16 Lamp Kit $16.0000000 per lamp 19 Direct Labor 2.0000000 per lamp (4 lamps/hr.) 20 Variable Overhead 2.0000000 per lamp 26 Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25,000 lamps) 27 28 Cost per lamp: $30.0000000 per lamp 29 30 Expected increases for 20x2 36 When calculating projected increases round to TWO ($0.00) decimal places 37 1. Material Costs are expected to increase by 3.00% 2 Labor Costs are expected to increase by 3.00% 3. Variable Overhead is expected to increase by 6.50% 38 39 40 46 47 48 49 50 56 57 58 59 4. Fixed Overhead is expected to increase to $280,000 5 Fixed Administrative expenses are expected to increase to $44,000 6 Variable selling expenses (measured on a per lamp basis) are expected to increase by 6.5096 60 66 67 68 69 70 7. Fixed selling expenses are expected to be $35,000 in 20x2. 8 Variable administrative expenses (measured a per lamp basis) are expected to increase by 4.00% 1 | 2 3 4 5 6 7 8 9 10 | 11 | 12 | 13 | 14 15 16 17 18 Present Value Tab 4 2 Materials Budget (801) 1802) (8 031 1804 TINT Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $## ##) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $## ##) 1805 1806) 5 12 13 14 15 16 23 24 25 79 80 81 82 89 90 91 92 93 100 101 102 103 104 105 106 107 108 109 110 1807 (809) 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, Sti# ##) Fixed Factory Overhead (809) (810) Total Factory Overhead (Round to two places, $## ##) 18111 4 Factory Overhead Budget 19011 1902 19.03 3 Overhead Allocation rate based on 1 Number of Units 10 Total Factory Overhead / Number of Units 11 (Round to two places, S## ##) 12 14 5 Cost of making one unit next year 15 Cost of one Lamp Kit 16 Labor Cost Per Lamp 17 Factory overhead por unit 18 20 Total cost of one unit 21 (Round to two places, Saw mat) 22 29 30 6 Selling and Admin Budget 32 33 Fixed Selling 34 Variablo Solling (Round to two places, Sw) 35 Fixed Administrative 36 Vanable Administrative (Round to two places, $####) 38 Total Selling and Administrativo (Round to two places, Swan) 39 CAR Goods 19.04) 1905) 19.06 7 Sold Round dollars to two places, St 1907) 40 41 42 44 45 Budget Beginning Inventory, Finished Goods Production Costs Materials Lam Kits 2 3 4 5 6 7 8 9 10 11 12 13 14 15 76 17 18 Present Value Tables Ready O Turo harat.care 39 UN Goods 7 Sold Round dollars to two places, St. 1907) Budget Beginning Inventory, Finished Goods Production Costs Materials Lamp Kits Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production 19.081 40 41 42 44 45 46 47 48 50 51 52 61 62 63 64 65 66 67 68 69 70 71 Total Materials Labor Overhead Cost of Goods Available Less Ending Inventory. Finished Goods Cost of Goods Sold 19.09) 1910) 19.111 1912) 1913) 1914) 10.011 6 7 7 Budgeted Income Statement 10 11 Sales 12 Cost of Goods Sold 13 Gross Profit 14 Selling Expenses & Admin Expenses 17 Net Income 18 19 20 21 24 25 8 Cash Budger 26 27 Assume actual cash receipts and disbursements will follow the pattern below. (Note Receivables and 28 Payables of 12/31/xt will have a cash impact in 2012.) 31 32 1 1600% of sales for the year are made in November and December. Since our customers have 60 day torms 33 those funds will be collected be collected in January and February 34 2. 82.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 35 3. All other manufacturing and operating costs are paid for when incurred 38 4 The budgeted depreciation expense is equal to 0 6% of the fixed manufacturing, seling and administrative expenses 39 5. Minimum Cash Balance needed for 20x2, $195,000 1 See The Light Projected Cash Budget For the Year Ending December 31, 20x2 40 41 42 45 Round dolars to two places $ 18 Present Value Tables 1 2 3 4 5 8 9 10 11 12 13 14 15 16 17 Ready A BC D E F G H 1 J K Round dollars to two places, $#### Beginning Cash Balance Cash Inflows Salos Collections Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available 110021 (1003) 11004 110 05 45 46 47 48 49 52 53 54 55 56 59 60 61 82 63 06 67 68 09 70 71 12 73 74 75 76 77 78 Cash Outflows Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less Depreciation Total Cash Outflows 11006) 090071 Budgeted Cash Balance before financing Needed Minimum Balance (1008) Amount to be borrowed (if any) (1009) Budgeted Cash Balance 110 10