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02] Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distrbution the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date, the company's budgeting practices have been inferior, and at times the company has experienced a casa shortage. You have been given responsibility for all planning and budgeting, Your first assignment is to prepare a master budget for the next three months, starting April 1. You are eager to make a favourable impression on the president and have assembled the information below. The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: January (actual) February (actual) March (actual) April May 20,080 26,200 40,000 65,000 100,000 June July August September 50,000 30,000 28,000 25,000 The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company $4 each. Purchases are paid for as follows 50% in the month of purchase and the remaining 50% the following month. All sales are on credit, with no discount, and poyable within 15 days. The company has found, however, that only 20% of a month's sales are collected by month-end. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bod debts have been negligible The company's monthly selling and administrative expenses are given below 45 of sales Variable: Sales commissions Fixed: Advertising Rent Wapes and salaries $200,000 18,000 196. Prey Nex 1 of 1 1 ces cost the company 54 each. Purchases are paid for as follows: 50% in the month of purchased the ring the following month. All sales are on cred, with no discount and payable within 15 day. The company has found. However 20% of a month's sales are collected by month end. An additional 70% is collected in the following month and then collected in the second month following sale Bad debts have been negligible The company's monthly selling and administrative expenses are given below. Variablet Sales commissions Fixed: Advertising Rent Wages and salaries Utilities Insurance Depreciation *x of sales 5200,000 Book Print rences 18,000 116.000 7,000 3,000 14.00 All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance Imurance is paid on an annual basis, in November of each year. The company plans to purchase 516,000 in new equipment during May and $40,000 in new equipment during June, both purchases will be paid in cash The company declare dividends of $16.000 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 a given below Assets Cash 5 74,000 Accounts receivable ($26,000 February sales; $320,000 arch sales) 145,000 Inventory 104.000 Prepaid insurance Fixed assets, net of depreciation 51,495.000 Total assets Liabilities and Shareholders fouity $100,000 15,000 Accounts payable Dividends payable Common shares Retained earnings 100 $1,495,000 Total liabilities and shareholders equity # Ne company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these foons is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets 1. a. A sales budget by month and in total, April May June Quarter Sales budget Budgeted sales in units Selling price per unit Total sales $ 0 $ 05 05 0 b. A schedule of expected cash collections from sales, by month and in total, KNOCKOFFS UNLIMITED Schedule of Expected Cash Collections April May June Quarter February sales March sales Prev Next 1 of 1 w b. A schedule of expected cash collections from sales, by month and in total KNOCKOFFS UNLIMITED Schedule of Expected Cash Collections April May June Quarter February sales March sales April sales May sales June sales Total cash collections c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total KNOCKOFFS UNLIMITED hases Budget SO Sen c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total KNOCKOFFS UNLIMITED Merchandise Purchases Budget April May Budgeted sales in units Total needs Required unit purchases Unit cost Required dollar purchases nynected cash disbursements for merchandise purchases, by month and in total of expected cash disbursements for merchandise purchases, by month and in total KNOCKOFFS UNLIMITED Schedule of Expected Cash Disbursements April May June March purchases April purchases May purchases June purchases Total cash disbursements 2. A cash budget. Show the budget by month and in total. (Round your intermediate calculations and final answers to the sea la round down your interest calculations to the next whole dollar amount Cash deficiency, repayments and rian. Do not leave any empty spaces; input a wherever it is required) Dodge For the Three Months Ending April Cash balance, beginning Add receipts from customers Total cash available Less disbursements Purchase of inventory Advertising Rent Salaries and wages Sales commissions K nces Utilities Dividends paid Equipment purchases Total disbursements Excess (deficiency) of receipts over disbursements Financing Borrowings Repayments Interest Total financing Cash balance, ending SA KNOCKOFFS UNLIMITED Budgeted Income Statement For the Three Months Ended June 30 Variable expenses: Fixed expenses Budgeted Balance Sheet June 30 Assets N Total assets Liabilities and Shareholders' Equity Total liabilities and shareholders' equity