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HALIN MANNLAMEN CREAR 50 S0.10 PROBLEM QUESTION BUDGET MOOPINKY Berhad is a company specialising in the production of organic cleansers that are exported to Singapore. The company usually prepares its operating and financial budgets on a quarterly basis. The following operational information were projected for 2021/2022: Direct material (organic mixture) required per bottle (in mi) Cost of organic mixture per millilitre (ml) Direct labour hours (DLH) required per bottle 1.5 DLH Minimum wage rate (S per DLH) $5.00 Direct materials are usually paid full in the quarter of purchases billed. All MOOPINKY's production workers are paid faithfully at the end of their month worked. 2021 2022 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Expected Sales (bottles) 24.000 30,000 27,000 27,000 Selling Price $25 $20 $20 $20 The planned reduction in selling price is to compete with its domestic competitors' pricing strategies. Sales of its organic cleansers are usually on account to the company's Singaporean merchandisers. From past experiences, MOOPINKY's accountant, Mimi, projects 70% of the company's quarterly sales will be collected in the quarter invoiced, and the remaining will be collected in the following quarter. Ideally, MOOPINKY's management would like to maintain its quarterly ending balance of its inventories as follows: Finished Goods Inventory 20% of the following quarter's required sales (bottles) Raw Material Inventory one-tenth of the following quarter's required millilitre (m!) Continued.... The costs cards for the last six-months of 2021 is available as references for MOOPINKY's quarterly budgetary planning: COST CARD: - Manufacturing Overhead Indirect Material Indirect Labour Utilities Unit Variable Costs S0.02 $3.50 $0.08 53.60 Depreciation - Machinery Rent Utilities Maintenance Fixed Costs S510 $6,000 $1,080 S600 S8,190 COST CARD:- Selling & Administrative Expenses Unit Variable Expense Commission 2.00% Delivery 0.50% Travel 1.00% Fixed Expense Sales Salaries $3.000 Depreciation - Office Equipment $400 $3,400 *Variable Expenses are based on Expected Sales Revenue. Mimi further drafts out the following expected cash transactions for the last six-months of 2021: 1. Notes receivable from the last quarter of 2020 worth $100,000 is expected to be collected in the third quarter of 2021. 2. A used van is expected to be retired and sold for cash in the last quarter of 2021 for $10,000 3. All manufacturing overhead costs are expected to be paid in the following quarter. The manufacturing overhead costs for the second quarter of 2021 is expected at $144,270. 4. All selling and administrative expenses are paid in the quarter incurred. Continued.... BAC64 MANAGEMENT ACCOUNTING STRUARY 2011 The company would like to maintain a minimum cash balance of $100,000 every quarter. Any excess of cash will be used to repay borrowings and interests. MOOPINKY Berhad is interested in maintaining its minimum cash balance of S100,000 at the end of each quarter. Any excess of cash is usually used to repay any borrowings or interests due. As of the second quarter of 2021, outstanding cash borrowings were at $60,000. The beginning cash balance for the third quarter is at S100,000. BUDGET REPORT Assuming MOOPINKY Berhad recorded the following actual operating and costs data in Quarter 3 of 2021: Manufacturing Overhead Direct Labour Hours worked Indirect Material Indirect Labour Utilities Depreciation - Machinery Rent Utilities Maintenance 38,100 $762 $133.350 $3.048 $510 $6,000 $1,100 S400 Selling & Administrative Expenses Actual Sales Revenue S650,000 Commission $13,000 Delivery $3,250 Travel S6.500 Sales Salaries S4.500 Depreciation - Office Equipment $400 MOOPINKY's operations manager considers any difference that is less than 5% of the budgeted amount to be immaterial Required: a) Complete the WORKSHEET template for MOOPINKY Berhad for 2021 Sheet1 Operating Budgets-AB Sheet2 Financial Budgets AB Sheet 3 Budgeted Income Statement-AB Sheet 4 Budget Report-A (for Quarter 3) NOTE: Please ignore Budget Report-B sheet. TOTAL 100 MARKS End of Page TXE