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or 12 WANA General HI Its copy Format Painter BIOA 29 Wrap Text Es Merge & Center $ - %. Conditional Formats com Formatting Table Styles Cloha 19 Tul Aliment Number 50 0 Beractures two products Product A and Product Ms. Sarah Plourde, the business owner needs help with preparing operating and financial budgets for the month of November 2020. She has gather and provided the following information for the month of November 2020: Balance Sheet Product A Product B Sales Data: Expected sales volume in units 650.000 350.000 Selling priceperunt 5 25$ 40 5 sales were collected from customers in November 2000. The balanance will be collected in December 2020 As at October 31, 2020 Assets Cash 5 2,000,000 Accounts recievable 5 4.000.000 How materials entory 5 1000 Work-in-process inventory 5 Finished goods inventory $ 1,420.000 Equipment (net) $50,00 Total Assets $ 12.100.000 Production Data Units in beginning finished goods inwentary Units desired in onding finished goods inventory 40,000 60,000 30.000 40,000 Direct Matelas Data Direct material required to manufacture one unit 2 3 Units in beginning aw materials inventory 50.000 15.000 Units desired in raw materials inventory 60,000 20.000 Cost of raw material per kilogram $ 2.50$ 2.00 30% of material purchases were paid for by cash in November 2020. The rest were payable in December 2020 Liabilities Accounts payable Income tax payable $ 4,000,000 $ 1.600.000 Shareholders' Equity Common Shares Retained Earning Total Liabilities A Shareholders Equity 55.000.000 S 1.500.000 $ 1101 1.00 Direct Labour Data Duct labour time rend to manufacture one unit (hours) Direct labour rate per hour 300 of direct labour costs were paid for in November 2020 0.75 15$ 3 15 Manufacturing Overhead Data Variable overhead is expected to be the following per unit produced Fixedhead 5 1.00 0.505 167,500 B D 167,500 Fixed overhead 100% of manufacturing overhead were paid for by cash in November 2020. 1.50 Selling & Administrative Data: Variable selling & Administration is expected to be the following per unit sold $ 1.00 $ Fixed overhead $ 1,500,000 $ 100% of selling & administrative expenseses were paid for in cash 500,000 Other Data: Income Taxes 30%. Income tax is not paid until December 2020 All recievables at November 1st, 2020 were collected during the month All payables (accounts payable and income tax payable) at November 1st, 2020 were paid during the month. Accounts payable were a balance owed from purchase of raw material. Required: Prepare the necessary operating and financial budgets for the month ended November 30, 2020. Do not prepare the budgeted balance sheet. Calibri ab w X Cut In Copy Format Painter 11AA == A Paste BI U v P = Me Clipboard Font Alignment C12 Xf B D 1 Sales Budeet Product A Product B Total 650,000 350,000 $ 255 40 $ 16,250,000 14,000,000 0,250,000 Sales Less: Cost of Goods So Gross Profit 2 3 4. Expected sales in units 5 Unit selling price Total Sales 7 8 Schedule of Cash Collections 9 0 TI November December Selling & Administrativ Income Taxes Expense Net Income $ 14,525.000 5 12600,000 3 Product B Beginning cash balance Add: Cash receipts Total Cash Available Less: Cash disbursemen Direct Material Direct Labour 0 14 Production Budget 5 Product A 5 Expected unit sales 2. .Desired ending finished goods inventory 18 - Beginning finished goods inventory 5 Units to be produced 20 21 Direct Materials Budget 22 Product A 23 Units to be produced 24 Direct material used per unit 25 Total material required for production 26.Desired ending direct material inventory 27 - Beginning materials inventory 20 Direct materials to be purchased 29 Cost per kilogram 30 Direct Material Purchases Product B Total Manufacturing Overhe Selling & Administrat Income Taxes Excess of cash receipts o Financing Ending cash balance 0 0 0 0 0 DS Budgete November December Assets 32 Schedule of Cash payments town 33 34 35 5 Cash Accounts recievable Raw materials inventon Work-in-process invente Data Budgets S s Tot 8 19 50 Product B Total 0 0 $ 51 Manufacturing Overhead Budget 52 Product A 53 Variable costs 54 Fixed Costs 55 56 57 Schedule of Cash payments for MOH expenses November 58 59 $ 60 61 December S Product B Total $ S December 62 Selling and Administrative Budget Product A 64 Variable Costs 65 Fixed Costs 66 Total selling & Administrative Expenses S 67 68 Schedule of Cash payments for S&A expenses November 69 70 $ 71 72 73 74 75 76 77 78 73 80 81 G H K M N B TOTA MOSTEXTDOORS WIITETve you to or print Budgeted Income Statement Product A Product B Total Total $ Sales Less: Cost of Goods Sold Gross Profit $ 5 $ $ s Selling & Administrative Expenses CALCULATIONS FOR COST OF GOODS SOLD Product A Products WIP. Beginning 5 $ Direct Material RM. Beginning $ $ RM purchases $ $ - RM, Ending 5 S $ $ Direct Labour $ $ Manufacturing Overheads $ Total Manufacturing costs S Less WIP, End S 5 $ $ $ Income Taxes Expense Net Income $ $ $ s 5 $ S $ COGM Units Produced Cost per unit #DIV/0! DIV/0! 5 FG, Beginning #DIV/01 DIV/01 DIV/01 Cash Budget Beginning cash balance Add: Cash receipts Total Cash Available Less: Cosh disbursements Direct Material Direct Labour Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance COGM -FG, Ending COGS NDIV/01 NDIV/01 #DIV/01 #DIV/01 DIV/0 DIV/0! $ 5 $ $ Budgeted Balance Sheet Assets Cash Accounts recievable Raw materials inventory Work-in-process inventory Finished pods inventory E G H Direct Labour + COGM -FG, Ending COGS Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance ulus ou Budgeted Balance Sheet Assets Cash Accounts recievable Raw materials inventory Work-in-process inventory Finished goods inventory Equipment (net) Total Assets $ + Liabilities Accounts payable Income tax payable Shareholders' Equity Common Shares Retained Earnings Total Liabilities & Shareholders Equity $ Check figure for balance sheets or 12 WANA General HI Its copy Format Painter BIOA 29 Wrap Text Es Merge & Center $ - %. Conditional Formats com Formatting Table Styles Cloha 19 Tul Aliment Number 50 0 Beractures two products Product A and Product Ms. Sarah Plourde, the business owner needs help with preparing operating and financial budgets for the month of November 2020. She has gather and provided the following information for the month of November 2020: Balance Sheet Product A Product B Sales Data: Expected sales volume in units 650.000 350.000 Selling priceperunt 5 25$ 40 5 sales were collected from customers in November 2000. The balanance will be collected in December 2020 As at October 31, 2020 Assets Cash 5 2,000,000 Accounts recievable 5 4.000.000 How materials entory 5 1000 Work-in-process inventory 5 Finished goods inventory $ 1,420.000 Equipment (net) $50,00 Total Assets $ 12.100.000 Production Data Units in beginning finished goods inwentary Units desired in onding finished goods inventory 40,000 60,000 30.000 40,000 Direct Matelas Data Direct material required to manufacture one unit 2 3 Units in beginning aw materials inventory 50.000 15.000 Units desired in raw materials inventory 60,000 20.000 Cost of raw material per kilogram $ 2.50$ 2.00 30% of material purchases were paid for by cash in November 2020. The rest were payable in December 2020 Liabilities Accounts payable Income tax payable $ 4,000,000 $ 1.600.000 Shareholders' Equity Common Shares Retained Earning Total Liabilities A Shareholders Equity 55.000.000 S 1.500.000 $ 1101 1.00 Direct Labour Data Duct labour time rend to manufacture one unit (hours) Direct labour rate per hour 300 of direct labour costs were paid for in November 2020 0.75 15$ 3 15 Manufacturing Overhead Data Variable overhead is expected to be the following per unit produced Fixedhead 5 1.00 0.505 167,500 B D 167,500 Fixed overhead 100% of manufacturing overhead were paid for by cash in November 2020. 1.50 Selling & Administrative Data: Variable selling & Administration is expected to be the following per unit sold $ 1.00 $ Fixed overhead $ 1,500,000 $ 100% of selling & administrative expenseses were paid for in cash 500,000 Other Data: Income Taxes 30%. Income tax is not paid until December 2020 All recievables at November 1st, 2020 were collected during the month All payables (accounts payable and income tax payable) at November 1st, 2020 were paid during the month. Accounts payable were a balance owed from purchase of raw material. Required: Prepare the necessary operating and financial budgets for the month ended November 30, 2020. Do not prepare the budgeted balance sheet. Calibri ab w X Cut In Copy Format Painter 11AA == A Paste BI U v P = Me Clipboard Font Alignment C12 Xf B D 1 Sales Budeet Product A Product B Total 650,000 350,000 $ 255 40 $ 16,250,000 14,000,000 0,250,000 Sales Less: Cost of Goods So Gross Profit 2 3 4. Expected sales in units 5 Unit selling price Total Sales 7 8 Schedule of Cash Collections 9 0 TI November December Selling & Administrativ Income Taxes Expense Net Income $ 14,525.000 5 12600,000 3 Product B Beginning cash balance Add: Cash receipts Total Cash Available Less: Cash disbursemen Direct Material Direct Labour 0 14 Production Budget 5 Product A 5 Expected unit sales 2. .Desired ending finished goods inventory 18 - Beginning finished goods inventory 5 Units to be produced 20 21 Direct Materials Budget 22 Product A 23 Units to be produced 24 Direct material used per unit 25 Total material required for production 26.Desired ending direct material inventory 27 - Beginning materials inventory 20 Direct materials to be purchased 29 Cost per kilogram 30 Direct Material Purchases Product B Total Manufacturing Overhe Selling & Administrat Income Taxes Excess of cash receipts o Financing Ending cash balance 0 0 0 0 0 DS Budgete November December Assets 32 Schedule of Cash payments town 33 34 35 5 Cash Accounts recievable Raw materials inventon Work-in-process invente Data Budgets S s Tot 8 19 50 Product B Total 0 0 $ 51 Manufacturing Overhead Budget 52 Product A 53 Variable costs 54 Fixed Costs 55 56 57 Schedule of Cash payments for MOH expenses November 58 59 $ 60 61 December S Product B Total $ S December 62 Selling and Administrative Budget Product A 64 Variable Costs 65 Fixed Costs 66 Total selling & Administrative Expenses S 67 68 Schedule of Cash payments for S&A expenses November 69 70 $ 71 72 73 74 75 76 77 78 73 80 81 G H K M N B TOTA MOSTEXTDOORS WIITETve you to or print Budgeted Income Statement Product A Product B Total Total $ Sales Less: Cost of Goods Sold Gross Profit $ 5 $ $ s Selling & Administrative Expenses CALCULATIONS FOR COST OF GOODS SOLD Product A Products WIP. Beginning 5 $ Direct Material RM. Beginning $ $ RM purchases $ $ - RM, Ending 5 S $ $ Direct Labour $ $ Manufacturing Overheads $ Total Manufacturing costs S Less WIP, End S 5 $ $ $ Income Taxes Expense Net Income $ $ $ s 5 $ S $ COGM Units Produced Cost per unit #DIV/0! DIV/0! 5 FG, Beginning #DIV/01 DIV/01 DIV/01 Cash Budget Beginning cash balance Add: Cash receipts Total Cash Available Less: Cosh disbursements Direct Material Direct Labour Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance COGM -FG, Ending COGS NDIV/01 NDIV/01 #DIV/01 #DIV/01 DIV/0 DIV/0! $ 5 $ $ Budgeted Balance Sheet Assets Cash Accounts recievable Raw materials inventory Work-in-process inventory Finished pods inventory E G H Direct Labour + COGM -FG, Ending COGS Manufacturing Overhead Selling & Administrative Expenses Income Taxes Excess of cash receipts over cash disbursements Financing Ending cash balance ulus ou Budgeted Balance Sheet Assets Cash Accounts recievable Raw materials inventory Work-in-process inventory Finished goods inventory Equipment (net) Total Assets $ + Liabilities Accounts payable Income tax payable Shareholders' Equity Common Shares Retained Earnings Total Liabilities & Shareholders Equity $ Check figure for balance sheets
