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Klandon Company manufactures decorative rocks for aquariums. Kim Klandon is preparing the budget for the quarter ended June 30. She has gathered the following information: 1. Klandon's sales manager reported that the company sold 15,000 bags of rocks in March. He has developed the following sales forecast. The expected sales price is $25 per bag. April 18,000 bags May 22,000 bags June 20,000 bags July 24,000 bags August 16,000 bags Sales personnel receive a 4% commission on every bag of rocks sold. The following monthly fixed selling and administrative expenses are planned for the quarter. However, these amounts do not include the depreciation increase resulting from the budgeted equipment purchase in June (see part 7). 2. Monthly Fixed Selling and Administrative Costs Variable Cost/Unit Depreciation $10,000 Salaries of sales personnel 25,000 $1.00 Advertising 1,000 Management salaries 10,000 Miscellaneous 500 Bad debts Total costs $46,500 $1.00 After experiencing difficulty in supplying customers in a timely fashion due to inventory shortages, the company established a policy requiring the ending Finished Goods Inventory to equal 20% of the following month's budgeted sales, in units. On March 31, 4,000 bags were on hand. 3. 4. Eight pounds of direct materials are required to fill each bag of finished rocks. The company wants to have direct materials on hand at the end of each month equal to 10% of the following month's production needs. On March 31, 13,000 pounds of materials were on hand. 5. The direct materials used in production cost $1.25 per pound. Sixty percent of the month's purchases are paid for in the month of purchase the remaining 40%, in the following month. No discount is available. 6. The standard labor allowed for one bag of rocks is 30 minutes. The current direct labor rate is $12 per hour. 7 On June 1, the company plans to spend $60,000 to upgrade its office equipment that is fully depreciated. The new equipment is expected to have a five-year life, with no residual value. While full-depreciated the old equipment will be retained in service. . 8. The budgeted monthly variable and fixed overhead amounts are as follows. Variable overhead is based on the number of units produced. The fixed overhead budget is based on an annual production of 420,000 bags. Monthly Fixed Overhead Variable Cost/Unit Depreciation $8,000 Indirect materials 2,500 $0.08 Indirect labor 13,000 0.27 Utilities 18,000 0.15 Property taxes 4,000 Maintenance 7.000 0.25 Total costs $52,500 $0.75 All sales are made on account. Historically, the company has collected 70% of its sales in the month of sale and 25% in the month following the sale. The remaining 5% of sales is uncollectible (and is included in the previous selling and administrative bad debt expense information). 9. 10. Klandon must maintain a minimum cash balance of $40,000. An open line of credit at a local bank allows the company to borrow up to $175,000 per quarter in $1,000 increments. All borrowing is done at the beginning of the month, and all repayments are made at the end of a month in $1,000 increments. Accrued interest is paid any time a principal payment is made. The interest rate is 12% per year. 11. 12 A quarterly dividend of $53,000 will be declared and paid in April. 13. Income taxes payable for the first quarter will be paid on April 15. Klandon's tax rate is 30%. 14. The March 31 balance sheet is as follows: March 31 Cash $40,000 Accounts receivable 93.750 Raw materials inventory 21,600 Finished goods inventory 73,000 Plant & equipment 200,000 Accumulated depreciation (50,000) Total assets $378,350 Accounts payable $12,000 Income taxes payable 24,000 Common stock 52,000 Retained earnings 290,350 Total liabilities and equities $378,350 Selling and Administrative Expense Budget April May Depreciation $ 10000 A 10000 Sales personnel salaries 25000 25000 Advertising 1000 1000 Management salaries 10000 10000 Miscellaneous 500 500 Bad debts Sales commissions 18000 22000 Total budgeted expenses $ Less: Non-cash expenses Depreciation $ 10000 i $ 10000 i Bad debts Total cash costs $ 54500 $ $ 58500 Selling and Administrative Expense Budget ril May June Quarter 10000 10000 $ 11000 $ 31000 25000 25000 25000 75000 1000 1000 1000 3000 10000 10000 10000 30000 500 1500 500 1500 18000 22000 20000 60000 $ $ 10000 i $ 10000 $ 11000 310001 54500 VA $ 58500 $ 56500 $ JA Materials Purchases Budget April May Budgeted production 18400 21600 147200 172800 Budgeted ending inventory (pounds) 17280 164480 189440 Beginning inventory - 13000 -17280 Budgeted purchases (pounds) 151480 172160 1:25 $ 1.25 + $ $ 189350 $ 215200 Manufacturing Overhead Budget April May Budgeted production Variable overhead per unit Total variable overhead Fixed overhead Total budgeted manufacturing overhead. Less : Non-cash items Depreciation $ $ Manufacturing Overhead Budget April May June Quarter $ Ending Inventory and Cost of Goods Sold Budget 21600 Raw materials Beginning balance Purchases of raw materials Less 9 Ending raw materials inventory Raw materials used 614150 -22400 613350 Finished goods Unit costs Direct materials Direct labor Total standard unit cost Ending inventory units Ending finished goods inventory $ $ Cost of goods sold Beginning work in process inventory Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Less 9 Ending work in process inventory Cost of goods manufactured Add 4: Beginning finished goods inventory Less : Ending finished goods inventory Cost of goods sold Cash Receipts Budget April May June $ 93750 $ $ $ 315000 112500 March sales April sales May sales June salesa 385000 Totals $ 408750 $ 497500 Cash Receipts Budget Total Cash Receipts 93750 Accounts Receivable Bad Debts $ $ 427500 522500 350000 125000 $ 1393750 $ $ 125000 Cash Payments for Inventory Budget April May TA A/P from March April purchases May purchases June purchases Totals $ $ Cash Payments for Inventory Budget Total Cash Payments Accounts Payable June ta $ $ $ $ Cash Budget April May $ 40000 408750 448750 125610 110400 Beginning cash balance Collections from sales Total cash available to spend Less 9 Disbursements Materials purchases Direct labor Manufacturing overhead Selling & administrative expenses Income taxes Dividends Equipment purchase Total cash disbursements Cash excess (deficiency) 58300 54500 i 24000 i 53000 425810 22940 Minimum cash balance Cash excess (needed) Financing Borrowings Repayments Interest 18000 Total financing 18000 Ending cash balance 40940 Cash Budget May June Quarter 40940 A 66420 40000 497500 487500 1393750 538440 1433750 204860 211840 542310 129600 i 124800 i 364800 i 60700 60100 179 100 58500 56500 169500 24000 53000 60000 80000 i 453660 513240 1392710 84780 40680 41040 18000 -360 -360 - 18000 - 18000 - 18360 -360 66420 $ 40680 $ 40680