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Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of 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 cash 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 28,500 43,000 56,000 82,000 116,000 June 67,000 July 47,000 August 45,000 September 42,000 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% in the following month. All sales are on credit, with no discount, and payable 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. Bad debts have been negligible. The company's monthly selling and administrative expenses are given below: 4% of sales Variable: Sales commissions Fixed: Advertising Rent Wages and salaries Utilities Insurance Depreciation $251,000 26,500 126,400 13,800 6,400 31,000 All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $22,800 in new equipment during May and $57,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $18,400 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below: $ 91,000 Assets Cash Accounts receivable ($43,000 February sales; $448,000 March sales) Inventory Prepaid insurance Fixed assets, net of depreciation 491,000 131,200 44,800 1,035,000 Total assets $1,793,000 $ Liabilities and Shareholders' Equity Accounts payable Dividends payable Common shares Retained earnings 132,800 18,400 970,000 671,800 Total liabilities and shareholders' equity $1,793, 000 The 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 loans 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: a. A sales budget by month and in total. Sales budget Budgeted sales in units Selling price per unit Total sales April May June Quarter 82,000 116,000 67,000 265,000 $ 100 $ 10 $ 10 $ 10 $ 820,000 $1,160,000 $ 670,000 $2,650,000 b. A schedule of expected cash collections from sales, by month and in total. February sales March sales April sales May sales June sales Total cash collections KNOCKOFFS UNLIMITED Schedule of Expected Cash Collections April May June Quarter 43,000 $ 43,000 392,000 56,000 448,000 164,000 574,000 82,000 820,000 232,000 812,000 1,044,000 134,000 134,000 $ 599,000 $ 862.000 $ 1,028,000 $ 2,489,000 c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. June Quarter 67,000 18,800 265,000 18,800 283,800 KNOCKOFFS UNLIMITED Merchandise Purchases Budget April May 82,000 116,000 46,400 26,800 128,400 142,800 32,800 46,400 95,600 96,400 $ $ 4 $ $ 382,400 $ 385,600 $ Budgeted sales in units Add: Budgeted ending inventory Total needs Less: Beginning inventory Required unit purchases Unit cost Required dollar purchases 85,800 26.800 32.800 59,000 251,000 4 $ 4 236,000 $ 1,004,000 d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. Quarter 132,800 KNOCKOFFS UNLIMITED Schedule of Expected Cash Disbursements April May June March purchases $ 132,800 $ April purchases 191,200 191,200 May purchases 192,800 192,800 June purchases 118,000 Total cash disbursements $ 324,000 $ 384,000 $ 310,800 $ 382,400 385,600 118,000 1,018,800 2. A cash budget. Show the budget by month and in total. (Round your intermediate calculations and final answers to the nearest whole dollar. Also, round down your interest calculations to the next whole dollar amount. Cash deficiency, repayments and interest should be indicated by a minus sign. Do not leave any empty spaces; input a 0 wherever it is required.) KNOCKOFFS UNLIMITED Cash Budget For the Three Months Ending June 30 April May $ 91,000 $ 50,100 599,000 862,000 690,000 912,100 June $ $ 50,200 1,028,000 1,078,200 Quarter 91,000 2,489,000 2,580,000 Cash balance, beginning Add receipts from customers Total cash available Less disbursements: Purchase of inventory Advertising Rent 324,000 251,000 26,500 126,400 32,800 384,000 251,000 26,500 126,400 46,400 13,800 310,800 251,000 26,500 126,400 26,800 13,800 Salaries and wages Sales commissions 1,018,800 753,000 79,500 379,200 106,000 41,400 18,400 79,800 2,476,100 Utilities 13,800 18,400 57,000 792,900 Dividends paid Equipment purchases Total disbursements Excess (deficiency) of receipts over disbursements Financing: Borrowings Repayments 22,800 870,900 41,200 812,300 265,900 (102,900) 103,900 153,000 9,000 Interest (162,000) (4,770) (166,770) 99,130 162,000 (162,000) (4,770) (4,770) 99,130 9,000 Total financing Cash balance, ending 153,000 50,100 $ $ 50,200 $ $ 3. A budgeted income statement for the three-month period ending June 30. Use the variable costing approach. KNOCKOFFS UNLIMITED Budgeted Income Statement For the Three Months Ended June 30 Sales revenue $ 2,650,000 Variable expenses: $ 1,060,000 106,000 Cost of goods sold Commissions Contribution margin Fixed expenses: Advertising 1,166,000 1,484,000 Rent 753,000 79,500 379,200 Wages and salaries Utilities 41,400 19,200 Insurance Depreciation Commissions 93,000 106,000 1,471,300 Other expenses Operating income 12,700 Less interest expense 4,770 Net income $ 7,930 4. A budgeted balance sheet as of June 30. KNOCKOFFS UNLIMITED Budgeted Balance Sheet June 30 Assets Cash $ 99,130 Accounts receivable Inventory Prepaid insurance Fixed assets, net of depreciation 652,000 75,200 25,600 1,021,800 Total assets $ 1,873,730 Liabilities and Shareholders' Equity Accounts payable, purchases $ Dividends payable 118,000 18,400 970,000 767,330 Common shares Retained earnings Total liabilities and shareholders' equity $ 1,873,730