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I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 723,250.00 $ 401,750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78,750.00 $ 101,750.00 40,750.00 142,500.00 $ 259,250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 4,600.00 625.00 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work In Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $9.20 500 @ $1.25 0 3000 @ $28.9250 86,775.00 194,210.00 $ $ 20,000.00 6,800.00 13,200.00 S. 207.410.00 $ S 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Llabilities and Stockholder's Equity $ 12,000.00 141,410.00 153,410.00 207,410.00 $ 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are: 10 11 Figurines $9.2000000 per lamp 12 Electrical Sets 1.2500000 per lamp 19 Lamp Shade 6.0000000 per lamp 20 Direct Labor 2.2500000 per lamp (4 lamps/hr.) 21 Variable Overhead: 0.2250000 per lamp 22 Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25,000 lamps) 23 Cost per lamp: $28.9250000 per lamp 31 32 Expected increases for 20x2 33 When calculating projected increases round to SEVEN decimal places $0.0000000 30 34 1. Material Costs are expected to increase by 3.00% 2. Labor Costs are expected to increase by 3.00% 3. Variable Overhead is expected to increase by 3.50%. 4. Fixed Overhead is expected to increase to $260,000 5. Fixed seling expenses are expected to be $39,000 in 20x2. 41 42 43 44 45 52 53 54 55 56 63 64 65 66 67 74 75 76 77 78 85 86 87 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.50%. 7. Fixed Administrative expenses are expected to increase by $2,000. The total administrative expenses for 20x0 were $40,625.00, when 22,500 units were sold. Use the High-Low method to calculate the total fixed administrative expense. 8. Variable administrative expenses (measured on a per lamp basis) are expected to increase by 5.00%. The total administrative expenses for 20x0 were $40.625.00, when 22,500 units were sold. Use the High-Low method to calculate the variable administrative expense per lamp. 9 Variable Manufacturing Unit Cost 20x1 Cost 20x2 Cost Rounded to 7 Decimal Places Projected Percent Increase 3% 3% 3% 10 11 Figurines 12 Electrical Sets 13 Lamp Shade 15 Labor 16 Variable Overhead 17 18 Projected Variable Manufacturing Cost Per Unit 19 21 22 23 Total Variable Cost Per Unit 9.2 1.25 6 2.25 0.225 $9.4760000 $1.2875000 $6.1800000 $2.3175000 $0.2328750 {4.01) {4.02) {4.03) (4.04) {4.05) 3% 4% 18.925 $19.4938750 {4.06) 20x1 Cost Projected Percent Increase 3.50% 20x2 Cost Rounded to 7 Decimal Places 3.15 0.0500000 3.2602500 (4.07) {4.08) 3.3102500 (4.09) 18.925 22.135 $19.49 26.0643750 (4.06) {4.10) 24 25 Variable Selling 27 Variable Administrative 20x1 28 Variable Administrative 20x2 29 30 Projected Variable Manufacturing Unit Cost 31 Projected Total Variable Cost Per Unit 33 34 35 36 Schedule of Fixed Costs 37 39 Fixed Overhead 40 (normal capacity of lamps @ 41 Fixed Seling 42 Fixed Administrative 20x1 43 Fixed Administrative 20x2 45 Projected Total Fixed Costs 46 20x1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places $ 269,100.00 260,000 25000 lamps @ 10 (4.11) 3.50% $ 39,000.00 39,500.00 $ $ (4.12) (4.13) {4.14) (4.15) 41,500.00 349,600.00 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 per lamp The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Seling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of 7 work-in-process, and electrical parts while increasing the figurines inventory to 725 pieces and increasing the finished goods by 25.00% Complete the following budgets 6 8 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory 25000 3750 28750 3000 4 *5 6 7 18 Total Production 25,750 units 20x2 Cost Rounded to 7 Decimal Places Variable Coat of making count next year used to calculate the Ending Inventory Einsted Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable mandacturing cost of one unit (11.01) Ho Busyetod Operating Incomo Using Variable (Direct) Costing 20x2 Cost Rounded to 2 Decimal Places Sales (11.02) (11.03) Variable Cost of Goods Sold Assume FIFO (First-la. First-out) Boginning Inventory. Finished Goods (Variable Costing) Production Costs: Materials Figurines Electrical Parts Lamp Shades: Labor Variable Overhead Total Variable Production Costs Cost of Goods Available For Sale Loss: Ending Invertory, Finished Goods (Variablo Costine) Variable Cost of Goods Sold Variable Selling (Round to two places, Sauma) Variable Administrave (Round to two places S. Total Variable Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating income, Variable Costing (1100) (11.05) 11.06) (11.07 (1108) (11.00) (11.10) 0 1 0 11 12 13 14 Operating income. Absorption Operating Income Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating Income) Budgetod Fixed Overhood Budpoled Number of Units to be produced Busgeted Fixed Cost Per Unt (Round to 7 decimals. (11.11) Fixed Manufacturing Overhead in the Ending Invertory Fred Manufacturing Overhead in the Beginning Invertory increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning invertory) (11.12) (11.13) (11.14 24