Please help me find(1) Manufacturing Overhead Budget(2)Selling and Administrative Expense BudgetPlease provide Excel formula
Budget Excel Project - Bloomfield Co. Bloomfield is an ice cream company, who makes homestyle ice creams using fresh and all- natural ingredients and sells to retail stores. In preparing the budget for the coming year, 2024, they forecasted the following expected sales and gathered the costs data from managers in various areas of the company. Sales after purchase. Module 24: Standard Costs and Accounts Payable balance on December 31, 2023 was $56.240. * Forecasted to sell 25,000 units in the 1" Quarter of 2024, and an additional 2,000 units each Balanced Scorecard quarter. shor required is 15 minutes per unit at a rate of $10 per hour. . The 2.000 additional units per quarter are expected to continue through the end of 2nd quarter of 2025. Manufacturing Overhead Module 25: Planning for Capital aniable overhead costs was based on labor bours, listed bar bora . The 2023 4 quarter sales were 24,000 units . Indirect labor The per labor hour . Selling price for one unit of ice cream is $15. 65g pir liber hour Ch 22-25 Budgeting & Planning Bloomfield maintains 15% of the next quarter's unit sales in ending inventory. Exam Material and overhead costs are budgeted for the much, listed bykorea 53,/000 per mom All sales to retail stores are on account, with collections of 75% made in the quarter of sales . Budget Excel Project and 25% collected in the quarter after sale. . Depreciation Budget Excell Project Instructions . Property taxes Accounts receivable on December 31. 2023 is $72.000. Bing and Adminhinges ariable selling and administrative post are budgeted por sales unit Direct Materials . Packaging expoine s.50 per soles wait * Direct materials cost $3 per pound. 1.5 pounds of direct materials are required to produce bond selling and adminiuritive costs are budgeted for the month, listed below: cach unit. " Advertising $700 a month . Bloomfield maintains 6% of the materials needed for the next quarter in its ending material . Office Salaries $4,000 a month - Depreciation $900 a month inventory. . Raw Materials on December 31, 2023 were 2.250 pounds Other Information Payment for materials are made 50% in the quarter of purchase, and 50% in the quarter after purchase. Accounts Payable balance on December 31, 2023 was $56,250. . Packaging expense 5.50 per sales unit ised selling and administrative costs are budgeted for the month, listed below: . Advertising $2,000 a month . Insurance $700 a month * Office Salaries $4,090 a month . Depreciation $800 a month Other Information . The Cash balance at the end of 2023, is $80,750, and Bloomfield would like to maintain a cash balance of at least $200,000 at the end of each quarter. All Direct Labor, Manu miniurative costs are paid in the quarter incurred. Bloomfield has an open line of credit with the bank, and don't meet the minimum cash balance of $35,000. Borrowed funds accrue 30% interest for the quarter and are paid in the first quarter cash is available along with interest. Bloomfield collects interest of $3.000 from a note receivable each quarter. Bloomfield plans to purchase a $50,000 equipment in cash in Quarter 3. . Bloomfield pays an estimated income tax at $5,000 each quarter. ( Croup & bloom mert Page Layout Formins Dits Reviewr View Draw n Sam 5 0. A-4- and COGS per unit fx Enter beat or formula here D Instructions: Prepare the following budgets for the Year Ended 2024 Selling and Administrative Expense Budget For the Year Ending
