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I F G I H I J K L M 1 Chapter 7: Applying Excel 3 Data April 20,000 Budgeted unit sales May 50,000 June 30,000 July 25,000 Augist 15,000 5 Direct Labor per Unit Labor Rate Minimum Labor Hours Variable Manu O/H Fixed Manu O/H Montly Depreciation per 0.05 DHL $10 per hour 1500 per month $20 per DHL $50,000 per month $20,000 per month 7 . Selling price per unit 8 . Accounts receivable, beginning balance 9 . Sales collected in the quarter sales are made 10 Sales collected in the quarter after sales are made 11 . Desired ending finished goods inventory is 12. Finished goods inventory, beginning 13 . Raw materials required to produce one unit 14 Desired ending inventory of raw materials is 15 . Raw materials inventory, beginning 16. Raw material costs 17 Raw materials purchases are paid 18 and 19. Accounts payable for raw materials, beginning balar $10 per unit $30,000 70% 25% 20% of the budgeted unit sales of the next month 4,000 units 5 pounds 10% of the next month's production needs 13,000 pounds $0.40 per pound 50% in the month the purchases are made 50% in the month following purchase $12,000 Variable S&A Expenses Fixed S&A Expenses S&A Depreication $0.50 per unit sold $70,000 per month $10,000 per month 20 21 22 Review Problem: Budget Schedules Other Information: LOC of $75,000 @ 16% Minumum Cash Balamce Paid Dividend in April Purchased Equipment - May Purchased Equipment - June April 1st Cash Balance $30,000 $49,000 $143,700 $48,300 $40,000 April May June July August 24 Construct the sales budget 25 26 Budgeted unit sales 27 Selling price per unit 28 Total sales 29 Quarter 0 $10 0 $0 $0 $0 $0 $0 Land Common Stock Retained Earnings on April 1st Equipment $50,000 $200,000 $146,150 $125,000 B C D E F 30 Construct the schedule of expected cash collecti April May June Quarter 32 Accounts receivable, beginning balance 33 Apri sales 34 May sales sales 35 June sales 36 July sales 37 Total cash collections SOSOSO SOSO 38 39 Construct the production budget April May June Quarter July 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production 46 47 Construct the raw materials purchases budget 48 April May June Quarter 49 Required production (units) 50 Raw materials required to produce one unit 51 Production needs (pounds) 52 Add desired ending inventory of raw materials (pounc- 53 Total needs (pounds) 54 Less beginning inventory of raw materials (pounds) 55 Raw materials to be purchased 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased SO $0 $0.40 $0 B C D E F 59 Construct the schedule of expected cash paymer 60 April May June Quarter 61 Accounts payable, beginning balance 62 April purchases 63 May purchases 64 June purchases 65 July purchases 66 Total cash disbursements SO SO SOL 67 69 April May June Quarter 68 Construct the Direct Labor Budget 70 Required Production 71 Direct Labor per Unit 72 Labor Hours Required 73 Guaranted Labor Hours 74 Labor Hours Paid 75 Hourly Wage Rate 76 Total Direct Labor Hour Costs 77 78 Construct the Manufacturing Overhead Budget 79 80 Budgeted DLH 81 Viable Mgftrg OH rate 82 Viable Mgftrg OH Cost 83 Fixed Mgftrg OH Cost 84 Total Mgftrg OH Cost 85 Less: Noncash Items 86 Cash Dsibursements for OH April May June Quarter S - S S- SO O/H Rate = #DIV/0! S - S S 88 Ending Finished Goods Invesntory 89 rials ct Lan 92 0.05 #DIV/0! #DIV/0! 90 Direct Materials 91 Direct Labor 92 Overhead 93 Total Cost 94 Number of Good in Ending Inventory 95 Ending Finished Goods Inventory S4 99 96 April May June Quarter 97 Construct Selling & Administrative Budget 98 99 Budget Sales 100 Variable S&A Rate 101 Variable Expenses 102 Fixed S& A Expenses 103 Total S&A Expenses 104 Less: Non-cash Items 105 Total Cash S&A Expenses - S S - S $0.50 - $0 B C D E April May June Quarter S0 SO 106 107 Construct Final Cash Budget 108 109 Beginning Cash Balances 110 Add: Cash Collections 111 Total Cash Available 112 Less Cash Disbursements 113 Materials 114 Labor 115 Manu OH 116 S&A 117 Equioment Purchases 118 Dividends 119 Total 120 Excess/(Deficiency) 121 Financing 122 Borrowings 123 Repayments 124 Interest 125 Total Financing 126 Ending Cash Balance So SO SO 128 Prepare Income Statement 129 130 Sales 131 COGS 132 Gross Margin 133 S&A 134 Operating Income 135 Interest 136 Net Income 137 138 Prepare Balance Sheet 139 140 Assets 141 Cash 142 Accounts Receivable 143 Raw Materials 144 Finished Goods 145 Land 146 Equipment 147 Total 148 149 Liabilities & SH Equity 150 Accounts Payable 151 Common Stock 152 Retained Earnings 153 Total