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AutoSave . OFF May2020Q - Saved to my Mac v Q Home Insert Draw Design Layout References Mailings Review View Table Design Layout Tell me Share Comments Calibri (Bo... ~ 11 A A Aa Ap AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE: AaBb AaBbCcDdE Paste BI Uvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane 17 18 GROUP ASSIGNMENT QUESTION 2 Birkinsjaya Son. Bhd. is preparing budgets for the quarter ending September 30. Related information is shown as below: 1. Budgeted sales for the next few months are: Month Units May 15,000 June 20,000 July 30,000 August 40,000 September 50,000 October 35,000 November 25,000 2. The selling price is RM12 per unit. 3. All sales are on credit and the collection methods are: i. 50% collected in the month of sales ii. 30% collected in the month following sales ii. 20% collected in two month following sales 4. The management at Birkinsjaya Son. Bhd. determines the ending inventory in units to be equal to 20% of the following month's budgeted sales. 5. To produce one unit of output, 2 kilograms of direct material are needed. 6. Birkinsjaya decides to have direct materials on hand at 10,000 kilograms every month 7. Cost of direct material is estimated at RM1.50 per kg. Page 3 of 4 775 words English (United Kingdom) E Focus E + 173%AutoSave . OFF May2020Q - Saved to my Mac v Home Insert Draw Design Layout References Mailings Review w ? Tell me Share Comments Calibri 10,5 " A" A Aa Ap EV EVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE AaBb AaBbCcDdE Paste BIUvab x x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane YES 8 0 9122 1 15 1 14 1 15 1 16 617 18 8. The payment of direct materials is below: i. 50% purchases is paid in the month of purchase ii. 50% purchases is paid in the following month of purchase 9. To produce one unit of output, 0.1 hours of direct labour are required. 10. Birkinsjaya pays RM8 per hour to its direct labour. 11. All wages are paid at the end of the month. 12. Manufacturing is divided into variable and fixed overhead. 13. Variable overhead is applied to each unit of output based on direct labour hours. 14. The variable overhead rate is RM10 per direct labour hour. 15. Fixed overhead is estimated at RM40,000 per month. In rodine finished . suial dimeat labour Page 3 of 4 775 words English (United Kingdom) Focus E + 173%AutoSave . OFF May2020Q - Saved to my Mac v Home Insert Draw Design Layout References Mailings Review w ? Tell me Share Comments Calibri 10,5 ~ A" A Aa Ap REEVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE: AaBb( AaBbCcDdE Paste BIUvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Dictate Sensitivity Pane 2 1 1 1 16. Ending finished goods inventory is made up from direct material, direct labour and manufacturing overhead. 17. Cost of Goods Sold is computed based on the unit production cost of RM5.79 per unit. 18. Selling and administrative cost is divided into variable and fixed components. 19. Variable selling and administrative cost is estimated at RM1.50 per unit sold. 20. Fixed selling and administrative cost is estimated at RM50,000 per month, where RM5,000 is the depreciation and it is not a cash expense. 21. Birkinsjaya has the following cash policy : i. Minimum cash balance of RM50,000 is required for every month. ii. Any deficiency of cash will be covered by loans with repayment in the following month. iii. The interest on loan is charged at 15% per year. iv. Purchased an equipment in August totalling RM150,000. v. Cash balance on 1 July is RM55,000. 22. Birkinsjaya's account balances are as follows: RM Property 458,047.50 Equipment 150,200 (net) Ordinary Shares 500,000 Retained earnings 335,777.50 Required: To prepare the master budget (sales budget up to budgeted Statement of Financial Position) for Birkinsjaya Son. Bhd. for July, August and September. (Total Marks: 40 Marks) Page 4 of 4 775 words English (United Kingdom) Focus + 173%