Please help solve the attached file for managerial accounting about cybertext i see the light HN9263 I SEE THE LIGHT Helene, when you are ready to have your work graded you will upload this file HN9263 xls to the same screen that the project was downloaded from www cybertext com, The Book List, Building Blocks of Accounting A Managerial Perspective, Enter password, Upload Your Excel File Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission You may find it easier to work on this project if you print a hard copy of all the pages There are alternative methods of solving problems To insure similar answers and to guarantee that you are graded L813 150219 correctly please follow the instructions as to rounding NOTE If there are any questions about the project e mail markfriedman miami edu or call 305 284 6296 Grade will be based upon answers entered into the shaded boxes or HN9263 xlsx Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting A Financial Perspective FAQ Page 1 FAQ 01 My file used to upload, why is it not uploading Answer Sometimes we unknowing add items to a workbook that inhibits the upload process The conversion to an earlier version Somehow clean the files and they then upload without problem If the problem continue simple send your file as an attachment with your username and password friedman cybertext com Windows Operating System Select File Select Save As Select Save As Type Select Microsoft 5 0 95 Workbook ( xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory Select Select Select Select Select Select File Close File Open and open the xls file Save As Save As Type Excel Workbook ( xlsx) Save Upload the file at cybertext com Apple Operating System Select File Select Save As Select Format Select Microsoft 5 0 95 Workbook ( xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory Select Select Select Select Select Select File Close File Open and open the xls file Save As Format Excel Workbook ( xlsx) Save MF1234 xls x Excel 5 0 95 Workbook ( xls) Upload the file at cybertext com Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting A Financial Perspective FAQ FAQ 02 Answer What is the difference between rounding a number and rounding up a number B 1 2 3 4 5 6 7 C D E F Cost of a Taxi $100 00 Number of Passengers 3 Cost per Passenger Without rounding 33 33333 F1 F2 Rounding to two decimals 33 33 ROUND(F1 F2,2) Roundup to two decimals 33 34 ROUNDUP(F1 F2,2) FAQ 03 When I upload it, the results show that I have an answer wrong, yet that answer is needed for another question which is marked correct Answer The computer is giving you part credit Given Width 10 ft Length 12 ft Cost per sq ft $6 Find 1 1 Area 100 sq ft (wrong) 1 2 Cost $600 correct based on the wrong area Note if the area is corrected,120 sq ft, the cost would be wrong Page 2 FIRST Helene LAST Nou number 9263 File HN9263 I SEE THE LIGHT Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region The business is in its tenth year and has asked you to assist in planning for next year's operations The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted If the mold meets the expectations of Big Al an order of 500 pieces is placed There are presently 10 different figurines that come in six different colors 60 models The lamp shades and the electrical parts are supplied from domestic manufacturers There are presently 10 workers in the plant They are responsible for receiving the raw material, manufacturing the product, packing and shipping In addition to Big Al there are two office workers who are responsible for all administrative duties Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two Big Al heard about your skills in managerial accounting and would like your assistance in the following areas Part 1 Fixed and Variable Cost Determinations Unit Cost Calculations Part 2 Cost Volume Relationships Profit Planning Part 3 Budgets To upload your work to Big Al the file without changing the name Pay attention to the specific location that Excel saves the file Return to the bottom of the page that you downloaded the file from Cybertext com, The Book List, Building Blocks of Accounting A Managerial Perspective, Enter password, Upload Your Excel File If you upload an old version of the file the results will not update Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission You may find it easier to work on this project if you print a hard copy of all the pages NOTE If there are any questions about the project e mail markfriedman miami edu or call 305 284 6296 Grade will be based upon answers entered into the shaded boxes Page 2 I See The Light Projected Income Statement For the Period Ending December 31, 20x1 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 $1,125,000 00 723,250 00 $401,750 00 $23,000 00 78,750 00 $101,750 00 40,250 00 142,000 00 $259,750 00 I See The Light Projected Balance Sheet As of December 31, 20x1 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 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $34,710 00 67,500 00 500 $9 20 500 $1 25 0 3000 $28 9250 4,600 00 625 00 86,775 00 $194,210 00 $20,000 00 6,800 00 13,200 00 $207,410 00 $54,000 00 $54,000 00 $12,000 00 141,410 00 153,410 00 $207,410 00 Page 3 Helene Nou 9635 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs The present costs to manufacture one lamp are Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead Fixed Overhead Cost per lamp $9 2000000 1 2500000 6 0000000 2 2500000 0 2250000 10 0000000 per lamp per lamp per lamp per lamp (4 lamps hr ) per lamp per lamp (based on normal capacity of 25,000 lamps) $28 9250000 per lamp Expected increases for 20x2 When calculating projected increases round to SEVEN decimal places,$0 0000000 1 Material Costs are expected to increase by 4 50 2 Labor Costs are expected to increase by 6 50 3 Variable Overhead is expected to increase by 4 50 4 Fixed Overhead is expected to increase to $255,000 5 Fixed selling expenses are expected to be $27,000 in 20x2 6 Variable selling expenses (measured on a per lamp basis) are expected to increase by 2 50 7 Fixed Administrative expenses are expected to increase by $14,000 The total administrative expenses for 20x0 were $40,005 00, when 21,500 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 3 50 The total administrative expenses for 20x0 were $40,005 00, when 21,500 units were sold Use the High Low method to calculate the variable administrative expense per lamp On the following schedule develop the following figures 1 20x2 Projected Variable Manufacturing Unit Cost of a lamp 2 20x2 Projected Variable Unit Cost per lamp 3 20x2 Projected Fixed Costs Page 4 Helene Nou 9635 I See The Light, Inc Schedule of Projected Costs Variable Manufacturing Unit Cost 20x1 Cost Figurines Electrical Sets Lamp Shade Labor Variable Overhead Projected Variable Manufacturing Cost Per Unit 9 2 1 25 6 2 25 0 225 Projected Percent Increase 4 50 4 50 4 50 6 50 4 50 20x2 Cost Rounded to 7 Decimal Places 24 50 4 01 4 02 4 03 4 04 4 05 7 7 7 7 $19 8216250 4 06 7 3 2287500 0 0724500 0 0724500 4 07 4 08 4 09 7 7 7 $3 3012000 23 1228250 18 925 $9 6140000 $1 3062500 $6 2700000 $2 3962500 $0 2351250 7 4 06 4 10 7 20x2 Cost Rounded to 2 Decimal Places $255,000 00 4 11 2 4 12 4 13 4 14 4 15 2 7 2 2 Total Variable Cost Per Unit 20x1 Cost Variable Selling Variable Administrative 20x1 Variable Administrative 20x2 3 15 0 0700000 Projected Percent Increase 2 50 3 50 Projected Variable Manufacturing Unit Cost Projected Total Variable Cost Per Unit 20x2 Cost Rounded to 7 Decimal Places Schedule of Fixed Costs 20x1 Cost Fixed Overhead (normal capacity of lamps ) Fixed Selling Fixed Administrative 20x1 Fixed Administrative 20x2 Projected Total Fixed Costs Projected Increase $27,000 00 15,750 00 $282,000 00 Page 5 Helene Nou 9635 PART 2 Cost Volume Relationships Profit Planning Big Al is about to begin work on the budget for 20x2 and they have requested that you prepare an analysis based on the following assumptions Note Remember, that we cannot sell part of a lamp, therefore to find the number of units you have to round up to the next complete unit Furthuremore, to find the required sales in dollars it may be easier to find the number of units and then multiply by the selling price per unit 1 For 20x2 the selling price per lamp will be $45 00 What is the projected contribution margin and contribution margin ratio for each lamp sold Contribution Margin per unit (Round to seven places, $ ) 7 Contribution Margin Ratio (Round to seven places, is two of those places ) 2 5 01 5 02 7 5 03 0 5 04 0 For 20x2 the selling price per lamp will be $45 00 How many lamps must be sold to breakeven Breakeven sales in units (Round up to zero places, , units) 3 For 20x2 the selling price per lamp will be $45 00 The desired net income in 20x2 is $269,750 What would sales in units have to be in 20x2 to reach the profit goal Sales in units (Round up to zero places, , units) Page 6 Helene Nou 9635 4 For 20x2 the selling price per lamp will be $45 00 The company would like to have a net income equal to 28 00 of sales If that is to be achieved, what would be the sales in units in 20x2 Sales in units (Round up to zero places, , units) 5 6 02 2 6 03 0 6 04 2 For 20x2 the selling price per lamp will be $45 00 and the effective tax rate is 41 How many units must be sold to generated a net income of $270,000 after taxes Sales in units (Round up to zero places, , units) 7 0 If the company believed that it could only sell 25,000 lamps, what would the new selling price have to be so that the new contribution margin per unit is equal to last year's contribution margin per unit New Selling Price (Round up to two places, $ , ) 6 6 01 If the company believes that the demand will be 27,500 units for the year What selling price per lamp, rounded to two places, would generate a net income of $823,500 New selling price per lamp (Round up to two places, $ , ) Page 7 Helene Nou 9635 PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 37,000 lamps at $47 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 Selling 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 work in process, and electrical parts while increasing the figurines inventory to 575 pieces and increasing the finished goods by 27 00 Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less Beginning Inventory Total Production 7 01 0 Page 8 Helene Nou 9635 2 Materials Budget Figurines Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $ ) 8 01 8 02 0 0 8 03 8 04 0 0 8 05 2 8 06 0 8 07 2 8 08 2 8 09 2 8 10 2 Total Factory Overhead (Round to two places, $ ) 8 11 2 Predetermined Factory Overhead Rate based upon the budgeted number of units to be produced (Round to seven places, $ ) 8 12 7 Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $ ) Lamp Shades Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $ ) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $ ) $1 00 4 Factory Overhead Budget Variable Factory Overhead Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, $ ) Fixed Factory Overhead Page 9 Helene Nou 9635 5 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, $ ) Fixed Administrative Variable Administrative (Round to two places, $ ) Total Selling and Administrative (Round to two places, $ ) 6 9 01 2 9 02 7 9 03 2 9 04 2 9 05 2 9 06 9 07 9 08 9 09 9 10 9 11 9 12 2 2 2 2 2 2 2 Cost of Goods Sold Budget Assume FIFO (First In, First Out) and overhead is applied based on the number of units to be produced Round dollars to Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overhead per unit seven places, $ Total cost of one unit (Round to seven places, $ ) Round dollars to two places, $ Beginning Inventory, Finished Goods Production Costs Materials Figurines Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used In Production Total Materials Labor Overhead Cost of Goods Available Less Ending Inventory, Finished Goods Cost of Goods Sold Page 10 Helene Nou 9635 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses Admin Expenses Net Operating Income 10 01 2

Question

Please help solve the attached file for managerial accounting about cybertext i see the light HN9263 I SEE THE LIGHT Helene, when you are ready to have your work graded you will upload this file HN9263 xls to the same screen that the project was downloaded from  www cybertext com, The Book List, Building Blocks of Accounting  A Managerial Perspective, Enter password, Upload Your Excel File  Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission  You may find it easier to work on this project if you print a hard copy of all the pages  There are alternative methods of solving problems  To insure similar answers and to guarantee that you are graded L813 150219 correctly please follow the instructions as to rounding  NOTE  If there are any questions about the project e mail markfriedman miami edu or call 305 284 6296  Grade will be based upon answers entered into the shaded boxes  or HN9263 xlsx Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting    A Financial Perspective FAQ Page 1 FAQ 01 My file used to upload, why is it not uploading  Answer  Sometimes we unknowing add items to a workbook that inhibits the upload process  The conversion to an earlier version Somehow clean the files and they then upload without problem  If the problem continue simple send your file as an attachment with your username and password   friedman cybertext com Windows Operating System Select File Select Save As Select Save As Type  Select Microsoft 5 0 95 Workbook (  xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory  Select Select Select Select Select Select File Close File Open and open the  xls file Save As Save As Type  Excel Workbook (  xlsx) Save Upload the file at cybertext com Apple Operating System Select File Select Save As Select Format  Select Microsoft 5 0 95 Workbook (  xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory  Select Select Select Select Select Select File Close File Open and open the  xls file Save As Format  Excel Workbook (  xlsx) Save MF1234 xls x Excel 5 0 95 Workbook ( xls) Upload the file at cybertext com Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting    A Financial Perspective FAQ FAQ 02 Answer  What is the difference between rounding a number and rounding up a number  B 1 2 3 4 5 6 7 C D E F Cost of a Taxi $100 00 Number of Passengers 3 Cost per Passenger Without rounding 33 33333  F1 F2 Rounding to two decimals 33 33  ROUND(F1 F2,2) Roundup to two decimals 33 34  ROUNDUP(F1 F2,2) FAQ 03 When I upload it, the results show that I have an answer wrong, yet that answer is needed for another question which is marked correct  Answer  The computer is giving you part credit  Given  Width 10 ft Length 12 ft Cost per sq  ft  $6 Find  1 1  Area       100 sq ft (wrong)  1 2  Cost      $600 correct based on the wrong area  Note if the area is corrected,120 sq ft, the cost would be wrong  Page 2 FIRST Helene LAST Nou number 9263 File HN9263 I SEE THE LIGHT Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms  These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region  The business is in its tenth year and has asked you to assist in planning for next year's operations  The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors  The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted  If the mold meets the expectations of Big Al an order of 500 pieces is placed  There are presently 10 different figurines that come in six different colors  60 models  The lamp shades and the electrical parts are supplied from domestic manufacturers  There are presently 10 workers in the plant  They are responsible for receiving the raw material, manufacturing the product, packing and shipping  In addition to Big Al there are two office workers who are responsible for all administrative duties  Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two  Big Al heard about your skills in managerial accounting and would like your assistance in the following areas  Part 1 Fixed and Variable Cost Determinations   Unit Cost Calculations Part 2 Cost Volume Relationships   Profit Planning Part 3 Budgets To upload your work to Big Al the file without changing the name  Pay attention to the specific location that Excel saves the file  Return to the bottom of the page that you downloaded the file from  Cybertext com, The Book List, Building Blocks of Accounting  A Managerial Perspective, Enter password, Upload Your Excel File  If you upload an old version of the file the results will not update  Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission  You may find it easier to work on this project if you print a hard copy of all the pages  NOTE  If there are any questions about the project e mail markfriedman miami edu or call 305 284 6296  Grade will be based upon answers entered into the shaded boxes  Page 2 I See The Light Projected Income Statement For the Period Ending December 31, 20x1 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 $1,125,000 00 723,250 00 $401,750 00 $23,000 00 78,750 00 $101,750 00 40,250 00 142,000 00 $259,750 00 I See The Light Projected Balance Sheet As of December 31, 20x1 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 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $34,710 00 67,500 00 500   $9 20 500   $1 25 0 3000   $28 9250 4,600 00 625 00 86,775 00 $194,210 00 $20,000 00 6,800 00 13,200 00 $207,410 00 $54,000 00 $54,000 00 $12,000 00 141,410 00 153,410 00 $207,410 00 Page 3 Helene Nou 9635 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs  The present costs to manufacture one lamp are  Figurines Electrical Sets Lamp Shade Direct Labor  Variable Overhead  Fixed Overhead  Cost per lamp  $9 2000000 1 2500000 6 0000000 2 2500000 0 2250000 10 0000000 per lamp per lamp per lamp per lamp (4 lamps hr ) per lamp per lamp (based on normal capacity of 25,000 lamps) $28 9250000 per lamp Expected increases for 20x2 When calculating projected increases round to SEVEN decimal places,$0 0000000  1  Material Costs are expected to increase by 4 50    2  Labor Costs are expected to increase by 6 50   3  Variable Overhead is expected to increase by 4 50   4  Fixed Overhead is expected to increase to $255,000  5  Fixed selling expenses are expected to be $27,000 in 20x2  6  Variable selling expenses (measured on a per lamp basis) are expected to increase by 2 50   7  Fixed Administrative expenses are expected to increase by $14,000  The total administrative expenses for 20x0 were $40,005 00, when 21,500 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 3 50   The total administrative expenses for 20x0 were $40,005 00, when 21,500 units were sold  Use the High Low method to calculate the variable administrative expense per lamp  On the following schedule develop the following figures  1  20x2 Projected Variable Manufacturing Unit Cost of a lamp  2  20x2 Projected Variable Unit Cost per lamp  3  20x2 Projected Fixed Costs  Page 4 Helene Nou 9635 I See The Light, Inc Schedule of Projected Costs Variable Manufacturing Unit Cost 20x1 Cost Figurines Electrical Sets Lamp Shade Labor Variable Overhead Projected Variable Manufacturing Cost Per Unit 9 2 1 25 6 2 25 0 225 Projected Percent Increase 4 50  4 50  4 50  6 50  4 50  20x2 Cost Rounded to 7 Decimal Places 24 50   4 01   4 02   4 03   4 04   4 05  7 7 7 7 $19 8216250  4 06  7 3 2287500 0 0724500 0 0724500  4 07   4 08   4 09  7 7 7 $3 3012000 23 1228250 18 925 $9 6140000 $1 3062500 $6 2700000 $2 3962500 $0 2351250 7  4 06   4 10  7 20x2 Cost Rounded to 2 Decimal Places $255,000 00  4 11  2  4 12   4 13   4 14   4 15  2 7 2 2 Total Variable Cost Per Unit 20x1 Cost Variable Selling Variable Administrative 20x1 Variable Administrative 20x2 3 15 0 0700000 Projected Percent Increase 2 50  3 50  Projected Variable Manufacturing Unit Cost Projected Total Variable Cost Per Unit 20x2 Cost Rounded to 7 Decimal Places Schedule of Fixed Costs 20x1 Cost Fixed Overhead (normal capacity of           lamps      ) Fixed Selling Fixed Administrative 20x1 Fixed Administrative 20x2 Projected Total Fixed Costs Projected Increase $27,000 00 15,750 00 $282,000 00 Page 5 Helene Nou 9635 PART 2 Cost Volume Relationships Profit Planning Big Al is about to begin work on the budget for 20x2 and they have requested that you prepare an analysis based on the following assumptions  Note  Remember, that we cannot sell part of a lamp, therefore to find the number of units you have to round up to the next complete unit  Furthuremore, to find the required sales in dollars it may be easier to find the number of units and then multiply by the selling price per unit  1  For 20x2 the selling price per lamp will be $45 00  What is the projected contribution margin and contribution margin ratio for each lamp sold  Contribution Margin per unit (Round to seven places, $          ) 7 Contribution Margin Ratio (Round to seven places,  is two of those places          ) 2   5 01   5 02  7  5 03  0  5 04  0 For 20x2 the selling price per lamp will be $45 00  How many lamps must be sold to breakeven  Breakeven sales in units (Round up to zero places,    ,    units) 3  For 20x2 the selling price per lamp will be $45 00  The desired net income in 20x2 is $269,750   What would sales in units have to be in 20x2 to reach the profit goal  Sales in units (Round up to zero places,    ,    units) Page 6 Helene Nou 9635 4  For 20x2 the selling price per lamp will be $45 00  The company would like to have a net income equal to 28 00  of sales  If that is to be achieved, what would be the sales in units in 20x2  Sales in units (Round up to zero places,    ,    units) 5   6 02  2  6 03  0  6 04  2 For 20x2 the selling price per lamp will be $45 00 and the effective tax rate is 41   How many units must be sold to generated a net income of $270,000 after taxes  Sales in units (Round up to zero places,    ,    units) 7  0 If the company believed that it could only sell 25,000 lamps, what would the new selling price have to be so that the new contribution margin per unit is equal to last year's contribution margin per unit  New Selling Price (Round up to two places, $   ,       ) 6   6 01  If the company believes that the demand will be 27,500 units for the year  What selling price per lamp, rounded to two places, would generate a net income of $823,500  New selling price per lamp (Round up to two places, $   ,       ) Page 7 Helene Nou 9635 PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 37,000 lamps at $47 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  Selling 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 work in process, and electrical parts while increasing the figurines inventory to 575 pieces and increasing the finished goods by 27 00    Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less  Beginning Inventory Total Production  7 01  0 Page 8 Helene Nou 9635 2 Materials Budget Figurines Needed for Production Desired Ending Inventory Total Needed Less  Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $     )  8 01   8 02  0 0  8 03   8 04  0 0  8 05  2  8 06  0  8 07  2  8 08  2  8 09  2  8 10  2 Total Factory Overhead (Round to two places, $     )  8 11  2 Predetermined Factory Overhead Rate based upon the budgeted number of units to be produced (Round to seven places, $          )  8 12  7 Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less  Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $     ) Lamp Shades Needed for Production Desired Ending Inventory Total Needed Less  Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $     ) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $     ) $1 00 4 Factory Overhead Budget Variable Factory Overhead  Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, $     ) Fixed Factory Overhead Page 9 Helene Nou 9635 5 Selling and Admin  Budget Fixed Selling Variable Selling (Round to two places, $     ) Fixed Administrative Variable Administrative (Round to two places, $     ) Total Selling and Administrative (Round to two places, $     ) 6  9 01  2  9 02  7  9 03  2  9 04  2  9 05  2  9 06   9 07   9 08   9 09   9 10   9 11   9 12  2 2 2 2 2 2 2 Cost of Goods Sold Budget   Assume FIFO (First In, First Out) and overhead is applied based on the number of units to be produced  Round dollars to Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overhead per unit seven places, $           Total cost of one unit (Round to seven places, $          ) Round dollars to two places, $      Beginning Inventory, Finished Goods Production Costs  Materials  Figurines  Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades  Lamp Shades Used In Production Total Materials  Labor Overhead Cost of Goods Available Less  Ending Inventory, Finished Goods Cost of Goods Sold Page 10 Helene Nou 9635 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses   Admin  Expenses Net Operating Income  10 01  2

Accepted Answer

The Answer is in the image, click to view ...

Question

Please help solve the attached file for managerial accounting about cybertext i see the light HN9263 I SEE THE LIGHT Helene, when you are ready

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question