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Lex, Corp., manufactures bamboo coat racks that sell for $25 each. Each rack requires 4 linear feet of bamboo, which costs $2.00 per foot. Each rack takes approximately 30 minutes to build, and the labor rate averages $14 per hour. Lex has the following inventory policies: Ending finished goods inventory should be 40 percent of next month's sales. Ending direct materials inventory should be 30 percent of next month's production Expected unit sales (racks) for the upcoming months follow: March April May 330 360 410 510 485 535 June July August Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $8,400 ($700 per month) for expected production of 4.000 units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold. Lex, Corp., had $13,500 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Assume the company can borrow in increments of $1,000 to maintain a $13,000 minimum cash balance and that the amount will be repaid in the subsequent month, provided there is adequate cash flow. Borrowings are made at the beginning of the month and repayments occur at the end of the month. Interest on borrowings is 12% annually and is paid monthly on amounts outstanding. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct material purchases for March 1 totaled $2,800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreciation. During May, Lex plans to pay $4,500 for a piece of equipment. Instructions: Students are to complete the following budgets in excel. The excel workbook should contain a separate worksheet for each budget. Students should show their work by using formulas in the excel worksheets. Formulas should be used to link the worksheets when appropriate. Please format everything according to the formatting guidelines listed below and use the templates below in the preparation of the budget. See grading rubric for points assigned. Formatting Guidelines The dollar sign should appear only in the first entry in each column and not again until the total or subtotal line. Unless the initial number is not in dollars, in which case, when switching from units to dollars the dollar sign should be used. Use commas for numbers over 1,000 Use horizontal lines to separate headings from column entries and to highlight totals and subtotals (see formatting of the budgets below). Ensure that cells are formatted to the proper size for text to display fully in the cell. Be consistent about your use of decimal points. Either use them on all numbers in a table or don't use them at all. If you use decimal points, format to two decimal points. Sales Budget 2013 Quarter April May June Total Budgeted sales (units) *Unit sales price Budgeted sales revenue Production Budget April May Quarter Total June Budgeted sales (units) Ending finished goods inventory Less Beginning finished goods inventory Budgeted production in units Direct Materials Budget April May June 2nd Quarter Total Budgeted production Material requirements per unit Total material needed for production Ending direct materials inventory Less beginning direct materials inventory Budgeted direct materials purchases Material cost per foot Budgeted cost of direct materials purchases Direct Labor Budget April 2010 Quarter Total May June Budgeted production Direct labor requirements per unit Direct labor hours required Direct labor rate Budgeted direct labor cost Overhead Budget April May June 2 Quarter Total Budgeted production Variable manufacturing overhead rate Budgeted variable manufacturing Fixed manufacturing overhead Budgeted manufacturing overhead Cost of Goods Sold Budget Budgeted Manufacturing Costs Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Budgeted manufacturing cost per unit April May June 2nd Quarter Total Budgeted sales (units) Budgeted manufacturing cost per unit Budgeted cost of goods sold Selling and Administrative Budget 2 Quarter Total April May June Budgeted sales (units) Variable selling and administrative rate Budgeted variable selling and administrative expenses Budgeted froced selling and administrative expenses Total budgeted selling and administrative expenses Budgeted Income Statement Lex Corporation Budgeted Income Statement For the Quarter Ending June 2nd Quarter Total April May June Budgeted Sales Revenue Budgeted Cost of Goods Sold Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating Income Cash Collection Budget 2nd Quarter Total April May June Budgeted sales revenue Cash collections Credit collections Cash collected from current month sales Cash collected from prior month sales Budgeted cash receipts Cash Disbursement Budget Total 2nd Quarter April May June Budgeted direct materials purchases Cash disbursements: Direct materials purchases Current month purchases Prior month purchases Direct labor Manufacturing overhead Less: Depreciation (given) Selling and administrative expenses Purchase of equipment Total budgeted cash payments Cash Budget April May June 2nd Quarter Total Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed / Repaid (with interest) Ending Cash Balance