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Required information [The following information applies to the questions displayed below.) Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows: $ 46,200 260,000 11,250 32,250 $349,700 Endless Mountain Company Balance Sheet December 31, 2016 Assets Current assets: Cash Accounts receivable (net) Raw materials inventory (4,500 yards) Finished goods inventory (1,500 units) Total current assets Plant and equipment: Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 900,000 (292,000) 608,000 $957,700 $158,000 $ 419,800 379,900 799,700 $957,700 The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2017 budget: 1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2018 is 13,000 units. 2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter. 3. Each quarter's ending finished goods inventory should equal 15% of the next quarter's unit sales. 4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter's ending raw materials inventory should equal 10% of the next quarter's production needs. The estimated ending raw materials inventory on December 31, 2017 is 5,000 yards. 5. Seventy percent of each quarter's purchases are paid for in the quarter of purchase. The remaining 30% of each quarter's purchases are paid in the following quarter. 6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete. All direct labor costs are paid in the quarter incurred. 7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred. 8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred. 9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company's lender imposes a simple interest rate of 3% per quarter on any borrowings. 10. Dividends of $15,000 will be declared and paid in each quarter. 11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the "first-out" to production and the most recently completed finished goods are the "first-out" to customers. Prepare the quarterly direct materials budget including a schedule of expected cash disbursements for purchases of materials. (Round "raw materials per unit" to 1 decimal place. Round final answers to the nearest whole number.) - Year Endless Mountain Company Direct Materials Budget For the Year Ended December 31, 2017 Quarter 2 Required production in units 16,0501 33,700 Quantity of raw materials needed per unit 3.5 3.5 Quantity of raw materials needed to meet production 56,175 117,950 Add desired quantity of ending raw materials 11,795 5,775 inventory Total quantity of raw materials needed 67,970 123,725 Less quantity of beginning raw materials inventory 1 4 ,500 11,795 Quantity of raw materials to be purchased 63,470 111,930 Cost of raw materials per yard $ 3 $ 3 $ Cost of raw materials to be purchased $ 190,410 $ 335,790 $ 89,450 3.5 313,075 3 16,500 3.5 57,750 8,120 65,870 5,775 60,095 3 180,285 4 23,200 3.5 81,200 5,000 86,200 ,120 78,080 3 234,240 8 11,795 324,870 4,500 320,370 3 961,110 $ $ $ $ Schedule of Expected Cash Disbursements for Purchases of Materials Beginning accounts payable $ 158,000 First-quarter purchases 133,287 57,123 Second-quarter purchases 235,053 100,737 Third-quarter purchases 126,200 Fourth-quarter purchases Total cash disbursements for materials $ 291,287 $ 292,176 $ 226,937 $ 158,000 190,410 335,790 180,285 163,968 $ 1,028,453 54,086 163,968 218,054 $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the ending finished goods inventory budget at December 31, 2017. (Round your answers to Endless Mountain Company Ending Finished Goods Inventory Budget (absorption costing basis) For the Year Ended December 31, 2017 | Quantity Cost Item Total Production cost per unit: Direct materials per yard $ 10.50 Direct labor 3.50 0.25 0.25 yards hours hours $ 3.00 $ 18.00 $ 29.83 per hour 4.50 le Manufacturing overhead per hour 7.46 Unit product cost $ 22.46 Budgeted finished goods inventory: Units from prior year's production Unit product cost Cost from prior year's production $ $ 1,500 22.46 X 33,690 Units from current year's production Unit product cost Cost from current year's production 89,000 $ 22.46 $ 1,998,940 Cost of ending finished goods inventory $ 2,032,630 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly selling and administrative expense budget. (Round the Variable cost per unit to 2 decimal places.) Endless Mountain Company Selling and Administrative Expense Budget For the Year Ended December 31, 2017 Budgeted unit sales Variable selling and administrative expense per unit 1 12,000 1.25 15,000 Quarter 2 37,000~ 1.25 $ 46,250 $ 3 15,000 1.25 18,750 4 25,000 1.25 31,250 Year 89,000 1.25 111,250 $ $ $ $ $ $ Sales $ Fixed selling and administrative expenses: Advertising Executive salaries Insurance Property taxes Depreciation Total fixed selling and administrative expenses Total selling and administrative expenses Less depreciation Cash disbursements for selling and administrative expenses 25,000 64,000 12,000 8,000 8,000 117,000 132,000 8,000 $ 124,000 25,000 64,000 12,000 8,000 8,000 117,000 163,250 8,000 $ 155,250 25,000 64,000 12,000 8,000 8,000 117,000 135,750 8,000 $ 127,750 25,000 64,000 12,000 8,000 8,000 117,000 148,250 8,000 $ 140,250 100,000 256,000 48,000 (64,000) (64,000) X 276,000 387,250 (64,000) $ 323,250 Prepare the income statement for the year ended December 31, 2017. (Round final answers to the nearest whole dollar value.) Endless Mountain Company Budgeted Income Statement For the Year Ended December 31, 2017 (Absorption costing basis) Sales $ 2,848,000 Cost of goods sold 938,513 X Gross margin 1,909,487 Selling and administrative expenses 547,250 X Net operating income 1,362,237 Interest expense (9,642) Net income $ 1,352,595 Prepare the balance sheet at December 31, 2017. (Amounts to be deducted should be indicated by Endless Mountain Company Budgeted Balance Sheet December 31, 2017 Assets Current assets: Cash Accounts receivable 318,800 X 200,000 15,000 X 30,713 Raw materials inventory Finished goods inventory $ 564,513 Total current assets Plant and equipment: Buildings and equipment Accumulated depreciation 900,000 404,000 1,304,000 $ 1,868,513 Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock, no par 419,800 Retained earnings 570,440 X $ 70,272 Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 990,240 $ 1,060,512