please help with 10.1-10.5 thank you!!!!

I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 723,250.00 $ 401,750.00 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 $ 23,000.00 78,750.00 $ 101,750.00 40,750.00 142,500.00 $ 259,250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 4,600.00 625.00 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 500 @ $9.20 500 @ $1.25 0 3000 @ $28.9250 86,775.00 194,210.00 $ $ 20,000.00 6,800.00 13,200.00 S. 207.410.00 $ S 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Llabilities and Stockholder's Equity $ 12,000.00 141,410.00 153,410.00 207,410.00 $ F 22 A B D E F G H 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are: 10 11 Figurines $9.2000000 per lamp 12 Electrical Sets 1.2500000 per lamp 19 Lamp Shade 6.0000000 per lamp 20 Direct Labor 2.2500000 per lamp (4 lamps/hr.) 21 Variable Overhead: 0.2250000 per lamp Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25,000 lamps) 23 30 Cost per lamp: $28.9250000 per lamp 31 32 Expected increases for 20x2 33 When calculating projected increases round to SEVEN decimal places, 50.0000000. 34 41 1. Material Costs are expected to increase by 3.00% 42 43 2. Labor Costs are expected to increase by 3.00%. 44 45 3. Variable Overhead is expected to increase by 3.50%. 52 53 4. Fixed Overhead is expected to increase to $260,000 54 55 5. Fixed selling expenses are expected to be $39,000 in 20x2. 56 63 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.50% 65 66 7. Fixed Administrative expenses are expected to increase by $2,000. 67 The total administrative expenses for 20x0 were $40,625.00, when 74 22,500 units were sold. Use the High-Low method to calculate 75 the total fixed administrative expense. 76 77 8. Variable administrative expenses (measured on a per lamp basis) are expected to 78 increase by 5.00%. The total administrative expenses for 20x0 were 85 $40,625.00, when 22,500 units were sold. Use the High-Low method to calculate 86 the variable administrative expense per lamp. 87 64 9 Variable Manufacturing Unit Cost 20x1 Cost 20x2 Cost Rounded to 7 Decimal Places Projected Percent Increase 3% 3% 9.2 1.25 6 3% 10 11 Figurines 12 Electrical Sets 13 Lamp Shade 15 Labor 16 Variable Overhead 17 18 Projected Variable Manufacturing Cost Per Unit 19 21 22 23 Total Variable Cost Per Unit $9.4760000 $1.2875000 $6.1800000 $2.3175000 $0.2328750 {4.01) {4.02) {4.03) {4.04) (4.05) 2.25 0.225 3% 4% 18.925 $19.4938750 {4.06) 20x 1 Cost Projected Percent Increase 3.50% 20x2 Cost Rounded to 7 Decimal Places 3.2602500 3.15 0.0500000 (4.07) (4.08) (4.09) 3.3102500 24 25 Variable Selling 27 Variable Administrative 20x1 28 Variable Administrative 20x2 29 30 Projected Variable Manufacturing Unit Cost 31 Projected Total Variable Cost Per Unit 33 34 35 36 Schedule of Fixed Costs 18.925 22.135 $19.49 (4.06) 26.0643750 (4.10) 20x 1 Cost Projected Increase 20x2 Cost Rounded to 2 Decimal Places $ 269,100.00 260,000 25000 lamps @ 10 {4.11) lamps @_) 3.50% $ 39,000.00 37 39 Fixed Overhead 40 (normal capacity of 41 Fixed Selling 42 Fixed Administrative 20x1 43 Fixed Administrative 20x2 45 Projected Total Fixed Costs 46 47 39,500.00 {4.12) (4.13) (4.14) (4.15) $ $ 41,500.00 349,600.00 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 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 725 pleces and 3 increasing the finished goods by 25.00% Complete the following budgets 5 1 Production Budget 7 8 Planned Sales 9 Desired Ending Inventory of Finished Goods (roundup to the next unit) -4 Total Needed Less: Beginning Inventory 6 25000 3750 28750 3000 5 Total Production 25,750 units 7 18 33 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Operating Income (10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattem below. (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 1. 20.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February 2 82.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 53. All other manufacturing and operating costs are paid for when incurred. 54. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses 75. Minimum Cash Balance needed for 20x2.5165,000 1 See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places, $## 3 9 7 8 9 0 -1 9 0 11 Beginning Cash Balance Cash Inflows: Sales Collections Account Receivable (Sales last year not collected) Sales made and collected in 2002 Cash Avalable (10.02) (10.03) (10.04) Cash Outflows: Purchases 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattem below (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 3 51. 20.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February 42 82.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 53. Al other manufacturing and operating costs are paid for when incurred. 6 4 The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, seling and administrative expenses. 75. Minimum Cash Balance needed for 20x2, 5165,000 5 I See The Light 56 Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places $ 34,710 Beginning Cash Balance Cash Inflows Sales Collections Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available $ 67,500.00 (10.02) (10.03) (10.04) 38 69 77 78 79 80 81 89 90 91 92 93 101 102 103 104 105 113 114 115 116 117 118 67.500 (10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Seling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) (10.08) Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed of any) {10.09) A00