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Fine Office Company Fine Ofce Company makes office furniture for offices. They are in the process of preparing a Master Budget including the Operating budget, Cash Statement, Income Statement and Balance Sheet for 2021. The yearly budget is broken into quarters. The year end is 31st December 2021. Your group has been requested to compile a master budget for the scal year 2021. Package is to include the following budgets; . Sales budget for each quarter and for the year . Production budget for each quarter and for the year . Purchasing Budget for each quarter and for the year . Direct labour budget for each quarter and for the year . Selling and Administration budget . Work sheets for Collections and Disbursements . Budgeted Income Statement .CVP Income Statement 10. Budgeted Cash Statement 11. Budgeted Balance Sheet 1 2 3 4 5. Manufacturing overhead budget for each quarter and for the year 6 I" 8 9 Additional details: I Fine Ofce Company produces two products P100 and P200 Sales price per P100 is Sales price per P200 is There are 800 of 2020 value 300,000 A B units from P100 in nished goods inventory at the end of 2020 with a value ofS . At the end of each quarter, Fine Ofce Company requires ending inventory to be equal to The required ending inventory for Dec. 31, 2021 are 600 units for P100 and Each P100 unit uses Each P200 unit uses 360,000 and 400 units for P200 500 sq. ft. of steel during the manufacturing process. The cost of steel for 2021 is estimated to be S Fine Ofce Company currently has the end of each quarter, F inventory. - Each product requires a Direct Labour costs 5 I Fine Ofce Company allocates manufacturing overhead costs based on the estimated machine 6 hours. Estimated manufacturing overhead cost for 2021 are S J For each quarter, it is estimated that %will be credit sales. Ofthe credit sales, 80% pay in the quarter ofthe sale and 20% pay in the following quarter. Credit sales from 04 2020 were D E sq. ft. of steel during the manufacturing process. 30,000 sq. ft. of steel in the beginning inventory. At ine Ofce Company wants to have F sq. ft. of ending machine hours and H direct labour hrs to produce. per direct labour hour. and are all variable. 40 SE of sales will be cash and 60 51,300,000 Direct labour costs and manufacturing overhead costs are paid for in cash in the quarter they occurred. 0 Assume operating expenses occur evenly throughout the year and are all paid in cash. - For each quarter, 70 the purchase and 30 0.4 2020 were 51,500,000 96 of material purchases are paid for in cash in the quarter of 96 are paid in the following quarter. Purchases of materials from per sq. ft. units from P200 at the end C of the following quarter's budgeted sales in units. Additional details continued: 5 50,000 Fine Office Company will pay in dividends in C14 Currently, the cash balance in the bank is $15,000. Fine Office Company wants to maintain a minimum cash balance of 510,000 in the bankfo Budgeted sales volumes are: C12 reach quarter. L C13 P100 C11 K 0 P200 C11 C12 p E C13 Selling and Administration expenses for the budgeted year are as follows; Variable Cost: Delivery costs are based on 5 0.3 per sales unit. Commissions are based on 0.1 $6 of sales value. Fined Costs: Accounting 8: professional services Administrative 8: Sales Salaries Advertising Computer costs Depreciation Office Supplies Printing Insurance Property taxes Rent Utilities Total Fined Costs Taxation is Fine Office Company will purchase a new machin e on 1f1f2021 worth 5 200000 C14 :14 and will make two equal payments. The first payment will be in C12 and the second in C14. Assume the machine was purchased at the beginning of the year. 30 % on taxable income an d paid at theend of C1 4each year. Balance sheet information as at Blst December 2020 is as follows; PPE $100,000 Common Stock 55 ,000 For Cost of goods sold [COGS]; Add total costs of produ Interest of 5 9000 Accumulated Depreciation $100,000 Retained Earnings 51 45,000 ction + Beginning Finished goods Ending Finished goods Inventory. on loans is paid in total at the end of the year and is a fixed cost. \fStatement of Retained Earnings as at Slst December 2021 Opening balance Net Income Less Dividends Closing balance Reected [mm infomon provided: Balance Sheet at Slat December 2020 Assets 5 5 Current Assets Cash Accounts receivable Finished goods inventory Raw materials inventory Total Current Assets: Property, Plant & equipment Less: Accumulated depreciation Total assets: Liabilities and Shareholders Equity Liabilities Accounts payable Shareholders Equity Common Stock Retained Earnings Total Shareholders Equity: Total liabilities and Shareholders Equity CASH BUDGET for the year ending 315t December 2021 1 2 3 4 Year Beginning cash balance Collections from Customers Add: Receipts I l Total receipts: Total available cash: less: Disbursements Direct Materials Direct La bou r Manufacturing Overhead Selling and Administrative expenses Purchase of a truck Income Tax expense Dividends Total disbursements: Excess [deficiency] of available cash over cash disbursements Financing Add: Borrowings Less: Repayments [including interest] Ending cash balance Notes: Minimum cash balance: 510,000 Interest on loans to be paid in Quarter 4 Taxation amount taken from the Income Statement Cost of Goods Sold Direct materials Used Direct labour costs Manufacturing Overhead Costs Total Costs of Manufacture: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold CVP Income Statement for year ended 31st December 2021 S 5 Sales Less: Variable Costs I l Direct materials Direct Labour Manufacturing Variable Overhead costs Selling 8: Administration variable costs Adjustment for Finished Inventory Beginning Finished Goods Inventoryr Less: Ending Finished Goods Inventoryr Total Contribution Margins Less: Fixed costs Selling & Administration fixed costs Interest costs Income Tax Net Income after taxation Check result with income Statement: Production Units labour per unit Total labour needs labour Rates Paid Test Direct Materials Budget Quarter 1 2 3 4 Year P100 Production units Materials per unit P100 Total material needs/Used P200 Production units Materials per unit P200 Total material needs/Used Total Material needs for P100 and P200 Add desired ending of Inventory Total needs Less beginning of Inventory Materials to be purchased: Units Unit price Materials to be purchased: $ Test: Cost of Ending Inventory of Direct materials 31st december 2021:Ending Finished Goods Inventory Budget P100 Cost Element Quantity Cost Total Direct Materials + Direct Labour + Manufacturing Overhead = Product Cost Per Unit X Ending Inventory in Units Ending Finished Goods Inventory Ending Finished Goods Inventory Budget P200 Cost Element Quantity Cost Total Direct Materials + Direct Labour + Manufacturing Overhead = Product Cost Per Unit X Ending Inventory in Units Ending Finished Goods InventoryIncome Statement for year ended Slat December 2021 Sales Cost of goods sold Gross prot Selling and Administration expenses Operating Income Inte rest expense Net Income before taxation Taxation Net Income before taxation Alternatively Cost of Goods Sold Direct materials Used Direct labour costs Manufacturing Overhead Costs Total Costs of Manufacture: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold COGS using the unit cost method: Rounding dierence: Manufacturing Overhead Budget 1 2 3 4 Year Budeted Production units Machine hours per unit Total Budeted Machine hours Budgeted Manufacturing Overhead Test: Predetermined Overhead Rate: Estimated Manufacturing Overhead Machine Hours $ per machine hourProduction Budget Quarter 1 2 3 4 Year Expected Sales Units P100 Add desired ending of Inventory P100 Total needs P100 Less beginning of Inventory P100 P100 Required Production: Units Expected Sales Units P200 Add desired ending of Inventory P200 Total needs P200 Less beginning of Inventory P200 P200 Required Production: UnitsSales Budget Quarter 1 2 3 4 Year P100 Expected Sales units Selling Price Total Sales P100 P100 Expected Sales units Selling Price Total Sales P200 Total SalesBudgeted Sales in units: Budgeted Sales value: Variable Cost: Deliveryr costs Commissions Total Variable Costs: Fixed Costa: Accounting 8: professional services Administrative and sales salaries Advertising Computer costs Office Supplies Printing lnsu ra nee Property t Rent Utilities Total Fixed Costs: Cash Total per quarter: Note: Deduct Depreciation. Test Test Group # A 6 B 1900 2100 D 10% E 190 LO G 152000 H .6 2394000 16340 M 17480 N 17100 O 18240 19608 Q 20976 R 20520