please help with yellow blanks

D E F G . See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) $3.00 Administrative Expenses Fixed Variable @ $2.00 Total Selling and Administrative Expenses Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92.000.00 190,000.00 185,000.00 $ See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 $16.00 8,000.00 3000 $30,00 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6.800.00 13.200.00 213.410.00 Current abilities Accounts Payable Total abilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 54,000.00 54,000.00 $ $ 12,000.00 147.410.00 $ 159 410,00 213.410.00 2 5 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 Lamp Kit: $16.0000000 per lamp Direct Labor 2.0000000 per lamp (4 lamps/hr.) Variable Overhead: 20000000 per lamp Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $30.0000000 por lamp Expected increases for 2002 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 6.00% 2. Labor Costs are expected to increase by 5.50%. 3. Variable Overhead is expected to increase by 6.00%. 4. Fixed Overhead is expected to increase to $285,000. 5. Fixed Administrative expenses are expected to increase to $46,000 37 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 6.50%. 89 90 7. Fixed selling expenses are expected to be $29,000 in 20x2 100 101 8. Variable administrative expenses (measured a per lamp basis) are expected to 102 increase by 5.00% 103 104 On the following schedule develop the following flores: 114 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp 115 116 2. 2022 Projected Variable Unit Cost per lamp. 117 118 3. 20/2 Projected Fixed Costs. 129 130 128 PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 27.000 lampa at $55.00 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 05. Selling and Administrative Budget 2 6. Cost of Goods Sold Budget 47. Budgeted Income Statement 9 8. Cash Budget 10 1 Notes for Budgeting: 52 36 The company wants to maintain the same number of units in the beginning and ending inventories of 8 work in process, and electrical parts while increasing the inventory of Lamp Kits to 600 places and 9 decreasing the finished goods by 20% 50 54 Complete the following budgets 56 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning inventory 27000 2400 29400 3000 Total Production 25.400 units (7.01 74 78 79 90 31 52 33 17 2 2 Materials Budge! Lamp Kits 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 Lobor Budget 26.400 units 600 units 27,000 units 500 units (8.01) (8.02) (8.03) (8.04) $ 16.96 {8.05) (8.06) Labor Cost Per Lamp Production Total Labor Cost (Round to two places. $13.) (8.07) (8.08) 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, 504.88) Fred Factory Overhead Total Factory Overhead (Round to two places, S####) (8.09) (8.10) (8.11) Factory Ovachand Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead /Number of Units (Round to two places, S4, 4) {9.01) (9.02) 5 Costor making me unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to two places, St. ) (9.03) 6 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, Sw) Fixed Administrative Variable Administrative (Round to two places, S.444) Total Selling and Administrativo (Round to two places, S. 601) (9.00) {9.05) (9.06) Goods 7 Sad Round dollars to two places. Sot (9.077 Beginning Inventory. Finished Goods Production Costs: Materials: Lamp Kits Beginning inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used in Production Total Materials: Labor Overtad Cost of Goods Available Loss Ending Inventory, Finished Goods Cost of Goods Sold (9.08) 00 01 02 (9.09) {9.10) (9.11) (9.12) (9.13) (8.14) 04 05 05 107 ABC D E 7 Budgeted Income Statement Salas Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Not Income (10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattem below. Note: Receivables and Payables of 12/31x1 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 tems those funds will be collected be collected in January and February 2. 88.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $190,000 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places 5 Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) 10.03) (10.04) (10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Lees: Depreciation Total Cash Outlaws [10.06) (10.07) Budgeted Cash Balance before financing Needed Minimum Balance (10.08) Amount to be borrowed of any) (10.09) Budgeted Cash Balance (10.10) D E F G . See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) $3.00 Administrative Expenses Fixed Variable @ $2.00 Total Selling and Administrative Expenses Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92.000.00 190,000.00 185,000.00 $ See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 $16.00 8,000.00 3000 $30,00 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6.800.00 13.200.00 213.410.00 Current abilities Accounts Payable Total abilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 54,000.00 54,000.00 $ $ 12,000.00 147.410.00 $ 159 410,00 213.410.00 2 5 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 Lamp Kit: $16.0000000 per lamp Direct Labor 2.0000000 per lamp (4 lamps/hr.) Variable Overhead: 20000000 per lamp Fixed Overhead: 10.0000000 per lamp (based on normal capacity of 25,000 lamps) Cost per lamp $30.0000000 por lamp Expected increases for 2002 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 6.00% 2. Labor Costs are expected to increase by 5.50%. 3. Variable Overhead is expected to increase by 6.00%. 4. Fixed Overhead is expected to increase to $285,000. 5. Fixed Administrative expenses are expected to increase to $46,000 37 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 6.50%. 89 90 7. Fixed selling expenses are expected to be $29,000 in 20x2 100 101 8. Variable administrative expenses (measured a per lamp basis) are expected to 102 increase by 5.00% 103 104 On the following schedule develop the following flores: 114 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp 115 116 2. 2022 Projected Variable Unit Cost per lamp. 117 118 3. 20/2 Projected Fixed Costs. 129 130 128 PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 27.000 lampa at $55.00 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 05. Selling and Administrative Budget 2 6. Cost of Goods Sold Budget 47. Budgeted Income Statement 9 8. Cash Budget 10 1 Notes for Budgeting: 52 36 The company wants to maintain the same number of units in the beginning and ending inventories of 8 work in process, and electrical parts while increasing the inventory of Lamp Kits to 600 places and 9 decreasing the finished goods by 20% 50 54 Complete the following budgets 56 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning inventory 27000 2400 29400 3000 Total Production 25.400 units (7.01 74 78 79 90 31 52 33 17 2 2 Materials Budge! Lamp Kits 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 Lobor Budget 26.400 units 600 units 27,000 units 500 units (8.01) (8.02) (8.03) (8.04) $ 16.96 {8.05) (8.06) Labor Cost Per Lamp Production Total Labor Cost (Round to two places. $13.) (8.07) (8.08) 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, 504.88) Fred Factory Overhead Total Factory Overhead (Round to two places, S####) (8.09) (8.10) (8.11) Factory Ovachand Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead /Number of Units (Round to two places, S4, 4) {9.01) (9.02) 5 Costor making me unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to two places, St. ) (9.03) 6 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, Sw) Fixed Administrative Variable Administrative (Round to two places, S.444) Total Selling and Administrativo (Round to two places, S. 601) (9.00) {9.05) (9.06) Goods 7 Sad Round dollars to two places. Sot (9.077 Beginning Inventory. Finished Goods Production Costs: Materials: Lamp Kits Beginning inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used in Production Total Materials: Labor Overtad Cost of Goods Available Loss Ending Inventory, Finished Goods Cost of Goods Sold (9.08) 00 01 02 (9.09) {9.10) (9.11) (9.12) (9.13) (8.14) 04 05 05 107 ABC D E 7 Budgeted Income Statement Salas Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Not Income (10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattem below. Note: Receivables and Payables of 12/31x1 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 tems those funds will be collected be collected in January and February 2. 88.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $190,000 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places 5 Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) 10.03) (10.04) (10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Lees: Depreciation Total Cash Outlaws [10.06) (10.07) Budgeted Cash Balance before financing Needed Minimum Balance (10.08) Amount to be borrowed of any) (10.09) Budgeted Cash Balance (10.10)