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4 PART 3 Budgets 8 Division N has decided to develop its budget based upon projected sales of 27.000 lamps at 9 $55.00 per lamp 10 The company has requested that you prepare a master budget for the year. This budget is to be used 14 for planning and control of operations and should be composed of 15 16 1. Production Budget 17 18 2 Materials Budget 22 23 3. Direct Labor Budget 24 25 4. Factory Overhead Budget 26 30 5. Selling and Administrative Budget 32 6. Cost of Goods Sold Budget 33 34 7. Budgeted Income Statement 38 39 8. Cash Budget GO 41 Notes for Budgeting: 42 31 47 The company wants to maintain the same number of units in the beginning and ending Inventories of 40 work in process, and electrical parts while increasing the inventory of Lamp Kits to 600 pieces and 10 decreasing the finished goods by 20% 50 54 Complete the following budgets 55 56 1 Production Budget 57 58 Planned Sales 32 Desired Ending Inventory of Finished Goods Total Needed 54 Less: Beginning Inventory 95 56 Total Production 20 71 72 33 27000 2400 29400 3000 26.400 units (7.01) 73 74 79 30 31 26,400 units 600 units 27,000 units 500 units (8.01) (8.02) (8.03) (8.04) 2 Materials Budget 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 Diwct Lobor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $####) $ 16.96 (8.05) {8.06) (8.07) 18.08) 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, S#.##) Faced Factory Overhead Total Factory Ovemead (Round to two places, $##.##) (8.09) (8.10) (8.11) 4 Factory Overhead Budaat Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead/Number of Units (Round to two places, St.) (9.01) 5 Cost of making one unit raxt veer Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit (9.02) (9.03) Total cost of one unit (Round to two places. S.##) 6 Selling and Admin Budget Fixed Selling Variable Selling (Round to two places, St.10) Fixed Administrative Variable Administrative (Round to two places, S.) Total Selling and Administrative (Round to two places SWAH) {9.04) (9.05) (9.06) Goods 7 Said Round dollars to two places, S. (9.07) Beginning inventory, Finished Goods Production Costa Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production (9.08) Total Materials Labor Overhead Cost of Goods Available Loss Ending Invertory, Finished Goods Cost of Goods Sold (9.09) (9.10) (9.11) (9.12) (9.13) (9.14) 7 Budgeted Income Statement 3 Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Income (10.01) 0 1 2 3 20 21 22 23 31 8 Cash Budget 32 33 Assume actual cash receipts and disbursements will follow the pattem below: (Note: Receivables and 34 Payables of 12/31/x1 will have a cash impact in 20x2.) 35 12 1. 20.00% of sales for the year are made in November and December. Since our customers have 60 day terms 43 those funds will be collected be collected in January and February 44 2. 88.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 45 3. All other manufacturing and operating costs are paid for when incurred. 464. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 53 5. Minimum Cash Balance needed for 20x2. $190,000 54 I See The Light 55 Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places $### Beginning Cash Balance Cash Inflow: 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) 57 54 55 56 57 58 75 76 77 78 79 86 37 38 39 30 97 38 99 00 01 OB 09 10 11 12 13 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 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) Budgeted Cash Balance (10.10) I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed. Each lamp kit consists of the parts required to complete one lamp;a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors; 60 models. 2 There are presently 10 workers in the plant. They are responsible for receiving the raw material, 3 manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are 4 responsible for all administrative duties. 5 6 Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page 7 28 two. Big Al heard about your skills in managerial accounting and would like your assistance in the following 09 areas: 30 31 Part 1 Fixed and Variable Cost Determinations - Unit Cost Calculations 32 Part 2 Cost Volume Relationships - Profit Planning 33 Part 3 Budgets 34 Part 4 Process Costing 35 Part 5 Job Order Costing 36 Part 6 Standard Costing - Variance Analysis 37 Part 7 Capital Decision Making 38 39 To upload your work to Big Al the file without changing the name. Pay attention to the specific location that 40 Excel saves the file. Return to the bottom of the page that you downloaded the file from; Cybertext.com, The 41 Book List, Building Blocks of Accounting--A Managerial Perspective, Enter password, Upload Your Excel File. 42 If you upload an old version of the file the results will not update. 43 44 Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends 45 46 someone to destroy your work or it is lost in transmission 47 48 You may find it easier to work on this project if you print a hard copy of all the pages. 49 ra MOTE 1 Seo 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 I See The Light Projected Balance Sheet As of December 31, 20x1 34.710.00 87.500.00 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 Foxed Assets Total Assos $ 20.000.00 6800.00 13.200.00 213 410.00 Current bio Accounts Payable Total abilities Stockholder's Equity Common Stock Ruined Earrings Tot Stockholder's Equity Total Land Stockholder's Equity 54 000.00 54.000.00 $ 12,000.00 147 410.00 159.410.00 213.410.00 2 Schedule of Projected Costs Variable Manufacturing Unit Cost 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places 21 Lamp Kit Labor Variable Overhead 5.5 6 $16.96 $2.11 $2.12 {4.01) (4.02) (4.03) Projected Variable Manufacturing Cost Per Unit $21.19 {4.04) Total Variable Cost Per Unit 20x1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost 3 2 6.5 5 3.20 2.10 21.15 (4.05) {4.06) (4.04) B Projected Total Variable Cost Per Unit 26.49 (4.07) SB 59 50 Scheduled Elxed Costs 20x2 Cost 20x1 Cost Projected Percent increase 250000 14 $ lamps @_) 285,000.00 {4.08) 62 Fixed Overhead 69 (normal capacity of 70 Fuad Selling 71 Fixed Administrative 72 73 Projected Total Fixed Costs 80 81 B2 $ $ 29,000.00 46,000.00 (4.09) (410) $ 380,000.00 (4.11)