please make a finished goods inventory budget
B Fiscal Year End: 30-Jun For the year ended June 30, 2020 2 4 Estimated Sales: Year Sales (in units) 2020 500,000 2021 525,000 2022 525,000 Price (each) $10.00 $15.00 $15.00 Sales Pattern: Sales Contribution Month Jan Feb Sep Oct Nov Dec 15% 20% 25% 100% 24 Desired Ending Inventory (finished goods) 30% of next months sales Rental Cost--Admn & Selling Cost Sep Oct Nov Dec $5,000.00 $5,000.00 $5,000.00 $5,000.00 - Raw Material: SSA Required For Each Unit of Product: Cost per Kilogram: 11 kg 0.26 Desired Ending Inventory (raw materials): Accounts Payable Payment Pattern: 30 37 38 39 40 41 42 50% Following month's production needs 30% in the month purchase 35% in the following month 35% in the 2nd month following Beginning Accounts Payable: $59,610.00 Arising from following estimated direct materials purchased SAA purchases in May, 2020: SAA purchases in June, 2020: $54,197.00 $58,058.00 46 Employee Wage (dependant on production volume) Averages: $15.00 per hour Rental Cost--Admn & Selling Cost Sep Oct Nov Dec $5,000.00 $5,000.00 $5,000.00 $5,000.00 - Raw Material: SSA Required For Each Unit of Product: Cost per Kilogram: 11 kg 0.26 30 37 38 Desired Ending Inventory (raw materials): Accounts Payable Payment Pattern: 50% Following month's production needs 30% in the month purchase 35% in the following month 35% in the 2nd month following 39 40 41 42 Beginning Accounts Payable: $59,610.00 Arising from following estimated direct materials purchased SAA purchases in May, 2020: SAA purchases in June, 2020: $54,197.00 $58,058.00 46 Employee Wage (dependant on production volume) Averages: $15.00 per hour Production Time per Unit: 15 minutes Unit Variable Overhead Manufacturing Rate Utilities Indirect Materials Plant Maintenance Environmental Fee Other Total $0.60 $0.20 $0.50 $0.14 $0.16 $1.60 Food Manufacturing Overhead budgeted: Training and Development Property and Business Taxes Supervisor's Salary Amortization on Equipment Insurance Other Total: $40,600.00 43700 40000 Paid in advance on Dec 31 each year. Expected payment of next year: 149400 178800 24000 75100 512000 Units Previous Years Selling & Admn Expenses Lowest level of sales: Highest level of sales: 400000 Total Operating Expenses 800000 Total Operating Expenses: $635,800.00 $915,800.00 Estimated S&A Expense 10% Greater Than Previous Year 4 Sales Collection: 75.0% month of sale 9.5% following month 0.5% 2nd month following 79 Expected Sales: 80 May, 2020 June, 2020 June 30,2020 $180,000.00 $190,000.00 $63,650.00 Expected AR: 82 83 B4 85 86 87 Monthly Income Tax Installment Payments: Estimated Income Tax Expense: $4,000.00 25.00% of Net Income Upgraded Manufacturing Equipment Bid: Paid August 2020 September 2020 January 2021 $225,000.00 40% 50% 10% 92 Dividends Declared: $25,000.00 Per Quarter 94 Estimated Balances as of June 30,2020: Estimated Balances as of June 30,2020: 98 Cash Accounts Receivable Inventory-raw Materials Inventory-finished Goods Prepaid Insurance Prepaid Tax Capital Assets (net) $22,763.00 $63,650.00 $30,030.00 $49,455.00 $16,000.00 $19,200.00 $724,000.00 $925,098.00 101 102 105 106 107 108 109 Accounts Payable Income Tax Payable Capital Stock Retained Earnings $59,610.00 $21,500.00 $500,000.00 $343,988.00 $925,098.00 110 111 112
