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Step 1 Sales Budget Points Possible: 0 1 pts*15 = 1.5 pts Instruction: Provided below is the expected selling price and expected unit sales for the four quarters of 2022. Use this information to complete the sales budget Expected Selling Price $83 Expected Sales Volume (in units) Quarter 1 Quarter 2 1,300 3,700 Quarter 3 1,700 Quarter 4 3,900 Bear Company Sales Budget For the year ending December 31, 2022 Quarter Quarter 1 Quartet 2 Quarter 3 Quarter 4 Year Expected Unit Sales Unit Selling Price Toal Sales Step 2 Production Budget Points Possible: 0.1 pts*17 -1.7 pts Instruction: Bear Company expects to meet future sales roqurements by maintaing an ending inventory equal to 20% of the next quarter's budgled sales volume. Use these information to complete the production budget Ending Inventory as __ of next quarter's sales volume Ending Finished Goods Inventory on December 31, 2021 Expected Sales Volume for Quarter 1 of year 2023 20% 260 2,700 units units Bear Company Production Budget For the year ending December 31, 2022 Quantes Quarter 1 Quarter 2 Quarter 3 1,300 3,700 1,700 Year Quarter 4 3,900 Expected Unit Sales Add. Desired ending Fished Goods Units Total Required Units Less Beguming Finished Goods Units Required Production Units Instruction: Bear Company maintains an ending inventory equal to 20% of the next quarter's production requirements. Use these information to complete the Direct Material Budget Assuming only one type of material are used for 2 Ibs Ending Inventory as _ of next quarter's production requiren 20% Number of pounds of direct material required for each produ Expected cost per pound $1.00 Beginning inventory of direct materials for Quarter 1 of 2022, in pounds: Desired ending inventory of direct materials for Quarter 4 of 2022. in pounds. per lb 712 1,080 Ibs Ibs Year Complete Production Budget first before you start this budgell Bear Company Direct Material Budget For the year ending December 31, 2022 Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 Urats to be Producted Direct Material per Unit Total Pounds needed for production Add Desired ending Direct Material Total Material Required Less Beginning Direct Material, pol Direct Material Purchases Cost per Pound Total Cost of Direct Material Purcha: $0.00 hours 2 $19.00 per hour Instruction: Use the information below to prepare the Direct Labor Budget Number of direct labor hours reqused to product each unit of finished goods Expected cost per direct labor hour Complete Production Budget first before you start this budget! Bear Company Direct Labor Budget For the year ending December 31, 2022 Quarter Quarter 1 Quarter 2 Quarter 3 Unit to be produced Direct Labor Hours per Unit Total Required Direct Labor Hours Direct Labor Cost per Hour $19.00 $19.00 $19.00 Total Direct Labor Cost Quarter 4 Year $19.00 $0.00 Click to Next Budget Instruction: Bear Company expects variable overhead costs to flucturate with production volume according to the following rates. Indirect Material Indirect Labor Utilities Maintenance $180 $1.30 $0 20 $0.20 per direct labor hour per direct labor bour per direct labor hour per direct labor hour Buff Company also incurs fixed overhead cost. The amounts of fixed overhead are already provided in the budget below. Use the information to complete the Manufacturing Overhead Budget Complete Direct Labor Budget first before you start this budget Bear Company Manufacturing Overhead Budget For the year ending December 31, 2022 Quartet Quarter 1 Quarter 2 Quarter Quarter 4 Year Variable Costs Indirect Materials ($1.8 hour) Indirect Labor 51 Whour Utilities (50.2hour) Maintenance (50 2 hour Total Variable Costs 30 Fixed Costs Supervisory Salaries $5.440 $5.440 $5,440 55.440 $21,760 Depreciation $3.264 $3,264 $3264 $3264 $13.056 Property Taxes and Insurance 32176 $2,176 $2176 $2,176 38.704 Maintenance 34352 $4,352 54,352 $4352 $17408 Total Fixed Costs $15232 $15.232 $15.232 $15.232 $60,928 Total Manufacturing Overhead $0 Direct Labor Hours Predetermined MOH allocation rate" * This predetermined MOH rate is a traditional MOH rate using the yeatly amounts, compute the budgeted overhead rate per direct labor hour Step 6 Selling and Administrative Expenses Budoel Points Possible 0.05 pts*20-1pls Instructio Bex Company expects variable selling and administrative expenses to fluctuate with unit sales volume according to the Sales Commissions $230 per unit of goods sold Freight-out $170 per unit of goods sold Bear Company also incrushed selling and administrative expenses. The amounts of fixed selling and administrative expenses are already provided in the budget below. Use the information to complete the Selling and Administrative Duarter 4 3900 Year Bear Company Selling and Administrative Expenses Budget For the year ending December 31, 2022 Duarter Quarter 1 Duster 2 Dunten 3 Budgeted Sales in Units 1300 3.700 1700 Variable Expenses Sales Commissions 12 unit Freightonit TONI Variable Expenses Fived Expenses Advertising $2.800 $2 800 $2.800 Sales Salones $17.000 $17.000 $17.000 Office Salaries $11000 $11.000 $11.000 Depreciation $3.000 13.000 $3.000 Property Taxes and insurance $2400 $2 400 $2.400 Total Fixed Expenses 135 200 $36.200 $36.200 Total Selling and Administrative Expe $0 $2800 $17.000 $11000 $3.000 $2400 $36200 $11200 $68.000 $44.000 112.000 $9.600 * Freight-out Costs to get product delivered to custumor ready for use For example, the transportation costs associated with the delivery are paid by the company las seller) Similar to Freight-out, Freight in the the costs associated with getting purchases goods ready to use by the comparw For example, the transporation costs are associated with purchased raw materials, supplies, or coupments: These costs are paid by the company los customer) as addition to the costs of raw materials, supplies, or equipments, Step 7 Budgeted Income Statement Points Possible: 0.1 pts*15-15 pts Instruction: Complete the following schedule to determine the cost of goods sold Complete "Manufacturing Overhead Budger' first before you start this budget! Product Cost per Unit Cost Element Source of Data Quantity Unit Cost Direct Material DM Budget 2 lbs $1.00 per lo Direct Labor Dt. Budget hours $19.00 Manufacturing Overhead MOH Budget 1 Total Unit Cost Total e- per hour per unit unt Cost of Good Sold Total Unit Cost Complete the 'Product Cast per Unit first- Units Sold Budgeted Cost of Good Sold Additional Information Interest Expenses for 2022 $800.00 Income Tax Rate for 2022 2194 Bear Company Budgeted Income Statement For the year ending December 31, 2022 Sales Cost of Good Sold Gross Profit Selling and Administrative Expense Income from Continues Operation Interest Expenses Income before Taxes Income Tax Expenses Net Income Income tax rate is applied to the "Locome before Taxen" By multiply the income before taxes with the tax rate, you could get the income tax expreses