Please solve all of this
Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Values Back As of Fix the Format of All Doc. 31 All Qtrs 2020 in 2021 ist Quarter in the 2021 Planning Year ist Quarter 2nd 4th Sales Budget 3rd of 2022 Sales in Units Average Selling Price per Unit 10.000 units 14.000 units 16,000 units 18.000 units Cash Collection Pattern for Sales in the: 1st Quarter $30 per unit $30 per unit 2nd Quarter 60% $32 per unit $32 per unit 10% Remainder 3rd Quarter 60% Remainder 4th Quarter 80% Remainder 70% Remainder Production Budget Finished Units in Inventory - as of 12/31/2020 (the prior year) 3,000 units Forecasted Sales in Units - 1st Quarter of 2022 (next year) %% of the Next Qtr.'s Sales in Units to Have in This Qtr.'s Ending Inventory 20% 30%% 40% 20% 12.000 units Raw Materials Budget Ounces of Plastic Steel Powder (PsP) Required per Finished Unit of Next Qtr.'s "Ounces of PSP Required" to Have in This Qtr's Ending Inventory 10 Oz Ounces of PSP in Raw Materials Inventory - as of 12/31/2020 (the prior year) 20% Forecasted "Ounces of PSP Required" in the 1st Qtr of 2022 (next year) 15,000 oz Cost of PSP per Ounce 130,000 Oz Cash Payment Pattern for PSP Purchased In the: 1st Quarter $1.20 per oz $1. 10 per oz. $1.10 per oz $1.20 per oz 40% 30% Remainder 2nd Quarter 60% 20% Remainder 3rd Quarter 70% Remainder 4th Quarter 80%% Remainder Direct Labor Budget Direct Labor Hours (hrs) per Finished Unit 0.20 hrs Average Cost of a Direct Labor Hour $18 per hour $20 per hour $20 per hour $18 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (DUH) $8 per DLH Total Fixed Manufacturing Overhead Cost per Quarter $50,000 Depreciation per Quarter Included in Fixed Manufacturing Overhead $7,000 Finished Goods Inventory Budget No Required Input Data Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below Selling, General, and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold $4 per unit Advertising Fixed Cost $5,000 $5,000 $15,000 $15.000 Salary Fixed Cost $40,000 $40,000 $45,000 $50,000 Mall Kiosk Rental Fixed Cost per Quarter $2,000 Utilities Fixed Cost per Quarter $1,000 Property Taxes SO $12,000 SO $12.000 Depreciation $12.000 $12,000 $13,000 $14,000 Cash Budget Equipment Purchases $0 SO $10,000 $15,000 Dividends $20,000 $20,000 $20,000 $20,000 Annual Interest Rate Charged by the Bank on the Bank Loan 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 $24,000 $125,000 Raw Material Inventory $18,000 Finished Goods Inventory $60,000 Property, Plant & Equipment, gross $723,000 Accumulated Depreciation Total Assets $260,000) $690,000 Accounts Payable Bank Loan $28,000 $60,000 Common Stock $160,000 Retained Earnings $442,000 Total Liabilities & Equity $690,000
