Please solve the net income in the Budgeted Income statement and the projected cash budget.

- 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, $#.#) 24.400 units 750 units 25.150 units 500 units 24650 16.72 412.148.00 {8.01) (8.02) {8.03) {8.04) $ $ {8.05) {8.06) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $#.#) $ 2.09 (8.07) $ 50.996.00 (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, $##.###) Fixed Factory Overhead $ $ 50.264.00 295,000.00 Total Factory Overhead (Round to two places, $##.##) (8.09) {8.10) $ 345,264.00 (8.11) 7 8 9 he company has requested that you prepare a master budget for the year. This budget is to be used or planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 750 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 25000 2400 27400 24400 Total Production 24400 {7.01) I See The Light, Inc Schedule of Projected Costs Vanable Manufacturing Unit Cost 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places 16 Projected Percent Increase 4.50% 4.50% 3% Lamp Kit 5 Labor Variable Overhead $16.12 2 2 $2.09 $2 06 14011 14.02) 1403) 3 Projected Variable Manufacturing Cost Per Unit 7 3 20 4% $20.87 14.04 Total Variable Cost Per Unit 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places Projected Percent Increase 1.03 1.04 3 309 2 2.08 14.05) (4.06) {4041 3 9 Variable Selling 0 Variable Administrative 1 Projected Vanable Manufacturing Unit Cost 2 50 61 Projected Total Variable Cost Per Unit 52 3 33 SA 72 Schedule of Fixed Costs 25 26.04 (4071 20x1 Cost 20x2 Cost Projected Percent Increase $ lamps @) 295,000.00 14.08) 73 74 Fixed Overhead 75 (normal capacity of 76 Fixed Selling 84 Fixed Administrative 85 86 Projected Total Fixed Costs 87 88 96 97 5 $ 41,000.00 44,000 00 409, 14.101 380,000.00 1471 98 99 100 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overead/Number of Units (Round to two places, $####) $14.15 {9.01) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 16.72 $2.09 $14.15 {9.02) Total cost of one unit (Round to two places, $##.#) $32.96 19.03) 6 Selling and Admin. Budget 3.09 (9.04) $ 25000 $ 25000 $ $ 41,000.00 $77,250.00 44,000.00 52,000.00 214,250.00 2.08 {9.05) {9.06) Fixed Selling Variable Selling (Round to two places, S###) Fixed Administrative Variable Administrative (Round to two places. $##.##) Total Selling and Administrative (Round to two places, S####) Cost of Goods Sold Budget 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 Round dollars to two places, $#### $ 90,000.00 {9.07) $ $ $ $ 8.000.000 412,148.000 420,148.000 12,540.00 Total Materials: {9.08) Labor Overhead Cost of Goods Available Less: Ending Inventory. Finished Goods Cost of Goods Sold $ $ $ $ 407,608.00 50,996.00 345,264.00 893,868.00 79.104.00 814,764.00 {9.09) {9.10) {9.11) {9.12) {9.13) {9.14) 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income {10.01) 8 rachu - 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, $#.#) 24.400 units 750 units 25.150 units 500 units 24650 16.72 412.148.00 {8.01) (8.02) {8.03) {8.04) $ $ {8.05) {8.06) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $#.#) $ 2.09 (8.07) $ 50.996.00 (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, $##.###) Fixed Factory Overhead $ $ 50.264.00 295,000.00 Total Factory Overhead (Round to two places, $##.##) (8.09) {8.10) $ 345,264.00 (8.11) 7 8 9 he company has requested that you prepare a master budget for the year. This budget is to be used or planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 750 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory 25000 2400 27400 24400 Total Production 24400 {7.01) I See The Light, Inc Schedule of Projected Costs Vanable Manufacturing Unit Cost 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places 16 Projected Percent Increase 4.50% 4.50% 3% Lamp Kit 5 Labor Variable Overhead $16.12 2 2 $2.09 $2 06 14011 14.02) 1403) 3 Projected Variable Manufacturing Cost Per Unit 7 3 20 4% $20.87 14.04 Total Variable Cost Per Unit 20x1 Cost 20x2 Cost Rounded to 2 Decimal Places Projected Percent Increase 1.03 1.04 3 309 2 2.08 14.05) (4.06) {4041 3 9 Variable Selling 0 Variable Administrative 1 Projected Vanable Manufacturing Unit Cost 2 50 61 Projected Total Variable Cost Per Unit 52 3 33 SA 72 Schedule of Fixed Costs 25 26.04 (4071 20x1 Cost 20x2 Cost Projected Percent Increase $ lamps @) 295,000.00 14.08) 73 74 Fixed Overhead 75 (normal capacity of 76 Fixed Selling 84 Fixed Administrative 85 86 Projected Total Fixed Costs 87 88 96 97 5 $ 41,000.00 44,000 00 409, 14.101 380,000.00 1471 98 99 100 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overead/Number of Units (Round to two places, $####) $14.15 {9.01) 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit 16.72 $2.09 $14.15 {9.02) Total cost of one unit (Round to two places, $##.#) $32.96 19.03) 6 Selling and Admin. Budget 3.09 (9.04) $ 25000 $ 25000 $ $ 41,000.00 $77,250.00 44,000.00 52,000.00 214,250.00 2.08 {9.05) {9.06) Fixed Selling Variable Selling (Round to two places, S###) Fixed Administrative Variable Administrative (Round to two places. $##.##) Total Selling and Administrative (Round to two places, S####) Cost of Goods Sold Budget 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 Round dollars to two places, $#### $ 90,000.00 {9.07) $ $ $ $ 8.000.000 412,148.000 420,148.000 12,540.00 Total Materials: {9.08) Labor Overhead Cost of Goods Available Less: Ending Inventory. Finished Goods Cost of Goods Sold $ $ $ $ 407,608.00 50,996.00 345,264.00 893,868.00 79.104.00 814,764.00 {9.09) {9.10) {9.11) {9.12) {9.13) {9.14) 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income {10.01) 8 rachu