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the remaining 35% two months after the month of purchase. There is no early payment discount. 5. Beginning accounts payable will consist of Rs.208,406.50 arising from the following estimated direct material purchases for November and December of 2007: SAA purchases in November 2007: Rs.223,875.00 SAA purchases in December 2007 Rs.162,563.50 6. Turabi's manufacturing process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages Rs.9.00 per hour. This rate already includes the employer's portion of employee benefits. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 18 minutes in production. 7. Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The unit variable overhead manufacturing rate is Rs.1.30, consisting of: Utilities--Rs.0.60; Indirect Materials--Rs.0.20; Plant maintenance--Rs.0.30; environmental fee--Rs.0.14; and Other--Rs.0.06. 8. The fixed manufacturing overhead costs for the entire year are as follows: Training and development Property and business taxes Supervisor's salary Amortization on equipment Insurance Other Rs. 43,200 39,000 149,400 178,800 96,000 117,600 Rs. 624,000 The property and business taxes are paid on June 30 of each year. The expected payment for next year is Rs.39.600. The annual insurance premium is paid at the beginning of September each year. There should be no change in the premium from last year. All other "cash-related" fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred. . Turabi uses the straight line method of amortization. 9. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information: Lowest level of sales: 375,000 units Total Operating Expenses: Rs.778.710 Highest level of sales: 750,000 units Total Operating Expenses: Rs.1,022,460 These costs are paid in the month in which they occur. Not included in the above expenses is bad debt expense. 10. Sales are on a cash and credit basis, with 55% collected during the month of the sale, 35% the following month, and 9.5% the month thereafter. 12 of 1% of sales are considered uncollectible (bad debt expense) 11. Sales in November and December 2007 are expected to be Rs.700,000 and Rs.1,500,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of Rs.734,000 at December 31, 2007 which will be collected in January and February, 2008. 12. During the fiscal year ended December 31, 2008, Turabi will be required to make monthly income tax installment payments of Rs.5.000. Outstanding income taxes from the year ended December 31, 2007 must be paid in April 2008. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended December 31, 2008, in excess of installment payments, will be paid in April, 2009. 13. Turabi is planning to acquire additional manufacturing equipment for Rs.204,300 cash. 40% of this amount is to be paid in November 2008, the rest, in December 2008. The manufacturing overhead costs shown above already include the amortization on this equipment. 14. An arrangement has been made with the local bank that if Turabi maintains a minimum balance of Rs.20,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of Rs.1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month. 15. Turabi Ltd. has a policy of paying dividends at the end of each quarter. The president tells you that the board of directors is planning on continuing their policy of declaring dividends of Rs.50,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of December 31, 2007 is given below: Assets Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid Insurance Prepaid property and business taxes Capital assets (net) Total assets 83,365 734,000 9,000 9,125 64,000 19,200 724,000 Rs.1, 642.690 Liabilities and Shareholders' Equity Accounts payable Income taxes payable Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 208,407 21,500 412,783 Rs.1.642,690 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2008, using absorption costing. 3. Prepare a budgeted balance sheet at December 31, 2008. 4. (Optional) Prepare a budgeted income statement for the year ended December 31, 2008, using variable costing. Assume per unit variable cost for 2007 was Rs.6.0520. 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2008, using absorption costing. 3. Prepare a budgeted balance sheet at December 31, 2008 4. (Optional) Prepare a budgeted income statement for the year ended December 31, 2008, using variable costing. Assume per unit variable cost for 2007 was Rs.6.0520. the remaining 35% two months after the month of purchase. There is no early payment discount. 5. Beginning accounts payable will consist of Rs.208,406.50 arising from the following estimated direct material purchases for November and December of 2007: SAA purchases in November 2007: Rs.223,875.00 SAA purchases in December 2007 Rs.162,563.50 6. Turabi's manufacturing process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages Rs.9.00 per hour. This rate already includes the employer's portion of employee benefits. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 18 minutes in production. 7. Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The unit variable overhead manufacturing rate is Rs.1.30, consisting of: Utilities--Rs.0.60; Indirect Materials--Rs.0.20; Plant maintenance--Rs.0.30; environmental fee--Rs.0.14; and Other--Rs.0.06. 8. The fixed manufacturing overhead costs for the entire year are as follows: Training and development Property and business taxes Supervisor's salary Amortization on equipment Insurance Other Rs. 43,200 39,000 149,400 178,800 96,000 117,600 Rs. 624,000 The property and business taxes are paid on June 30 of each year. The expected payment for next year is Rs.39.600. The annual insurance premium is paid at the beginning of September each year. There should be no change in the premium from last year. All other "cash-related" fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred. . Turabi uses the straight line method of amortization. 9. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information: Lowest level of sales: 375,000 units Total Operating Expenses: Rs.778.710 Highest level of sales: 750,000 units Total Operating Expenses: Rs.1,022,460 These costs are paid in the month in which they occur. Not included in the above expenses is bad debt expense. 10. Sales are on a cash and credit basis, with 55% collected during the month of the sale, 35% the following month, and 9.5% the month thereafter. 12 of 1% of sales are considered uncollectible (bad debt expense) 11. Sales in November and December 2007 are expected to be Rs.700,000 and Rs.1,500,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of Rs.734,000 at December 31, 2007 which will be collected in January and February, 2008. 12. During the fiscal year ended December 31, 2008, Turabi will be required to make monthly income tax installment payments of Rs.5.000. Outstanding income taxes from the year ended December 31, 2007 must be paid in April 2008. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended December 31, 2008, in excess of installment payments, will be paid in April, 2009. 13. Turabi is planning to acquire additional manufacturing equipment for Rs.204,300 cash. 40% of this amount is to be paid in November 2008, the rest, in December 2008. The manufacturing overhead costs shown above already include the amortization on this equipment. 14. An arrangement has been made with the local bank that if Turabi maintains a minimum balance of Rs.20,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of Rs.1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month. 15. Turabi Ltd. has a policy of paying dividends at the end of each quarter. The president tells you that the board of directors is planning on continuing their policy of declaring dividends of Rs.50,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of December 31, 2007 is given below: Assets Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid Insurance Prepaid property and business taxes Capital assets (net) Total assets 83,365 734,000 9,000 9,125 64,000 19,200 724,000 Rs.1, 642.690 Liabilities and Shareholders' Equity Accounts payable Income taxes payable Capital stock 1,000,000 Retained Earnings Total liabilities and shareholders' equity 208,407 21,500 412,783 Rs.1.642,690 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2008, using absorption costing. 3. Prepare a budgeted balance sheet at December 31, 2008. 4. (Optional) Prepare a budgeted income statement for the year ended December 31, 2008, using variable costing. Assume per unit variable cost for 2007 was Rs.6.0520. 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2008, using absorption costing. 3. Prepare a budgeted balance sheet at December 31, 2008 4. (Optional) Prepare a budgeted income statement for the year ended December 31, 2008, using variable costing. Assume per unit variable cost for 2007 was Rs.6.0520