please use the first page of the questions to solve the rest it goes in order from top to bottom

Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Set Input Values Back Fix the format of All As of Dec. 31 2020 Apples to Al Qtrs In 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Sales Budget Sales in Units Average Selling Price per Unit Cach Colleotion Pattern for Sale in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10.000 units $30 per unit 80% 14.000 unit $30 per unit 10% 60% 18,000 units $ $32 per unit 16.000 units $32 per unit Remainder Reminder 80% Reminder 70% Remainder 3,000 units Production Budget Finished Units in mentory-of 12/31/2020 (the prior year Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Otr's Sales in Units to have in This Qtr.'s Ending Imertory 12,000 units 20% 30% 40% 20% 10 2 20% 130,000 az Raw Materials Budget Ounces of Plastic Sled Powder (PSP) Required per Frished Unit of Next Otrs "Ounces of PSP Required to have in This Qur's Ending Inventory Ounces of PSP in Raw Materials Imentary as of 12/31/2020 (the prior year 15.000 oz Forecasted Ounces of PSP Required" in the 1st Qtr of 2022 next year Cast of PSP px Ounce Cach Payment Pattem for P&P Purohated in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ $1.20 pera 40% $1.20 per az $1.10 per az 30% 60% S1.10 per az Romance 20% 70% Reminder Reminder 80% Remainder Direct Labor Budget Direct Labor Hours (hrs) per Frished Unit Average Cast of a Direct Labor Hour 0.20 hrs $18 per hour $20 per hour $20 per hour $18 per hour Manufacturing Overhead Budget Variable Overhead Cast Rate per Direct Labor Hour (DLH) Total Fived Manufacturing Overhead Cost per Quarter Depreciation per Quarter Included in Fixed Manufacturing Overhead S6 per DUH $50,000 $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 54 per unit $5,000 $40,000 $5.000 $40.000 $15,000 $45,000 $15,000 $50,000 Selling. General, and Administrative (SG&A) Budget Variable SG&A Cost per Chit Sold Advertising Foxed Casil Salary Foxed Cost Mall Kiosk Rental Fixed Cost per Quarter Ulities Fixed Cost per Quarter Property Taxes Depreciation $2,000 $1,000 SO $12,000 $ $12,000 $ 12,000 so $13,000 $12.000 $14,000 Cash Budget Equipment Purchases Dividends Artual Interest Rate Charged by the Bank on the Bank Loan $0 $20,000 so $20.000 $10.000 $20,000 $ $15,000 $20,000 6% Income Statement No Required input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property Plant & Equipment, grass Accumulated Derection Total Assets $24,000 $125,000 $18,000 $80.000 S722.000 ($280.000 $690.000 Accounts Payable Bank Loan Common Stock Retained Gaming Total Liabilities & Equity 28,000 $80,000 $160,000 $442,000 $$ 90,000 movgvi Screen Recorder Sales Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My A Sales in Units times Average Selling Price per Unit Total Dollar Sales Check Amount Quarter in the 2021 Planning Year Full Year 1st 2nd 3rd 4th Total 10,000 units 14,000 units 16,000 units 18,000 units 58,000 units HC $30 per unit $30 per unit $32 per unit $32 per unit $300,000 $420,000 $512,000 $576,000 $1,808,000 $300,000 Check Amount + $1,808,000 Fix the Format of All 3rd Qtr. 4th Qtr. E Calculation of Cash Collections - for the Cash Budget DI 1st Qtr. 2nd Qtr. Collection of Dec. 31, 2020 Accounts Rec. $125,000 Collection of 1st Qtr Sales $180,000 $30,000 Collection of 2nd Qtr Sales $252,000 Collection of 3rd Qtr Sales Partial Collection of 4th Qtr Sales $90,000 $168,000 $409,600 $102,400 $403,200 Total Cash Collections Check Amounts $305,000 $305,000 $282,000 $282,000 $667,600 $667,600 $505,600 $505,600 Calculation of the December 31, 2021 Accounts Receivable - for the Balance Sheet Total Dollar Sales 4th Quarter (per above) $576,000 less 4th Quarter Sales Already Collected (per above) ($403,200) Accounts Receivable as of December 31, 2021 $172,800 G Check Amount $172,800 Multiple Choice Questions 1. Which one of the following statements is correct? Answer: A. All white cells in the Sales Budget, and in the other budgets, must contain numbers. B. Some white cells in the Sales Budget, and in the other budgets, can be left blank. C. All white cells in the Sales Budget, and in the other budgets, must contain Excel formulas. D. None of the above statements are correct 2. Which one of the following statements is correct? Answer: A. The Sales Budget uses data from the Cash Budget B. Sales in Units on the Sales Budget will be an input to the Production Budget. C. Total Dollar Sales on the Sales Budget will be an input to the Forecasted Balance Sheet. D. None of the above statements are correct. movavi Screen Recorder Test My Production Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. B A Quarter in the 2021 Planning Year 2nd 3rd Full Year Total Units 1st 4th All Units are Finished Units (Finished Cell Phone Covers) Sales in Units (from Sales Budget) plus Units Needed in Ending Inventory less Units Available from Beginning Inventory () Finished Units to Produce Check Amounts 9,800 units 16,000 units 18,400 units 13,200 units Fix the Format of All Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 20? A. 110 B. 100 C. 90 D. 80 Answer: 2. Which one of the following statements is correct? A. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. B. Total Dollar Sales on the Sales Budget is an input to the Production Budget. C. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. D. None of the above statements are correct. movavi Screen Recorder Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder (PSP) Required per Finished Unit Ounces of Psp Required to Produce the Finished Units Ounces of PSP Required to Produce the Finished Units plus Ounces of PsP Needed in Ending Raw Materials Inventory less Ounces of Psp Available from Beginning Raw Materials Inventory Total Ounces of PsP to Purchase Total Ounces of PsP to Purchase! fimes Cost of PsP per Ounce Total Cost of Psp Purchases Check Amount $138.000 Check Amount $668,160 Fix the Format of All White 3rd Otc. 4th Otc. Calculation of Cash Payments for Raw Materials - for the Cash Budget 1st Otc. 2nd Qir Payment of December 31, 2020 Accounts Payable Payment of 1st Qtr Psp Purchases Payment of 2nd Qtr PsP Purchases Payment of 3rd Qtr Psp Purchases Partial Payment of 4th Qur PsP Purchases Total Cash Payments for Psp Check Amounts + $83,200 $150,168 $211,328 $219,880 Calculation of December 31, 2021 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of PsP Purchases less Partial Payment of 4th Qtr PsP Purchases Accounts Payable as of December 31, 2021 Check Amount $31,584 Calculation of Dec. 31, 2021 Raw Materials Inventory (FIFO) for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of Psp in Ending Raw Materials Inventory times 4th Quarter Cost of PsP per Ounce Raw Materials Inventory as of December 31, 2021 Check Amount $31,200 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1of the Raw Materials Budget.pdf document, what would Answer: be Total Cost of Raw Material Purchases if Pounds of Raw Material Needed in Ending Raw Materials Inventory were 30 rather than 25? A. $635 B. $625 C. $645 D. $615 2. Which one of the following statements is correct? Answer: A. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Income Statement. B. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Balance Sheet. C. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Cost of Goods Sold Budget. D. None of the above statements are correct. movavi Screen Recorder Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours: times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount $35,280 Check Amount $220,400 Fix the Format of All White Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Cash Payments for Direct Labor MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor S's Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Direct Labor Budget.pdf document, what would be Total Direct Labor $'s if Finished Units to Produce were 80 rather than 100? A. $400 B. $500 C. $600 D $700 Answer: 2. Which one of the following statements is correct? A. The Direct Labor Budget is more difficult than the Raw Materials Budget. B. Total Direct Labor Hours is an input to the Cost of Goods Sold Budget C. Total Direct Labor $'s is an input to the Manufacturing Overhead Budget. D. None of the above statements are correct. moVai Screen Recorder Test My Manufacturing Overhead Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Total Direct Labor Hours (from Direct Labor Budget) times Variable Overhead Cost Rate per Direct Labor Hour (DLH) equals Total Variable Manufacturing Overhead Cost plus Total Fixed Manufacturing Overhead Cost Total Manufacturing Overhead Cost Check Amount $61,760 Check Amount $268.880 Full Year Total 4th Qtr. Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. Total Manufacturing Overhead Cost (per above) less Depreciation Included in Manufacturing Overhead() Total Cash Payments for Manufacturing Overhead Check Amounts $54,760 $62,200 $65,080 $58,840 Fix the Format of All White Cells and Restore the Formula in Cell D28 Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget Full Year Total Manufacturing Overhead Cost divided by Full Year Total Direct Labor Hours A equals Predetermined Overhead Rate per Direct Labor Hour (DLH) Check Amount $0 per DLH $23 Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 3 of the Manufacturing Overhead Budget.pdf document, what would be Total Manufacturing Overhead Cost if Total Direct Labor Hours were 200 rather than 100? A. $400 B. $450 C. $600 D. $650 Answer: 2. Which one of the following statements is correct? A. Total Variable Overhead Cost does not change when the level of manufacturing activity changes. B. Total Fixed Overhead Cost does not change when the level of manufacturing activity changes. C. Total Manufacturing Overhead Cost is an input to the Cash Budget D. Total Cash Payments for Manufacturing Overhead is an input to the Cost of Goods Sold Budget. movavi Screen Recorder Finished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My B Calculation of 4th Quarter Production Cost per Finished Unit Quantity Required A Total Cost per Finished Unit 4th Otr. Cost per Finished Unit PSP (Raw Materials) Direct Labor X Manufacturing Overhead (applied based on Direct Labor Hours) 4th Qtr. Production Cost per Finished Unit Check Amount $20.20 Calculation of Finished Goods Inventory (FIFO) as of Dec. 31, 2021 Units in 4th Qtr. Finished Goods Ending Inventory (from Production Budget) times 4th Qtr. Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2021 Check Amount $48,480 Fix the Format of All White Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Finished Goods Inventory Budget.pdf Answer: document, what would be the value of the 100 Finished Units if 4th qtr. cost of an hour of Direct Labor was $8 rather than $10? A. $6,000 B. $6,800 C. $7,600 D. $8,400 Answer: 2. Which one of the following statements is correct? A. Finished Goods Inventory as of Dec. 31, 2021 is an input to the Cash Budget B. Finished Goods Inventory as of Dec 31, 2021 is an input to the Raw Materials Budget. C. Finished Goods Inventory as of Dec 31, 2021 is an input to the Cost of Goods Sold Budget. D. None of the above statements are correct. $movavi Screen Recorder Test My Budget Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Raw Materials Inventory Raw Materials Inventory as of January 1, 2021 plus Total Cost of Psp Purchases for 2021 (from Raw Materials Budget) less Raw Materials Inventory as of December 31, 2021 (from Raw Materials Budget) () equals Cost of Raw Materials Transferred to Work-in-Process Inventory Work-in-Process Inventory (WIP) $0 Fix the Format of All White Cells and Restore the Zeros in Cells D14 and D18 Work-in-Process Inventory as of January 1, 2021 plus Cost of Raw Materials Transferred to Work-in-Process Inventory plus Total Direct Labor $'s for 2021 (from Direct Labor Budget) plus Total Manufacturing Overhead Cost for 2021 (from Manufacturing Overhead Budget) less Work-in-Process Inventory as of December 31, 2021 () equals Cost of Work-in-Process Transferred to Finished Goods Inventory (0) Finished Goods Inventory and Cost of Goods Sold Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory less Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) () Cost of Goods Sold Check Amount $1,155,760 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Cost of Goods Sold Budget.pdf Answer: document, what would be cost of Goods Sold if Raw Materials Inventory as of December 31, 2021 was $$25 rather than $20? A. $990 B. $995 C. $1,000 D. $1,005 2. Which one of the following statements is correct? Answer: A. Cost of Goods Sold, on the cost of Goods Sold Budget, is an input to the Forecasted Balance Sheet. B. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Cash Budget. C. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Income Statement. D. None of the above statements are correct. movgvi Screen Recorder Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost Total SG&A Cost Check Amounts $100,000 $166,000 Fix the Format of All White Full Year Total 3rd Qtr. 4th Qtr. Calculation of Cash Payments - for the Cash Budget 1st Otr 2nd Qtr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost () Total Cash Payments for SG&A Check Amounts $116,000 $127,000 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Cost if Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $150 B. $250 C. $350 D. $450 Answer: 2. Which one of the following statements is correct? A. Total SG&A Fixed Cost changes based on the level of activity. B. Total SG&A Variable Cost changes based on the level of activity. C. Total SG&A Cost is an input to the Cash Budget. D. None of the above statements are correct. movavi Screen Recorder Cash Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Loan Schedule located below the Cash Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Beginning Cash Balance plus Cash Collections (from Sales Budget) less Payments for PSP (Raw Materials) (from Raw Materials Budget) ( less Payments for Direct Labor (from Direct Labor Budget) () less Payments for Manufacturing Overhead (from Manufacturing OH Budget) () less Payments for SG&A (from SG&A Budget) ( less Payments for Equipment Purchases () less Payments for Dividends (1) Excess Cash or (Deficiency of Cash) Dave Bmwys. A pawneras. Awarest plus Additional Borrowings from the Bank during the quarter less Repayments Made to the Bank during the quarter( Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter () 0 0 0 0 A 0 0 0 B 0 0 0 0 Ending Cash Balance $24.793 $24,271 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and 4th Qtr. Loan Schedule -- Calculation of the Bank Loan Balar ce for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 3rd Qtr. Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments ( Ending Loan Balance After Additional Borrowings and Repayments Check Amount $18,259 Multiple Choice Questions Answer: : 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Qtr. Cash Collections were $300 rather than $500? A. $12 B. $14 C. $16 D. $18 Answer: 2. Which one of the following statements is correct? A. Ending Cash Balance on the Cash Budget is an input to the SG&A Budget. B. Ending Cash Balance on the Cash Budget is an input to the Forecasted Income Statement. C. Ending Cash Balance on the Cash Budget is an input to the Sales Budget. D. None of the above statements are correct. mo Screen Recorder Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars A % V 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% 0.00% less SG&A Cost (from SG&A Budget) () Operating Income less Interest Expense (from Cash Budget) () 0.00% 0.00% 0.00% Net Income (Net Loss) Check Amount $114,430 Fix the Format of All $moVgvi Screen Recorder Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget IMPORTANT Before "Wiring-Up" the Balance Sheet, complete the PP&E. Accumulated Depreciation, and Retained Earnings schedules located below the Balanc- Sheet as of December 31, 2021 Assets Dollars Current Assets Cash (from Cash Budget) 0.00% Accounts Receivable (from Sales Budget) 0.00% Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% Property, Plant, and Equipment, gross (from schedule below) 0.00% less Accumulated Depreciation () (from schedule below) 0.00% Property, Plant, and Equipment, net 0.00% Total Assets 0.00% Check Amount $686,273 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget) 0.00% Bank Loan (from Cash Budget) 0.00% Total Current Liabilities 0.00% Stockholders' Equity Common Stock 0.00% Retained Earnings (from schedule below) 0.00% Total Stockholders' Equity 0.00% Total Liabilities and Stockholders' Equity 0.00% Check Amount $686,273 Fix the Format of All Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property. Plant, and Equipment, gross Property, Plant, and Equipment, gross as of Dec 31, 2020 plus Equipment Purchases - Full Year Total (from Cash Budget) Property, Plant, and Equipment, gross as of Dec. 31, 2021 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2020 () add Depreciation - Full Year Total (from Manufacturing Overhead Budget) () add Depreciation - Full Year Total (from SG&A Budget) () Accumulated Depreciation as of Dec. 31, 2021 01 Retained Earnings Retained Earnings as of Dec. 31, 2020 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) Retained Earnings as of Dec. 31, 2021 movavi Screen Recorder Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Set Input Values Back Fix the format of All As of Dec. 31 2020 Apples to Al Qtrs In 2021 Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Sales Budget Sales in Units Average Selling Price per Unit Cach Colleotion Pattern for Sale in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10.000 units $30 per unit 80% 14.000 unit $30 per unit 10% 60% 18,000 units $ $32 per unit 16.000 units $32 per unit Remainder Reminder 80% Reminder 70% Remainder 3,000 units Production Budget Finished Units in mentory-of 12/31/2020 (the prior year Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Otr's Sales in Units to have in This Qtr.'s Ending Imertory 12,000 units 20% 30% 40% 20% 10 2 20% 130,000 az Raw Materials Budget Ounces of Plastic Sled Powder (PSP) Required per Frished Unit of Next Otrs "Ounces of PSP Required to have in This Qur's Ending Inventory Ounces of PSP in Raw Materials Imentary as of 12/31/2020 (the prior year 15.000 oz Forecasted Ounces of PSP Required" in the 1st Qtr of 2022 next year Cast of PSP px Ounce Cach Payment Pattem for P&P Purohated in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ $1.20 pera 40% $1.20 per az $1.10 per az 30% 60% S1.10 per az Romance 20% 70% Reminder Reminder 80% Remainder Direct Labor Budget Direct Labor Hours (hrs) per Frished Unit Average Cast of a Direct Labor Hour 0.20 hrs $18 per hour $20 per hour $20 per hour $18 per hour Manufacturing Overhead Budget Variable Overhead Cast Rate per Direct Labor Hour (DLH) Total Fived Manufacturing Overhead Cost per Quarter Depreciation per Quarter Included in Fixed Manufacturing Overhead S6 per DUH $50,000 $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 54 per unit $5,000 $40,000 $5.000 $40.000 $15,000 $45,000 $15,000 $50,000 Selling. General, and Administrative (SG&A) Budget Variable SG&A Cost per Chit Sold Advertising Foxed Casil Salary Foxed Cost Mall Kiosk Rental Fixed Cost per Quarter Ulities Fixed Cost per Quarter Property Taxes Depreciation $2,000 $1,000 SO $12,000 $ $12,000 $ 12,000 so $13,000 $12.000 $14,000 Cash Budget Equipment Purchases Dividends Artual Interest Rate Charged by the Bank on the Bank Loan $0 $20,000 so $20.000 $10.000 $20,000 $ $15,000 $20,000 6% Income Statement No Required input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property Plant & Equipment, grass Accumulated Derection Total Assets $24,000 $125,000 $18,000 $80.000 S722.000 ($280.000 $690.000 Accounts Payable Bank Loan Common Stock Retained Gaming Total Liabilities & Equity 28,000 $80,000 $160,000 $442,000 $$ 90,000 movgvi Screen Recorder Sales Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My A Sales in Units times Average Selling Price per Unit Total Dollar Sales Check Amount Quarter in the 2021 Planning Year Full Year 1st 2nd 3rd 4th Total 10,000 units 14,000 units 16,000 units 18,000 units 58,000 units HC $30 per unit $30 per unit $32 per unit $32 per unit $300,000 $420,000 $512,000 $576,000 $1,808,000 $300,000 Check Amount + $1,808,000 Fix the Format of All 3rd Qtr. 4th Qtr. E Calculation of Cash Collections - for the Cash Budget DI 1st Qtr. 2nd Qtr. Collection of Dec. 31, 2020 Accounts Rec. $125,000 Collection of 1st Qtr Sales $180,000 $30,000 Collection of 2nd Qtr Sales $252,000 Collection of 3rd Qtr Sales Partial Collection of 4th Qtr Sales $90,000 $168,000 $409,600 $102,400 $403,200 Total Cash Collections Check Amounts $305,000 $305,000 $282,000 $282,000 $667,600 $667,600 $505,600 $505,600 Calculation of the December 31, 2021 Accounts Receivable - for the Balance Sheet Total Dollar Sales 4th Quarter (per above) $576,000 less 4th Quarter Sales Already Collected (per above) ($403,200) Accounts Receivable as of December 31, 2021 $172,800 G Check Amount $172,800 Multiple Choice Questions 1. Which one of the following statements is correct? Answer: A. All white cells in the Sales Budget, and in the other budgets, must contain numbers. B. Some white cells in the Sales Budget, and in the other budgets, can be left blank. C. All white cells in the Sales Budget, and in the other budgets, must contain Excel formulas. D. None of the above statements are correct 2. Which one of the following statements is correct? Answer: A. The Sales Budget uses data from the Cash Budget B. Sales in Units on the Sales Budget will be an input to the Production Budget. C. Total Dollar Sales on the Sales Budget will be an input to the Forecasted Balance Sheet. D. None of the above statements are correct. movavi Screen Recorder Test My Production Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. B A Quarter in the 2021 Planning Year 2nd 3rd Full Year Total Units 1st 4th All Units are Finished Units (Finished Cell Phone Covers) Sales in Units (from Sales Budget) plus Units Needed in Ending Inventory less Units Available from Beginning Inventory () Finished Units to Produce Check Amounts 9,800 units 16,000 units 18,400 units 13,200 units Fix the Format of All Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Production Budget.pdf document, what would be Finished Units to Produce if Units in Beginning Inventory were 5 rather than 20? A. 110 B. 100 C. 90 D. 80 Answer: 2. Which one of the following statements is correct? A. Finished Units to Produce on the Production Budget will be an input to the Direct Labor Budget. B. Total Dollar Sales on the Sales Budget is an input to the Production Budget. C. Finished Units to Produce on the Production Budget will be an input to the Cash Budget. D. None of the above statements are correct. movavi Screen Recorder Raw Materials Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Ounces of PlasticSteel Powder (PSP) Required per Finished Unit Ounces of Psp Required to Produce the Finished Units Ounces of PSP Required to Produce the Finished Units plus Ounces of PsP Needed in Ending Raw Materials Inventory less Ounces of Psp Available from Beginning Raw Materials Inventory Total Ounces of PsP to Purchase Total Ounces of PsP to Purchase! fimes Cost of PsP per Ounce Total Cost of Psp Purchases Check Amount $138.000 Check Amount $668,160 Fix the Format of All White 3rd Otc. 4th Otc. Calculation of Cash Payments for Raw Materials - for the Cash Budget 1st Otc. 2nd Qir Payment of December 31, 2020 Accounts Payable Payment of 1st Qtr Psp Purchases Payment of 2nd Qtr PsP Purchases Payment of 3rd Qtr Psp Purchases Partial Payment of 4th Qur PsP Purchases Total Cash Payments for Psp Check Amounts + $83,200 $150,168 $211,328 $219,880 Calculation of December 31, 2021 Accounts Payable - for the Balance Sheet 4th Quarter Total Cost of PsP Purchases less Partial Payment of 4th Qtr PsP Purchases Accounts Payable as of December 31, 2021 Check Amount $31,584 Calculation of Dec. 31, 2021 Raw Materials Inventory (FIFO) for the Cost of Goods Sold Budget and the Balance Sheet 4th Quarter Ounces of Psp in Ending Raw Materials Inventory times 4th Quarter Cost of PsP per Ounce Raw Materials Inventory as of December 31, 2021 Check Amount $31,200 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1of the Raw Materials Budget.pdf document, what would Answer: be Total Cost of Raw Material Purchases if Pounds of Raw Material Needed in Ending Raw Materials Inventory were 30 rather than 25? A. $635 B. $625 C. $645 D. $615 2. Which one of the following statements is correct? Answer: A. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Income Statement. B. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Forecasted Balance Sheet. C. Total Cost of Psp Purchases on the Raw Materials Budget will be an input to the Cost of Goods Sold Budget. D. None of the above statements are correct. movavi Screen Recorder Direct Labor Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Finished Units to Produce (from Production Budget) times Direct Labor Hours per Finished Unit equals Total Direct Labor Hours Total Direct Labor Hours: times Average Cost of a Direct Labor Hour Total Direct Labor $'s Check Amount $35,280 Check Amount $220,400 Fix the Format of All White Cash Payments for Direct Labor - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Cash Payments for Direct Labor MyArmor pays all direct labor cost in the period incurred; thus Total Cash Payments = Total Direct Labor S's Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 1 of the Direct Labor Budget.pdf document, what would be Total Direct Labor $'s if Finished Units to Produce were 80 rather than 100? A. $400 B. $500 C. $600 D $700 Answer: 2. Which one of the following statements is correct? A. The Direct Labor Budget is more difficult than the Raw Materials Budget. B. Total Direct Labor Hours is an input to the Cost of Goods Sold Budget C. Total Direct Labor $'s is an input to the Manufacturing Overhead Budget. D. None of the above statements are correct. moVai Screen Recorder Test My Manufacturing Overhead Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Total Direct Labor Hours (from Direct Labor Budget) times Variable Overhead Cost Rate per Direct Labor Hour (DLH) equals Total Variable Manufacturing Overhead Cost plus Total Fixed Manufacturing Overhead Cost Total Manufacturing Overhead Cost Check Amount $61,760 Check Amount $268.880 Full Year Total 4th Qtr. Calculation of Cash Payments for Manufacturing Overhead - for the Cash Budget 1st Qtr. 2nd Qtr. 3rd Qtr. Total Manufacturing Overhead Cost (per above) less Depreciation Included in Manufacturing Overhead() Total Cash Payments for Manufacturing Overhead Check Amounts $54,760 $62,200 $65,080 $58,840 Fix the Format of All White Cells and Restore the Formula in Cell D28 Calculation of the Predetermined Overhead Rate - for the Finished Goods Ending Inventory Budget Full Year Total Manufacturing Overhead Cost divided by Full Year Total Direct Labor Hours A equals Predetermined Overhead Rate per Direct Labor Hour (DLH) Check Amount $0 per DLH $23 Answer: Multiple Choice Questions 1. Using the data in the simple example on Pg. 3 of the Manufacturing Overhead Budget.pdf document, what would be Total Manufacturing Overhead Cost if Total Direct Labor Hours were 200 rather than 100? A. $400 B. $450 C. $600 D. $650 Answer: 2. Which one of the following statements is correct? A. Total Variable Overhead Cost does not change when the level of manufacturing activity changes. B. Total Fixed Overhead Cost does not change when the level of manufacturing activity changes. C. Total Manufacturing Overhead Cost is an input to the Cash Budget D. Total Cash Payments for Manufacturing Overhead is an input to the Cost of Goods Sold Budget. movavi Screen Recorder Finished Goods Inventory Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My B Calculation of 4th Quarter Production Cost per Finished Unit Quantity Required A Total Cost per Finished Unit 4th Otr. Cost per Finished Unit PSP (Raw Materials) Direct Labor X Manufacturing Overhead (applied based on Direct Labor Hours) 4th Qtr. Production Cost per Finished Unit Check Amount $20.20 Calculation of Finished Goods Inventory (FIFO) as of Dec. 31, 2021 Units in 4th Qtr. Finished Goods Ending Inventory (from Production Budget) times 4th Qtr. Production Cost per Finished Unit Finished Goods Inventory as of Dec. 31, 2021 Check Amount $48,480 Fix the Format of All White Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Finished Goods Inventory Budget.pdf Answer: document, what would be the value of the 100 Finished Units if 4th qtr. cost of an hour of Direct Labor was $8 rather than $10? A. $6,000 B. $6,800 C. $7,600 D. $8,400 Answer: 2. Which one of the following statements is correct? A. Finished Goods Inventory as of Dec. 31, 2021 is an input to the Cash Budget B. Finished Goods Inventory as of Dec 31, 2021 is an input to the Raw Materials Budget. C. Finished Goods Inventory as of Dec 31, 2021 is an input to the Cost of Goods Sold Budget. D. None of the above statements are correct. $movavi Screen Recorder Test My Budget Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Raw Materials Inventory Raw Materials Inventory as of January 1, 2021 plus Total Cost of Psp Purchases for 2021 (from Raw Materials Budget) less Raw Materials Inventory as of December 31, 2021 (from Raw Materials Budget) () equals Cost of Raw Materials Transferred to Work-in-Process Inventory Work-in-Process Inventory (WIP) $0 Fix the Format of All White Cells and Restore the Zeros in Cells D14 and D18 Work-in-Process Inventory as of January 1, 2021 plus Cost of Raw Materials Transferred to Work-in-Process Inventory plus Total Direct Labor $'s for 2021 (from Direct Labor Budget) plus Total Manufacturing Overhead Cost for 2021 (from Manufacturing Overhead Budget) less Work-in-Process Inventory as of December 31, 2021 () equals Cost of Work-in-Process Transferred to Finished Goods Inventory (0) Finished Goods Inventory and Cost of Goods Sold Finished Goods Inventory as of January 1, 2021 plus Cost of Work-in-Process Transferred to Finished Goods Inventory less Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) () Cost of Goods Sold Check Amount $1,155,760 Multiple Choice Questions 1. Using the data in the simple example on Pg. 1 of the Cost of Goods Sold Budget.pdf Answer: document, what would be cost of Goods Sold if Raw Materials Inventory as of December 31, 2021 was $$25 rather than $20? A. $990 B. $995 C. $1,000 D. $1,005 2. Which one of the following statements is correct? Answer: A. Cost of Goods Sold, on the cost of Goods Sold Budget, is an input to the Forecasted Balance Sheet. B. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Cash Budget. C. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Income Statement. D. None of the above statements are correct. movgvi Screen Recorder Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost Total SG&A Cost Check Amounts $100,000 $166,000 Fix the Format of All White Full Year Total 3rd Qtr. 4th Qtr. Calculation of Cash Payments - for the Cash Budget 1st Otr 2nd Qtr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost () Total Cash Payments for SG&A Check Amounts $116,000 $127,000 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Cost if Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $150 B. $250 C. $350 D. $450 Answer: 2. Which one of the following statements is correct? A. Total SG&A Fixed Cost changes based on the level of activity. B. Total SG&A Variable Cost changes based on the level of activity. C. Total SG&A Cost is an input to the Cash Budget. D. None of the above statements are correct. movavi Screen Recorder Cash Budget - for the Profit Planning Year Jan. 1 to Dec 31, 2021 MyArmor, Inc. Test My IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Loan Schedule located below the Cash Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th Beginning Cash Balance plus Cash Collections (from Sales Budget) less Payments for PSP (Raw Materials) (from Raw Materials Budget) ( less Payments for Direct Labor (from Direct Labor Budget) () less Payments for Manufacturing Overhead (from Manufacturing OH Budget) () less Payments for SG&A (from SG&A Budget) ( less Payments for Equipment Purchases () less Payments for Dividends (1) Excess Cash or (Deficiency of Cash) Dave Bmwys. A pawneras. Awarest plus Additional Borrowings from the Bank during the quarter less Repayments Made to the Bank during the quarter( Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter () 0 0 0 0 A 0 0 0 B 0 0 0 0 Ending Cash Balance $24.793 $24,271 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and 4th Qtr. Loan Schedule -- Calculation of the Bank Loan Balar ce for the Interest Calculation and for the Balance Sheet 1st Qtr. 2nd Qtr. 3rd Qtr. Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments ( Ending Loan Balance After Additional Borrowings and Repayments Check Amount $18,259 Multiple Choice Questions Answer: : 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Qtr. Cash Collections were $300 rather than $500? A. $12 B. $14 C. $16 D. $18 Answer: 2. Which one of the following statements is correct? A. Ending Cash Balance on the Cash Budget is an input to the SG&A Budget. B. Ending Cash Balance on the Cash Budget is an input to the Forecasted Income Statement. C. Ending Cash Balance on the Cash Budget is an input to the Sales Budget. D. None of the above statements are correct. mo Screen Recorder Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars A % V 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% 0.00% less SG&A Cost (from SG&A Budget) () Operating Income less Interest Expense (from Cash Budget) () 0.00% 0.00% 0.00% Net Income (Net Loss) Check Amount $114,430 Fix the Format of All $moVgvi Screen Recorder Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget IMPORTANT Before "Wiring-Up" the Balance Sheet, complete the PP&E. Accumulated Depreciation, and Retained Earnings schedules located below the Balanc- Sheet as of December 31, 2021 Assets Dollars Current Assets Cash (from Cash Budget) 0.00% Accounts Receivable (from Sales Budget) 0.00% Raw Materials Inventory (FIFO) (from Raw Materials Budget) 0.00% Finished Goods Inventory (FIFO) (from Finished Goods Budget) 0.00% Total Current Assets 0.00% Property, Plant, and Equipment, gross (from schedule below) 0.00% less Accumulated Depreciation () (from schedule below) 0.00% Property, Plant, and Equipment, net 0.00% Total Assets 0.00% Check Amount $686,273 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget) 0.00% Bank Loan (from Cash Budget) 0.00% Total Current Liabilities 0.00% Stockholders' Equity Common Stock 0.00% Retained Earnings (from schedule below) 0.00% Total Stockholders' Equity 0.00% Total Liabilities and Stockholders' Equity 0.00% Check Amount $686,273 Fix the Format of All Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property. Plant, and Equipment, gross Property, Plant, and Equipment, gross as of Dec 31, 2020 plus Equipment Purchases - Full Year Total (from Cash Budget) Property, Plant, and Equipment, gross as of Dec. 31, 2021 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2020 () add Depreciation - Full Year Total (from Manufacturing Overhead Budget) () add Depreciation - Full Year Total (from SG&A Budget) () Accumulated Depreciation as of Dec. 31, 2021 01 Retained Earnings Retained Earnings as of Dec. 31, 2020 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) Retained Earnings as of Dec. 31, 2021 movavi Screen Recorder