Prepare a budgeted balance sheet with the following information:

$ 25,305,000 $ 9. Budgeted Income Statement Large Gnome Division Budgeted Income Statement For the year ended 2019 Sales Variable Costs Opening inventory of finished goods Direct Materials Direct Labor Variable Manufacturing Overheads Total Variable Costs Less: Closing Inventory of Finished Goods Cost of Goods Sold Contribution Margin Fixed Manufacturing Overhead Variable Selling Overhead Fixed Selling Overhead Total Fixed Overhead Net Operating Income 997,200 12,015,000 8,811,000 21,823,200 1,990,650 19,832,550 5,472,450 330,000 3,416,000 360,000 4,106,000 1,366,450 $ $ LARGE GNOME DIVISION - KIMMEL GNOMES BUDGETED BALANCE SHEET JUNE 30, 2018 ASSETS LIABILITIES & EQUITY Accounts Cash $208,000 Payable $96,000 Accounts Receivable 1,230,000 Notes Payable Raw Material Inventory 63,000 Capital Stock 4,000,000 Retained Plant and Equipment 14.500.000 Earnings 11.905,000 TOTAL ASSETS $16,001,000 TIL LIAB. & SE $16.001.000 First $ $ $ Second Third 208,000 63,974 $ 4,761,000 $ 7,757,500 $ 4,969,000 $ 7,821,474.40 $ Fourth 67,651 $ 65,086 5,564,000 $ 7,222,500 5,631,651 $ 7,287,586 Total $ $ $ 404,711 25,305,000 25,709,711 $ $ $ 214,066 2,939,400 2,295,560 681,000 $ $ $ $ 248,523 3,222,000 2,502,800 1,213,000 $ 225,845 $2,287,800.00 $ 1,817,720 $ 653,000 $ $ $ $ 8. Cash Budget Beginning cash balance Add: Cash collections Total cash available Less: Cash disbursements Materials Direct Labor Manufacturing overhead Selling and administrative Equipment purchase Dividend Interest Total disbursements Excess (deficiency) Financing: Borrowing Repayment Total financing Ending cash balance 248,334 $ 3,565,800.00 $ 2,754,920 $ 1,129,000 $ 285000 25,000 1,700 8,009,754 $ (722,168) $ 936,768 12,015,000 9,371,000 3,676,000 285000 100,000 21,400 26,405,168 (695,457) 25,000 $ $ 6,155,026 $ (1,186,026) $ 25,000 12,500 7,223,823.48 $ 597,651 $ 25,000 7,200 5,016,565 615,086 $ $ 790,000 1,250,000 $ 1,250,000 $ 63,974 $ (530,000) $ (530,000) $ 67,651 $ (550,000) (550,000) 65,086 2,040,000 (1,080,000) 960,000 67,832 790,000 $ 67,832 $ $ First 7. Selling and Administrative Budget Budgeted Sales Variable S&A rate Variable expenses Fixed S&A expenses Total S&A expenses Less: noncash expenses Cash S&A expenses 44,000 14.00 616,000 90,000 706,000 25,000 681,000 Second $ 82,000 $ 14.00 $ 1,148,000 $ 90,000 $ 1,238,000 $ 25,000 $ 1,213,000 Third $ $ $ $ $ $ $ 42,000 14.00 588,000 90,000 678,000 25,000 653,000 Fourth $ $ $ $ $ $ $ 76,000 14.00 1,064,000 90,000 1,154,000 25,000 1,129,000 Total $ $ $ $ $ $ $ 244,000 14.00 3,416,000 360,000 3,776,000 100,000 3,676,000 Quantity Cost Total 6. Ending Finished Goods Inventory Budget Production cost per gnome Direct Materials (pounds) Direct Labor (DLH) Manufacturing overhead Budgeted finished goods inventory Ending finished goods inventory (Gnomes) Unit product cost Ending finished inventory in dollars 3 $ 3 $ 0.9 15 $ 12.65 $ 3.6 45 37.95 23000 86.55 1,990,650 $ First $ $ 5. Manufacturing Overhead Budget Budgeted direct labor hours Variable mfg. OH rate Variable mfg. OH costs Fixed mfg. OH costs Total mfg. OH costs Less: noncash costs Cash disbursement for mfg. OH 195,960 11.00 2,155,560 330,000 2,485,560 190,000 2,295,560 Second Third $ 214,800 $ $ 11.00 $ $ 2,362,800 $ $ 330,000 $ $ 2,692,800 $ $ 190,000 $ $ 2,502,800 $ 152,520 11.00 1,677,720 330,000 2,007,720 190,000 1,817,720 Fourth $ $ $ $ $ $ $ 237,720 11.00 2,614,920 330,000 2,944,920 190,000 2,754,920 Total $ $ $ $ $ $ $ 801,000 11.00 8,811,000 1,320,000 10,131,000 760,000 9,371,000 $ $ $ First $ Third $ 50,840 Fourth $ Total 79,240 $ 267,000 4. Direct Labor Budget Units of production Direct labor time per unit Labr hours required Hourly wage rate Total direct labor costs Second 65,320 $ 71,600 3 195,960 $ 214,800 15.00 $ 15.00 2,939,400 $ 3,222,000.00 $ $ $ $ $ $ 152,520 15.00 2,287,800.00 $ $ $ 237,720 15.00 3,565,800.00 $ $ $ 801,000 15.00 12,015,000 First Second $ Third 71,600 $ Fourth $ Total 79,240 $ 65,320 50,840 267,000 $ $ 3.Direct Materials Budget Production Materials per unit (pounds) Production needs Add: Desired ending inventory Total needed Less: Beginning inventory Per Unit Purchase Materials to be purchased 3a. Expected Cash Disbursement for Materials Accounts Payable First $ 261,280 $ 100,240 $ 361,520 $ 70,000 $ 0.9 262,368 $ 286,400 $ 71,176 $ 357,576 $ 100,240 $ 203,360 110,936 314,296 71,176 0.9 218,808 $ $ 316,960 110,000 426,960 110,936 0.9 284,422 1,068,000 110,000 1,178,000 70,000 0.9 997,200 0.9 $ 231,602 $ $ $ $ $ 96,000 118,066 $ 144,302 104,221 Second $ $ 127,381 98,464 118,066 144,302 104,221 127,381 98,464 120,344 127,990 936,768 Third $ $ Fourth Total 120,344 127,990 248,334 214,066 $ 248,523 $ 225,845 $ $ First 2. Production Budget Budgeted sales Add: Desired ending inventory Total needs Less: Beginning Inventory Required Production $ Second $ $ $ 44,000 21,320 65,320 Third 82,000 $ 10,920 $ 92,920 $ 21320 71,600 $ Fourth 42,000 $ 19,760 $ 61,760 $ 10920 50,840 $ Total 76,000 $ 23,000 $ 99,000 $ 19760 79,240 $ 244,000 23,000 267,000 $ 65,320 $ 267,000 Third $ 1. Sales Budget Budgeted sales in units Selling price per unit Total budgeted sales 10. Schedule of Expected Cash Collections Accounts Receivable First Sales First $ $ $ First $ $ 44,000 107 4,708,000 Second $ 82,000 $ 107 $ 8,774,000 Second Fourth 42,000 $ 76,000 107 $ 107 4,494,000 $ 8,132,000 Fourth Total $ $ $ Total 244,000 107 26,108,000 $ Third 1,230,000 3,531,000 $ $ 1,177,000 6,580,500 Second Sales $ 2,193,500 3,370,500 3,531,000 1,177,000 6,580,500 2,193,500 3,370,500 1,123,500 6,099,000 25,305,000 Third Sales Fourth Total $ $ $ 1,123,500 6,099,000 7,222,500 $ $ $ $ 4,761,000 $ 7,757,500 $ 5,564,000 $ 25,305,000 $ 9. Budgeted Income Statement Large Gnome Division Budgeted Income Statement For the year ended 2019 Sales Variable Costs Opening inventory of finished goods Direct Materials Direct Labor Variable Manufacturing Overheads Total Variable Costs Less: Closing Inventory of Finished Goods Cost of Goods Sold Contribution Margin Fixed Manufacturing Overhead Variable Selling Overhead Fixed Selling Overhead Total Fixed Overhead Net Operating Income 997,200 12,015,000 8,811,000 21,823,200 1,990,650 19,832,550 5,472,450 330,000 3,416,000 360,000 4,106,000 1,366,450 $ $ LARGE GNOME DIVISION - KIMMEL GNOMES BUDGETED BALANCE SHEET JUNE 30, 2018 ASSETS LIABILITIES & EQUITY Accounts Cash $208,000 Payable $96,000 Accounts Receivable 1,230,000 Notes Payable Raw Material Inventory 63,000 Capital Stock 4,000,000 Retained Plant and Equipment 14.500.000 Earnings 11.905,000 TOTAL ASSETS $16,001,000 TIL LIAB. & SE $16.001.000 First $ $ $ Second Third 208,000 63,974 $ 4,761,000 $ 7,757,500 $ 4,969,000 $ 7,821,474.40 $ Fourth 67,651 $ 65,086 5,564,000 $ 7,222,500 5,631,651 $ 7,287,586 Total $ $ $ 404,711 25,305,000 25,709,711 $ $ $ 214,066 2,939,400 2,295,560 681,000 $ $ $ $ 248,523 3,222,000 2,502,800 1,213,000 $ 225,845 $2,287,800.00 $ 1,817,720 $ 653,000 $ $ $ $ 8. Cash Budget Beginning cash balance Add: Cash collections Total cash available Less: Cash disbursements Materials Direct Labor Manufacturing overhead Selling and administrative Equipment purchase Dividend Interest Total disbursements Excess (deficiency) Financing: Borrowing Repayment Total financing Ending cash balance 248,334 $ 3,565,800.00 $ 2,754,920 $ 1,129,000 $ 285000 25,000 1,700 8,009,754 $ (722,168) $ 936,768 12,015,000 9,371,000 3,676,000 285000 100,000 21,400 26,405,168 (695,457) 25,000 $ $ 6,155,026 $ (1,186,026) $ 25,000 12,500 7,223,823.48 $ 597,651 $ 25,000 7,200 5,016,565 615,086 $ $ 790,000 1,250,000 $ 1,250,000 $ 63,974 $ (530,000) $ (530,000) $ 67,651 $ (550,000) (550,000) 65,086 2,040,000 (1,080,000) 960,000 67,832 790,000 $ 67,832 $ $ First 7. Selling and Administrative Budget Budgeted Sales Variable S&A rate Variable expenses Fixed S&A expenses Total S&A expenses Less: noncash expenses Cash S&A expenses 44,000 14.00 616,000 90,000 706,000 25,000 681,000 Second $ 82,000 $ 14.00 $ 1,148,000 $ 90,000 $ 1,238,000 $ 25,000 $ 1,213,000 Third $ $ $ $ $ $ $ 42,000 14.00 588,000 90,000 678,000 25,000 653,000 Fourth $ $ $ $ $ $ $ 76,000 14.00 1,064,000 90,000 1,154,000 25,000 1,129,000 Total $ $ $ $ $ $ $ 244,000 14.00 3,416,000 360,000 3,776,000 100,000 3,676,000 Quantity Cost Total 6. Ending Finished Goods Inventory Budget Production cost per gnome Direct Materials (pounds) Direct Labor (DLH) Manufacturing overhead Budgeted finished goods inventory Ending finished goods inventory (Gnomes) Unit product cost Ending finished inventory in dollars 3 $ 3 $ 0.9 15 $ 12.65 $ 3.6 45 37.95 23000 86.55 1,990,650 $ First $ $ 5. Manufacturing Overhead Budget Budgeted direct labor hours Variable mfg. OH rate Variable mfg. OH costs Fixed mfg. OH costs Total mfg. OH costs Less: noncash costs Cash disbursement for mfg. OH 195,960 11.00 2,155,560 330,000 2,485,560 190,000 2,295,560 Second Third $ 214,800 $ $ 11.00 $ $ 2,362,800 $ $ 330,000 $ $ 2,692,800 $ $ 190,000 $ $ 2,502,800 $ 152,520 11.00 1,677,720 330,000 2,007,720 190,000 1,817,720 Fourth $ $ $ $ $ $ $ 237,720 11.00 2,614,920 330,000 2,944,920 190,000 2,754,920 Total $ $ $ $ $ $ $ 801,000 11.00 8,811,000 1,320,000 10,131,000 760,000 9,371,000 $ $ $ First $ Third $ 50,840 Fourth $ Total 79,240 $ 267,000 4. Direct Labor Budget Units of production Direct labor time per unit Labr hours required Hourly wage rate Total direct labor costs Second 65,320 $ 71,600 3 195,960 $ 214,800 15.00 $ 15.00 2,939,400 $ 3,222,000.00 $ $ $ $ $ $ 152,520 15.00 2,287,800.00 $ $ $ 237,720 15.00 3,565,800.00 $ $ $ 801,000 15.00 12,015,000 First Second $ Third 71,600 $ Fourth $ Total 79,240 $ 65,320 50,840 267,000 $ $ 3.Direct Materials Budget Production Materials per unit (pounds) Production needs Add: Desired ending inventory Total needed Less: Beginning inventory Per Unit Purchase Materials to be purchased 3a. Expected Cash Disbursement for Materials Accounts Payable First $ 261,280 $ 100,240 $ 361,520 $ 70,000 $ 0.9 262,368 $ 286,400 $ 71,176 $ 357,576 $ 100,240 $ 203,360 110,936 314,296 71,176 0.9 218,808 $ $ 316,960 110,000 426,960 110,936 0.9 284,422 1,068,000 110,000 1,178,000 70,000 0.9 997,200 0.9 $ 231,602 $ $ $ $ $ 96,000 118,066 $ 144,302 104,221 Second $ $ 127,381 98,464 118,066 144,302 104,221 127,381 98,464 120,344 127,990 936,768 Third $ $ Fourth Total 120,344 127,990 248,334 214,066 $ 248,523 $ 225,845 $ $ First 2. Production Budget Budgeted sales Add: Desired ending inventory Total needs Less: Beginning Inventory Required Production $ Second $ $ $ 44,000 21,320 65,320 Third 82,000 $ 10,920 $ 92,920 $ 21320 71,600 $ Fourth 42,000 $ 19,760 $ 61,760 $ 10920 50,840 $ Total 76,000 $ 23,000 $ 99,000 $ 19760 79,240 $ 244,000 23,000 267,000 $ 65,320 $ 267,000 Third $ 1. Sales Budget Budgeted sales in units Selling price per unit Total budgeted sales 10. Schedule of Expected Cash Collections Accounts Receivable First Sales First $ $ $ First $ $ 44,000 107 4,708,000 Second $ 82,000 $ 107 $ 8,774,000 Second Fourth 42,000 $ 76,000 107 $ 107 4,494,000 $ 8,132,000 Fourth Total $ $ $ Total 244,000 107 26,108,000 $ Third 1,230,000 3,531,000 $ $ 1,177,000 6,580,500 Second Sales $ 2,193,500 3,370,500 3,531,000 1,177,000 6,580,500 2,193,500 3,370,500 1,123,500 6,099,000 25,305,000 Third Sales Fourth Total $ $ $ 1,123,500 6,099,000 7,222,500 $ $ $ $ 4,761,000 $ 7,757,500 $ 5,564,000