Production Budget Weightless Inc. produces a small and large version of its popular electronic scale. The anticipated unit sales for the scales by sales region are as follows: Bath Scale Gym Scale East Region unit sales 25,400 33,000 West Region unit sales 27,400 28,800 Total 52,800 61,800 The finished goods inventory estimated for October 1 for the Bath and Gym scale models is 1,600 and 2,000 units, respectively. The desired finished goods inventory for October 31 for the Bath and Gym scale models is 1,200 and 2,200 units, respectively. Prepare a production budget for the Bath and Gym scales for the month ended October 31. WEIGHTLESS INC. Production Budget For the Month Ending October 31 Units Units Bath Gym Scale Scale Expected units to be sold Total units required Total units to be produced Direct Materials Purchases Budget Lorenzo's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for September: Units 12" Pizza 16" Pizza Budgeted production volume 15,900 27,200 Three direct materials are used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.80 lb. per unit 1.50 lb. per unit Tomato 0.50 0.70 Cheese 0.70 1.30 In addition, Lorenzo's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 160 lb. 290 lb. 530 lb. 560 lb. Desired inventory, September 30 160 lb. $2.70 320 lb. $3.30 Price per pound $1.50 Prepare September's direct materials purchases budget for Lorenzo's Frozen Pizza Inc. When required, enter unit prices to the nearest cent. Lorenzo's Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending September 30 Dough Tomato Units required for production: 12" pizza Cheese Total 16" pizza Total pounds required Total units to be purchased Unit price Total direct materials to be purchased Direct Labor Cost Budget Match Point Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for March for the two rackets is as follows: Junior Pro Striker Production budget 6,600 units 20,600 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.2 hour per unit 0.4 hour per unit 0.7 hour per unit Pro Striker 0.35 hour per unit The direct labor rate for each department is as follows: Forming Department $16 per hour Assembly Department $10 per hour Prepare the direct labor cost budget for March. MatchPoint Racket Company Direct Labor Cost Budget For the Month Ending March 31 Forming Assembly Department Department Hours required for production: Junior Pro Striker Total hours required Hourly rate Total direct labor cost Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $390,000 June 530,000 July 740,000 All sales are on account. 55 percent of sales are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected Schedule of Cash Payments for a Service Company SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $106,300 April 101,000 91,900 May Depreciation, insurance, and property taxes represent $23,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 62% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments