Project #2 - Budgeting Learning Objectives: 1) Provide a comprehensive budgeting experience. 2) Exhibit the use of Excel in creating a master budget. Learning Outcomes: 1) Understanding of the inter-relatedness of budgets. 2) Ability to utilize basic formula, cell references, and formatting. Requirements: Done (x) 1) The numbers will automatically fill-in the Data Sheet 2) PRINT the Data Sheet. THE NUMBERS WILL AUTOMATICALLY REFRESH IF YOU DO NOT PRINT THE SHEET OR SAVE IT INTO A NEW FILE. This will greatly confuse you if you don't follow the directions. 3) TYPE the numbers from the Data Sheet that you printed into your project's Data Sheet. Save your Excel file. 4) TURN IN your Excel file with set numbers by 08/06/2021. 5) Utilize your textbook, lecture notes, etc. to complete the budgets. a) You may not type any numbers on the budget worksheets. b) Utilize cell references to transfer numbers from the data sheet to the worksheets. c) Use formula to perform calculations. 6) Ensure that the Income Statement shows a profit for each month. If not, change the selling price on the Data Sheet until a profit results for each month. 7) Once you have completed up through the Projected Income Statement, save your budget (as an Xls or Xlsxfile) and submit it under the Assignments link for Project #2 (Budgets). Project #2 Sales Projections in Units January February March April May 13,456 46,389 42,454 52,425 53,848 Projected Sales Price/Unit $ 136.00 Monthly Projected Selling & Administrative Expenses Variable Cost/Unit $ 22.00 Fixed Costs $ 363.00 Production: 7.8% Desired Ending Inventory Beginning Inventory (new business) 0 57.7% Materials Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) 2.0 15.00 0 Direct Labor Time per Unit (in hours) 1.00 Cost per Hour $ 17.00 Manufacturing Overhead Variable Cost/Unit $ 5.00 Fixed Costs $ 5,711 SALES BUDGET January February March April Projected Sales in Units Selling Price per Unit Anticipated Sales Dollars SELLING & ADMINISTRATIVE (S&A) EXPENSE BUDGET January February March Sales in Units Variable S&A Rate/Unit Anticipated Variable Costs Fixed S&A Costs Total Anticipated Selling & Administrative Costs PRODUCTION BUDGET January February March April Sales in Units Desired Ending Inventory Total Units Needed Beginning Inventory Total Production in Units MATERIALS REQUIREMENTS BUDGET January February March April Units to be Produced Material/Unit Total Production Need Desired Ending Inventory Total Materials Needed Beginning Inventory Total Materials Needed to be purchased Cost per Unit of Material Total Material Cost Material/unit Cost per Unit of Material Cost of Material per Product DIRECT LABOR BUDGET January February March Number of Units Produced Direct Labor Hours/Unit Total Direct Labor Hours Needed Cost/Direct Labor Hour Total Direct Labor Cost Direct Labor Hours/Unit Cost/Direct Labor Hour Cost of Direct Labor per Product MANUFACTURING OVERHEAD BUDGET January February March Production in Units Variable OH Rate/Unit Anticipated VOH Costs Fixed OH Costs Total Anticipated OH Costs Pre determined OH Rate Total Estimated OH Costs per DLH Total Estimated DLHs MOH per Unit: Predetermined MOH rate DLHs per Unit MOH per Unit of Product PRODUCT COST PER UNIT Item Amount Direct Materials Direct Labor Manufacturing Overhead Total Unit Cost PROJECTED INCOME STATEMENT January February March Sales in Units Sales Revenue Cost of Goods Sold: Gross Profit (Margin) Selling and Administrative (Operating) Expenses Operating Income
