Rand Co., a new startup business, is preparing their budget for the first quarter 2021 ending March 31. Budgeted sales of the company's only product for the next five months are: January 9,200 units February 5,600 units March 6,300 units April 3,700 units 5,000 units May . The selling price is $81 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (a, with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (b. with a schedule of expected cash disbursements for materials). 4. Direct labor budget 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. 8. Cash budget 9. Budgeted income statement. 10. Budgeted balance sheet. 1 Royal Company Master Budget Input Section 2 3 5 6 7 8 Sales Budget Expected unit sales in the first quarter April May June July August 9 10 11 12 13 Selling price 14 15 16 17 Cash Collections Beginning Balance Collected in month of sale Collected in the month following sale Uncollectible amount 18 19 20 21 22 23 24 Production Budget Desired ending inventory Beginning Inventory % of next month's sales units 24 25 26 pounds Raw Materials Budget Raw materials per unit Cost per pound Desired ending inventory Beginning inventory 27 28 pounds 29 30 31 32 Cash payments Beginning balance Paid in month of sale Paid in the month following sale 33 34 35 36 37 Direct Labor Budget Direct labor hours per unit Direct labor cost per hour 39 40 41 42 43 Manufacturing Overhead Budget Variable Manufacturing Overhead Rate Fixed Manufacturing Overhead Rate Depreciation per hour per month per month 44 46 47 per unit per month per month 48 45 Selling and Administrative Expense Budget Variable Selling & Admin Rate Fixed Selling & Admin Rate Depreciation 49 50 Cash Budget 51 Beginning balance 52 Dividends 53 Purchase of equipment 54 Purchase of equipment 55 Interest Rate first month second month third month Rand Co., a new startup business, is preparing their budget for the first quarter 2021 ending March 31. Budgeted sales of the company's only product for the next five months are: January 9,200 units February 5,600 units March 6,300 units April 3,700 units 5,000 units May . The selling price is $81 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (a, with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (b. with a schedule of expected cash disbursements for materials). 4. Direct labor budget 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. 8. Cash budget 9. Budgeted income statement. 10. Budgeted balance sheet. 1 Royal Company Master Budget Input Section 2 3 5 6 7 8 Sales Budget Expected unit sales in the first quarter April May June July August 9 10 11 12 13 Selling price 14 15 16 17 Cash Collections Beginning Balance Collected in month of sale Collected in the month following sale Uncollectible amount 18 19 20 21 22 23 24 Production Budget Desired ending inventory Beginning Inventory % of next month's sales units 24 25 26 pounds Raw Materials Budget Raw materials per unit Cost per pound Desired ending inventory Beginning inventory 27 28 pounds 29 30 31 32 Cash payments Beginning balance Paid in month of sale Paid in the month following sale 33 34 35 36 37 Direct Labor Budget Direct labor hours per unit Direct labor cost per hour 39 40 41 42 43 Manufacturing Overhead Budget Variable Manufacturing Overhead Rate Fixed Manufacturing Overhead Rate Depreciation per hour per month per month 44 46 47 per unit per month per month 48 45 Selling and Administrative Expense Budget Variable Selling & Admin Rate Fixed Selling & Admin Rate Depreciation 49 50 Cash Budget 51 Beginning balance 52 Dividends 53 Purchase of equipment 54 Purchase of equipment 55 Interest Rate first month second month third month
