Read it carefully! i already have the right numbers for 1. a, b, c, d. jus i got wrong for question number 2 , 3 and 4. please give me the right numbers i have tried so many times.

Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces. and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date. the company's budgeting practices have been inferior. and at times the company has experienced a cash shortage. You have been given responsibility for all planning and budgeting. Your rst assignment is to prepare a master budget for the next three months, starting April 1. You are eager to make a favourable impression on the president and have assembled the information below. The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: January (actual) 27,500 June 65, 000 February (actual) 41, 000 July 45. 000 March (actual) 54, BEN] August: 43, [Hill] April Bl], DUB September Iii], 000 May 1111, 000 The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company $4 each. Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit. with no discount, and payable within 15 days. The company has found, however, that only 20% ofa month's sales are collected by month-end. An additional 30% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. The company's monthly selling and administrative expenses are given below: Variable: Sales commissions 4% of sales Fixed: Advertising $245,000 Rent 25,500 Wages and salaries 124,000 Utilities 13.000 Insurance 6,000 Depreciation 29,000 All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $22,000 in new equipment during May and $55,000 in new equipment during June: both purchases will be paid in cash. The company declares dividends of $18,000 each quarter, payable in the rst month of the following quarter. The company's balance sheet at March 31 is given below: Assets Cash 5 39,000 Accounts receivable ($41,000 February sales; $432,000 March sales} 473.000 Inventory 128,000 Prepaid insurance 42.000 Fixed assets, net of depreciation 1,025,000 Total assets $1,?57,000 Liabilities and Shareholders' Equity Accounts payable 5 128,000 Dividends payable 13.000 Common shares 950,000 Retained earnings 660,200 Total liabilities and shareholders' equity $1,?57.000 The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Maire-d: 1. Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: a. A sales budget by month and in total. 9 Answer Is complete and correct. Budgeted sales in unils 30,000 a 114,000 a 65,000 a 259,000 9 Selling price per unit $ 10 a $ 10 $ 10 $ 10 Total sales $ 500,000 $ 1,140,000 $ 650,000 $ 2,590,000 b. A schedule of expected cash collections from sales, by month and in total. ' 9 Answer I: complete and current. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. 0 Answer In: complete and current. Add: Budgeted ending inventory a 45,000 a 20,000 0 10,000 9 10,000 a Total needs 125,500 140300 33300 23'7300 Less: Beginning inventory a 32,000 a 45,000 a 20,000 a 32,000 9 Required unit purchases 93,600 943100 51000 245000 Unit cost $ 4 a $ 4 $ 4 $ 4 Requireddnllar purchases $ 334,400 $ 3T?,00 $ 223,000 $ 930,000 d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. Answer is complete and correct. KNOCKOFFS UNLIMITED Schedule of Expected Cash Disbursements April May June Quarter March purchases 128,800 128,800 April purchases 187,200 187,200 374,400 May purchases 188,800 V 188,800 377,600 June purchases 114,000 114,000 Total cash disbursements $ 316,000 $ 376,000 $ 302,800 $ 994,800Cash balance, beginning Add receipts from customers Total cash available Less disbursements: Purchase of inventor}:r Advertising :0 ..-. an Salaries and wages Sales commissions Utilities Dividends paid Equipment purchases Total disbursements Excess (deciency) of receipts over disbursements Financing: Borrowings Repayments Interest Total nancing Cash balance, ending $ $ aspen 0 ammo 0 season 31 span 0 2455100 0 255cm 0 1245100 0 325100 0 135100 0 135100 0 ??3,50D (105,500) 151mg (1.5m 0 155,50D 50510:: 3. A budgeted income statement for the three-month period ending June 30. Use the variable costing approach. 9 Answer Is complete but not entirelyr correct. Sales revenue $ 2,5903% 0 Variable expenses: Cost of goods sold Commissions 1,130,600 001101000011 margin _ 1,450,400 Fixed expenses: _ 0mm Ram Wages and salaries wanes Insurance 0 13,000 a Depreciation o Bl 0 1,32?,500 Operating income _ 122,900 $ _ _ _ _ _ _ _ - _ _ _ _ Less interest expense (4,928) 9 11?;972 Net income 4. A budgeted balance sheet as of June 30. X Answer is complete but not entirely correct. KNOCKOFFS UNLIMITED Budgeted Balance Sheet June 30 Assets Cash $ 97,172 X Accounts receivable 634,000 Inventory 72,000 Prepaid insurance 24,000 Fixed assets, net of depreciation 1,015,000 Total assets $ 1,842,172 Liabilities and Shareholders' Equity Accounts payable, purchases $ 114,000 Dividends payable V 18,000 Common shares 950,000 Retained earnings 760,172 X Total liabilities and shareholders' equity $ 1,842,172