REQUIRED: Please help with cash budget and schedule of cost and goods manufactured. If you can only help with one then the cash budget is more than enough help. Thank you so much. Below I will add all the work from numbers 1-7 as well as the assignment details (the task)

1 - Prepare the following for the company for the quarter ending March 31^st:

1. Sales Budget and Schedule of Expected Cash Collections - done
2. Production Budget - done
3. Direct Materials Budget and Schedule of Expected Cash Disbursements - done
4. Direct Labour Budget (inclusive of expected labour disbursements) - done
5. Manufacturing Overhead Budget (inclusive of expected overhead disbursements) - done
6. Ending Finished Goods Inventory Budget - done
7. Selling and Administrative Budget - done
8. Cash Budget
9. Schedule of Cost of Goods Manufactured
10. Budgeted Income Statement (with the cost of goods sold computation included in the income statement) You may ignore income taxes for the purposes of this budget
11. Budgeted Retained Earnings Statement
12. Budgeted Balance Sheet

Assignment details (task) -

You were recently hired as an assistant controller at the Hairy Yak Yarn Company ("the Company"). Your employer manufactures and sells a single product: balls of yarn! With people learning to knit because of the COVID-19 pandemic, the Company has seen a significant increase in demand for their yarn.

The first task you have been assigned in your new role is to prepare the master budget for the quarter ended March 31^st, 2023.

You have assembled the following information.

Information on sales

The yarn balls sell for $25 each. Recent and budgeted sales (in units) are as follows:

November (actual) 10,000

December (actual) 11,000

January 12,000

February 11,000

March 11,000

April 9,000

May 10,000

All sales are on credit, with no discount. The company has found that only 25% of a month's sales are collected by month-end. An additional 70% is collected in the month following the sale, and the remaining 5% is collected in the second month following the sale. Bad debts have been negligible, so they can be ignored for the purposes of the budget.

Information on inventory and production

Inventories of finished goods on hand at the end of each month are to be equal to 10% of the following months budgeted sales. As of December 31^st, 2022, the company had 1,200 balls of yarn in finished goods inventory. The company has no work-in-process (WIP) inventory.

Each ball of yarn requires 2 yards of fleece, which the company purchases for $5.00 per yard. It is company policy to keep enough fleece in raw materials to meet 50% of the next month's production needs. As of December 31^st, the Company had 11,900 yards of fleece in raw materials inventory. Purchases of raw materials are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month.

Each ball of yarn requires only 0.5 labour hours (30 minutes) to assemble by hand, as most of the work is done by machine. Employees making the yarn are paid $15.00 per hour, and do not work overtime. The Company has enough casual/on-call workers that they can call in if additional work is required.

Manufacturing overhead includes all the costs of production other than direct materials and direct labour. The variable component of manufacturing overhead is $1.00 per ball of yarn in production, and the fixed component is $17,000 per month. The $17,000 of fixed manufacturing overhead includes depreciation of $2,000 per month on the machines used to manufacture the yarn. Direct labour hours is used as an allocation base for assigning manufacturing overhead to units produced.

Information on selling and administrative expenses and cash outlays

The Company's other monthly operating expenses are given below:

Variable:

Colour licensing

$0.50 per ball of yarn sold **

Fixed:

Wages and salaries	$10,000
Utilities	$2,500
Insurance	$800
Depreciation (S&A)	$1,200
Misc	$1,000

**The Company pays "yarn colour experts" a licensing fee per ball of yarn to use their cool, wacky colorways.

All operating expenses are paid during the month in cash, with the exception of the depreciation, as it is not a cash expense.

Balance Sheet as at December 31^st, 2022:

Assets
Cash	22,500
Accounts receivable	218,750
Inventory - Raw Materials	59,500
Inventory - Finished Goods	24,016
PP&E	254,000
Accumulated depreciation	(71,000)
Total assets	507,766
Liabilities and Equity
Financing	-
Accounts payable, purchases	57,500
Dividends payable	-
Capital stock, no par	150,000
Retained earnings (see below)	300,266
Total liabilities and equity	507,766

Additional information on cash requirements and financing

Management of the Company requires a minimum ending cash balance each month of $10,000. The Company can borrow money from its bank at 6% annual interest. All borrowing must be done at the beginning of a month, and repayments must be made at the end of a month. Borrowings and repayments of principal must be in round $1,000 amounts. Interest is computed and paid when any repayments occur. Round all interest payments to the nearest whole dollar. Compute interest using whole months, not days. The company wishes to use any excess cash to pay loans off as rapidly as possible.

Numbers 1-7 completed answers

mail.google.com C Apple iCloud Yahoo Bing Google Wikipedia Facebook Twitter The Weather Channel Yelp TripAdvisor Linkedin MInbox (2,536) - maxtreble9271... Budget - maxer221@gmail.com... Loc Okanagan College In Course: BUAD-264-003-Mana... Untitled Dashboard X Master Budget .xIsx Open with ... B C D E F G H J HAIRY YAK YAKN CUIVIPANY MASTER BUDGET 3 QUARTER ENDED MARCH 31, 2023 1 a) 6 Hairy Yak Yarn Company Quarter ended March 31 8 Sales Budget and Schedule 9 January February March Quarter April May 10 Budgeted Sales in Units 12000 11000 11000 34000 9000 10000 11 Selling Price Per unit $25 $25 $25 $25 $25 $25 12 Total Sales in dollars $300,000 $275,000 $275,000 $850,000 $225,000 $250,000 13 14 Expected Cash Collections 15 November December January February March Quarter April May 16 Credit Sales 250000 275000 $300,000 $275,000 $275,000 $850,000 $225,000 $250,000 17 Month end (25%) $75,000 $68,750 $68,750 $212,500 $56,250.00 $62,500.00 18 Following Month (70%) $192,500 $210,000 $192,500.00 $595,000 $192,500.00 19 Second Month (5%) $12,500 $13,750 $15,000.00 $41,250 $13,750.00 $13,750.00 20 Expected Cash Collection 280,000 292,500 $276,250 $848,750 21 22 1 b) 23 24 Hairy Yak Yarn Company 25 Quarter ended March 31 26 Production Budget 27 December January Febraury March Quarter April 28 Sales in units 11000 12000 11000 11000 34000 9000 29 ADD: desired ending inventory (10%) 1200 1100 1100 900 3100 1000 30 Total Needs 13100 12100 11900 37100 10000 31 LESS: Beginning Inventory 1200 1100 1100 3400 900 32 Required production in units 11900 11000 10800 33700 9100 33 Budgets a-g Cash Budgetmail.google.com C Apple iCloud Yahoo Bing Google Wikipedia Facebook Twitter The Weather Channel Yelp TripAdvisor LinkedIn MInbox (2,536) - maxtreble9271... 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X Master Budget .xIsx A B C D E F G H J 36 Hairy Yak Yarn Company 37 Quarter ended March 31 38 Direct Material Budget 39 December January February March Quarter April 40 9100 Budgeted Production 11900 11000 10800 33700 41 Unit of RM needed per unit of FG ( yard per ball ) 42 Finished Goods 23800 22000 21600 67400 18200 43 ADD: Ending inventory 11900 11000 10800 33700 9100 44 Total units of DM needed 11900 34800 32800 55300 76500 18200 45 LESS: Beginning Inventory 11900 11000 1080 3370 9100 46 Total DM purchased 11900 22900 21800 44500 42800 9100 5.00 $ .00 $ 5.00 $ 5.00 47 Direct Material cost (per unit) 48 Total Direct Material Cost 5 114,500 $ 109,000 $ 222,500 $ 214,000 49 50 Expected Cash Disbursements 51 December Janurary February March Quarter April 52 Accounts Payable S 57,500 S 57,500 53 Janurary Purchases 68,700 $ 45,800 114,500 54 February Purchases 65,400 $ 43,600 109,000 55 March Purchases 133,500 S 133,500 89,000 56 Total Cash Payments $ 126,200 $ 111,200 $ 177,100 $ 414,500 57 58 1 d 59 60 Hairy Yak Yarn Company 61 Quarter ended March 31 62 Direct Labour Budget 63 January Febraury March Quarter 64 Budgeted Production $ 11,900 $ 11,000 $ 10,800 $ 33,700 65 Direct Labour Hours (per unit) (30 mins) 0.50 $ 0.50 $ 0.50 $ 0.50 66 Total Direct Labour Hours Needed $ 5,500 $ 5,400 $ 16,850 67 Budgets a-g Cash Budgetmail.google.com C Apple iCloud Yahoo Bing Google Wikipedia Facebook Twitter The Weather Channel Yelp TripAdvisor Linkedin MInbox (2,536) - maxtreble9271... 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B C D E F G H J 67 Direct Labour cost per hours 15 $ 15 $ 15 $ 15 68 Total Direct Labour Cost 89,250 $ $ 81,000 $ 252,750 69 70 1 e 71 72 Hairy Yak Yarn Company 73 Quarter ended March 31 74 Manufactoring Overhead Budget 75 Janurary February March Quarter 76 Budgeted DL hours $ 5,950 $ ,500 $ 5,400 $ 16,850 77 Variable OH Rate 1.00 S 1.00 78 Variable MOH 5,950 $ 5,500 $ 5,400 $ 16,850 79 Fixed MOH 17,000 17,000 17,000 17,000 80 Total MOH 22,950 22,500 22,400 33,850 81 LESS: Depreciation ,000 S 2,000 2,000 S 2,000 82 Cash Disbursements for MOH 20,950 20,500 20,400 S 31,850 83 84 Total MOH 33,850 85 Budgeted DL Hours 16,850 86 Predetermined OH Rate For Quarter 87 88 1 f) 89 90 Hairy Yak Yarn Company 91 Quarter ended March 31 92 Ending Finished Goods Inventory Budget 93 94 Item Quantity Cost Total 95 Product Cost Per Yarn: 96 Direct Materials 2 Yards $5 Per ball 10.0 97 Direct Labour S 0.50 Hours 15 Per Hour 7.50 98 Budgets a-g Cash Budgetmail.google.com C Apple iCloud Yahoo Bing Google Wikipedia Facebook Twitter The Weather Channel Yelp TripAdvisor Linkedin MInbox (2,536) - maxtreble9271... 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A B C D E F G H J Item Quantity Cost Iota 95 Product Cost Per Yarn: 96 Direct Materials 2 Yards $5 Per ball 10.00 97 Direct Labour 0.50 Hours 15 Per Hour 7.50 98 MOH 0.50 Hours 2 Per Hour 1.00 99 Unit Product Cost 18.50 100 101 Budgeted Finished Goods Inventory 102 Ending Finished Goods Inventory 3,100.00 103 Unit Product Cost 18.50 104 Ending Finished Goods Inventory ($) 57,363.80 105 106 1 g) 107 108 Hairy Yak Yarn Company 109 Quarter ended March 31 110 Selling and Administrative Budget 111 Janurary February March Quarter 112 Budgeted Sales 12000 11000 1100 34000 113 Variable Selling & Admin Per Yarn Ball $ 1.00 1.00 $ 1.00 114 Total Budgeted Variable Selling and Admin Expense 12,000.00 $ 11,000.00 11,000.00 34,000.00 115 Budgeted Fixed Selling and Admin Expenses 116 Wages and Salaries 10,000.00 10,000.00 117 Utilities 2,500.00 2,500.00 118 Insurance 800.00 800.00 119 Depreciation 1,200.00 1,200.00 120 Misc 1,000.00 1,000.00 121 Total Budgeted Fixed Selling and Admin Expense 15,500.00 15,500.00 122 Total Budgeted Selling and Admin Expenses 49,500.00 49,500.00 123 LESS: Depreciation 1,200.00 ur 1,200.00 124 LESS: Insurance 800.00 300.00 125 Cash Disbursements for Selling and Admin Expenses 47,500.00 47,500.00 Budgets a-g Cash Budget