Required:

Prepare ABCs master budget for 20x1 by completing the following schedules and statements using the Excel template provided.

1. Sales budget

2. Cash receipts budget

3. Production budget

4. Direct materials and materials purchase budget

5. Direct labor budget

6. Overhead budget

7. Summary cash budget

8. Budgeted schedule of cost of goods manufactured and sold for the year 20x1

9. Budgeted income statement for 20x1

10. Budgeted statement of retained earnings for 20x1

11. Budgeted balance sheet as of December 31, 20x1.