Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Requireme (Round you X th and for the quarter in total. A Data Table A Current Assets as of December 31 (prior year) Cash ............$ Accounts receivable, net 4,640 Cash sales A Credits sald A Total cash 47,000 15,200 123,000 42,600 123,500 23,100 Inventory ....................... Property, plant, and equipment, net. ...... Accounts payable................... .. ....................$ Capital stock. .......... Retained earnings. .....$ Requireme g price per unit) EA Print Unit sales Done More Info - X a. Actual sales in December were $78,000. Selling price per unit is projected to remain stable at $9 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January .........$ 77,400 February ........$ 86,400 March .......... $ 85,500 April...............$ 82,800 May............$ 72,000 b. Sales are 20% cash and 80% credit. All credit sales are collected in the month following the sale. c. Slinger Manufacturing has a policy that states that each month's ending inventory of finished goods should be 20% of the following month's sales (in units). d. Of each month's direct material purchases, 40% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two kilograms of direct material is needed per unit at $1.40/kg. Ending inventory of direct materials should be 10% of next month's production needs. e. Monthly manufacturing conversion costs are $5,500 for factory rent, $2,800 for other fixed manufacturing expenses, and $1.10 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. f. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Slinger Manufacturing will purchase equipment for $5,400 (cash), while February's cash expenditure will be $12,800 and March's cash expenditure will be $15,600. g. Operating expenses are budgeted to be $1.25 per unit sold plus fixed operating expenses of $1,600 per month. All operating expenses are paid in the month in which they are incurred. Print Done i X - Requirements 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Selling price per unit.) 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. 5. Prepare a cash payments budget for conversion costs. 6. Prepare a cash payments budget for operating expenses. 7. Prepare a combined cash budget. 8. Calculate the budgeted manufacturing cost per unit. (Assume that fixed manufacturing overhead is budgeted to be $0.90 per unit for the year.) 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing each unit x Number of units sold.) 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. Print Done Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Requirement 1. Prepare a schedule of cash collections for January, February, and March and for the quarter in total. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Cash Collection Budget January 15480 February 17280 61920 March 17100 Cash sales Quarter 49860 170840 Credits sales 47000 69120 624820 Total cash collections 79200 86220 220700 Requirement 2. Prepare a production budget. (Hint: Unit sales - Sales in dollars / Selling price per unit.) Slinger Manufacturing Production Budget January February 8600 9600 1900 Unit sales March 9500 1840 Quarter 27700 1900 1920 Plus: Desired ending inventory Total needed 11340 29600 10520 1720 11500 1920 Less: Beginning inventory 1900 1720 8800 9580 9440 Units to produce 27880 Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: ? (Click the icon to view the data.) A (Click the icon to view additional data.) Requirements Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar. For cost per kg, round your answers to the nearest cent. Abbreviation used: DM = direct material.) Units to be produced Slinger Manufacturing Direct Materials Budget January February March Quarter 8800 9580 9440 27880| 2 2121_ 2 17600 19160 18880 55640 1916 1888 1766.4 1766.4 x kg of DM needed per unit Quantity (kg) needed for production Plus: Desired ending inventory of DM Total quantity (kg) needed Less: Beginning inventory of DM Quantity (kg) to purchase x Cost per kg 19516 1760 21048 1916 20646.4 1888 57406.4 1760 17756 19132 18758.4 55646.4 21 35512 38264 Total cost of DM purchases 37516.8 111292.8 Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: 6 (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Total cost of DM purchases 35512_ 38264 37516.8 111292.8 Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Leave any unused cells blank. Round your answers to the nearest cent.) Slinger Manufacturing Cash Payments for Direct Material Purchases Budget Quarter January 14204.8 42600 February 15305.6 March 15006.72 December purchases (from Accounts Payable) 44517.12 January purchases February purchases 21307.2 March purchases 22958.4 56804.8 36612.8 Total cash payments for DM purchases 131382.72 37965.12 Requirement 5. Prepare a cash payments budget for conversion costs. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Cash Payments for Conversion Costs Budget Variable conversion costs January 1.100 5500 February 1.10 5500 2800 March 1.100 5500 2800 Quarter 3.30 16500 8400 Rent (fixed) Other fixed MOH 2800 8301.1 8301.1 8301.1 Total payments for conversion costs 24903.3 Requirement 6. Prepare a cash payments budget for operating expenses. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Cash Payments for Operating Expenses Budget January February March Variable operating expenses 9675 10800 10687.5 Fixed operating expenses 1600_ 1600_ 1600_ 11275 12400 12287.5 Total payments for operating expenses Quarter 31162.5 4800 35962.5 Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: B (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Requirement 7. Prepare a combined cash budget. (Leave any unused cells blank. Use parentheses or a minus sign for negative cash balances and financing payments. Round your answers to the nearest cent.) Slinger Manufacturing Combined Cash Budget January 4640 624820 February March Cash balance, beginning Add cash collections Quarter 4640 220700 79200 86220 Total cash available 629460 225340 Less cash payments: Direct material purchases 56804.8 Conversion costs 8301.1 36612.8 8301.1 12400 37965. 12 8301.1 12287.5 11275 Operating expenses Equipment purchases 131382.72 24903.3 35962.5 33800 10000 5400 15600 12800 10000 Tax payment 81780.9 Total cash payments 80113. 9 74153.72 236048.52 Excess (deficiency) of cash Financing Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: (Click the icon to view the data.) (Click the icon to view additional data.) Requirements Equipment purchases 5400 | 15600 12800 10000 33800 10000 Tax payment Total cash payments 81780.9 80113.9 74153.72 236048.52 Excess (deficiency) of cash Financing Borrowings Repayments Interest payments Total financing Cash balance, ending Requirement 8. Calculate the budgeted manufacturing cost per unit. (Assume that fixed manufacturing overhead is budgeted to be $0.90 per unit for the year.) (Round your answers to the nearest cent.) Slinger Manufacturing Requirement 8. Calculate the budgeted manufacturing cost per unit. (Assume that fixed manufacturing overhead is budgeted to be $0.90 per unit for the year.) (Round your answers to the nearest cent.) Slinger Manufacturing Budgeted Manufacturing Cost per Unit Direct materials cost per unit Conversion costs per unit Fixed manufacturing overhead per unit Budgeted cost of manufacturing each unit Slinger Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Slinger Manufacturing's operations: ? (Click the icon to view the data.) A (Click the icon to view additional data.) Requirements Requirement 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing each unit x Number of units sold.) (Round your answers to the nearest whole dollar.) Slinger Manufacturing Budgeted Income Statement For the Quarter Ending March 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating income Less: interest expense Less: provision for income taxes Net income Requirement 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. (Round your answers to the nearest whole dollar.) Slinger Manufacturing Partial Budgeted Balance Statement March 31 Cash Accounts receivable, net Inventory Property, plant and equipment, net Accounts payable Income tax payable Financing payable Capital stock Retained earnings