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2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, \$\#\#.\#\#) \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.01} {8.02} {8.03} {8.04} {8.05} {8.06} 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, \$\#\#.\#\#) 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, \$\#\#.\#\#) Fixed Factory Overhead \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.07} {8.08} {8.09} {8.10} Total Factory Overhead (Round to two places, \$\#\#.\#\#) {8.11} I SEE THE LIGHT Background Information I SEE THE LIGHT (ISTL) is a subchapter S corporation that manufactures children's lampsightlights for use in bedrooms. These lamps are sold nationwide through a group of independent sales representatives who have an exclusive sales region. The business is in its tenth year and has asked you to assist in planning for next year's operations. The lamps are ceramic figurines of animals, boats, boys and girls playing and singing, all in delightful colors. The owner of the business, Big Al, creates a drawing for the figurine and faxes it to a plant in China where a mold is created and a sample produced and hand painted. If the mold meets the expectations of Big Al an order of 500 lamp parts is placed. Each lamp kit consists of the parts required to complete one lamp; a figurine, a lamp shade and the required electrical components. There are presently 10 different figurines that come in six different colors; 60 models. There are presently 10 workers in the plant. They are responsible for receiving the raw material, manufacturing the product, packing and shipping. In addition to Big Al there are two office workers who are responsible for all administrative duties. Big Al had his accountant prepare the Projected Income Statement and Balance Sheet presented on page two. Big Al heard about your skills in managerial accounting and would like your assistance in the following areas: Part1Part2Part3Part4Part5Part6FixedandVariableCostDeterminations-UnitCostCalculationsCostVolumeRelationships-ProfitPlanningBudgetsProcessCostingJobOrderCostingStandardCosting-VarianceAnalysis To upload your work to Big Al the file without changing the name. Pay attention to the specific location that Excel saves the file. Return to the bottom of the page that you downloaded the file from; Cybertext.com, The Book List, Building Blocks of Accounting--A Managerial Perspective, Enter password, Upload Your Excel File. If you upload an old version of the file the results will not update. Keep two copies of your spreadsheet in two separate places in case one of Big Al's competitors sends someone to destroy your work or it is lost in transmission. You may find it easier to work on this project if you print a hard copy of all the pages. I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $34,710.00 67,500.00 500@$16.00 0 3000@$30.00 $20,000.006,800.00 \begin{tabular}{ll} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} $12,000.00 147,410.00 \begin{tabular}{l} 159,410.00 \\ \hline$213,410.00 \\ \hline \hline \end{tabular} The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Expected increases for 202 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 2.50%. 2. Labor Costs are expected to increase by 3.50%. 3. Variable Overhead is expected to increase by 5.00%. 4. Fixed Overhead is expected to increase to $285,000. 5. Fixed Administrative expenses are expected to increase to $60,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 4.00%. 7. Fixed selling expenses are expected to be $25,000 in 202. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 6.00%. On the following schedule develop the following figures: 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 2- 202 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs