Someone please help me with my managerial accounting homework! The assignment is as follows and I have all the info needed attached. Please Help! Assignment: Prepare and submit (IN PROPER FORM) a budgeted balance sheet for June 30 and a budgeted income/retained earnings statement for the three months ending June 30.

AGENDA: PROFIT PLANNING (BUDGETING) Building a master budget. 1. Sales budget 2. Production budget 3. Direct materials budget Direct labor budget 4. 5. Manufacturing overhead budget 6. Ending finished goods inventory budget 7. Selling and administrative expenses budget 8. Cash budget 9. Budgeted income statement 10. Budgeted balance sheet OVERVIEW OF BUDGETING A budget is a detailed plan for acquiring and using financial and other resources over a specified period. Budgeting involves two stages: Planning: Developing objectives and preparing various detailed budgets to achieve those objectives. Control: The steps taken by management to attain the objectives set down at the planning stage. PURPOSES OF BUDGETING Budgets communicate management's plans throughout the organization Budgeting forces managers to give planning top priority Budgets provide a means of allocating resources to their most effective uses COMPREHENSIVE BUDGETING EXAMPLE Royal Company is preparing budgets for the second quarter ending June 30 Budgeted sales of the company's only product for the next five months are: April 20,000 units May. 50,000 units June. 30,000 units July 25,000 units August.. 15,000 units The selling price is $10 per unit. The following elements of the master budget will be prepared in this example: Sales budget (with a schedule of expected cash collections) 1. 2. Production budget. 3. Direct materials budget (with a schedule of expected cash disbursements for materials) 4. Direct labor budget. 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget 8. Cash budget 9. Budgeted income statement. 10. Budgeted balance sheet SALES BUDGET pril 20,000 x $10 Quarter 100,000 x $10 $1,000,000 ay 50,000 x $10 $200,000 $500,000 $300,000 June Budgeted sales (units)... Selling price per unit... Total sales. 30,000 x $10 SCHEDULE OF EXPECTED CASH COLLECTIONS Additional data: All sales are on account. The company collects 70% of these credit sales in the month of the sale; 25% are collected in the month following sale; and the remaining 5% are uncollectible. The accounts receivable balance on March 31 was $30,000. All of this balance was collectible. ay pril June Quarter Accounts receivable beginning balance.. April sales 70% x $200,000 . 25% x $200,000 May sales 70% x $500,000 . 25% x $500,000 June sales 70% x $300,000 . Total cash collections... $30,000 $30,000 140,000 140,000 50,000 $50,000 350,000 350,000 125,000 $125,000 210,000 $400,000 $335,000 $905,000 210,000 $170,000 25% of the $300,000 will be your 6/30 AR balance. PRODUCTION BUDGET Additional data: The company desires to have inventory on hand at the end of each month equal to 20% of the following month's budgeted unit sales. On March 31, 4,000 units were on hand. pril 20,000 50,000 30,000 10,000 30,000 56,000 35,000 4,000 26,000 46,000 29,000 July 25,000 3.000* 28,000 5,000 23,000 ay June Budgeted sales.. Add desired ending inventory. Total needs... Less beginning inventory... Required production . 6,000 5,000 10,000 6,000 Budgeted sales in August 15,000 units. Desired ending inventory in July 15,000 units x 20% = 3,000 units. 6/30 inventory of finished goods is the 5,000 units DIRECT MATERIALS BUDGET Additional data: 5 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 10% of the following month's production needs. The beginning materials inventory was 13,000 pounds The material costs $0.40 per pound. May April 26,000 46,000 x 5 130,000 230,000 145,000 June Quarter 101,000 x 5 Required production in units Raw materials per unit (pounds) Production needs (pounds) Add desired ending inventory (pounds)* Total needs (pounds). Less beginning inventory (pounds) Raw materials to be purchased (pounds) .. 29,000 x 5 x 5 505,000 23,000 14,500 11,500 153,000 244,500 156,500 11,500 516,500 13,000 23,000 14,500 13,000 140,000 221,500 142,000 503,500 Cost of raw materials to be purchased at $0.40 per pound $56,000 $88,600 $56,800 $201,400 For June: 23,000 units produced in July x 5 pounds per unit pounds; 115,000 pounds x 10% = 11,500 pounds 115,000 June 30 raw materials inventory 11,500 pounds SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR MATERIAL Additional data: Half of a month's purchases are paid for in the month of purchase; the other half is paid for in the following month. No discounts are given for early payment. The accounts payable balance on March 31 was $12,000. pril ay June Quarter Accounts payable beginning balance. $12,000 $12,000 April purchases: 50% x $56,000.. 50% x $56,000... May purchases: 50% x $88,600... 50% x $88,600. June purchases: 50% x $56,800.. Total cash disbursements 28,000 28,000 28,000 $28,000 44,300 44,300 44,300 $44,300 28,400 28,400 for materials..... $40,000 $72,300 $72,700 $185,000 The June 30 AP will be the other half of the $56,800 ($28,400) DIRECT LABOR BUDGET Additional data: Each unit produced requires 0.05 hour of direct labor. Each hour of direct labor costs the company $10. Management fully adjusts the workforce to the workload each month Quarter 101,000 x 0.05 pril 26,000 0.05 ay 46,000 x 0.05 June Required production Direct labor-hours per unit 29,000 0.05 Total direct labor-hours 1,300 x $10 $13,000 1,450 x $10 $14,500 needed... 2,300 x $10 $23,000 5,050 x $10 $50,500 Direct labor cost per hour Total direct labor cost .. Note: Many companies do not fully adjust their direct labor workforce every month and in such companies direct labor behaves more like a fixed cost, with additional cost if overtime is necessary