sorry for long question. please fill in any of the blanks left in the excel sheet below. please show formula's

ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a Toodle. For planning and control purposes they utilize a monthly master budget, which is usually developed at least six months in advance of the budget year. Their fiscal year end is December 31 During the summer of 20x1, Chris Leigh, the ToyWorks controller, started putting together a sales forecast for the first quarter (January to March, 20x2) and provided the following information before he resigned. Their sales forecast consisted of these few lines: For the year ended December 31, 20x1": 40,000 units at $156.00 each For the year ended December 31, 20x2: 50,000 units at $156.00 each For the year ended December 31, 20x3: 60,000 units at $156.00 each *Expected sales for the year ended December 31, 20x1 are based on actual sales to date and budgeted sales for the duration of the year. The President, desperately needing the budget completed, has approached you, a management accounting student, for help in preparing the budget for the coming fiscal year, 20x2, first quarter. Your conversations with the President and your investigations of the company's records have revealed the following information: 1) Sales are seasonal, and sometimes correspond with general holidays. History shows that January, February and March are the slowest months with only 4% of total sales in each month. Spring break causes April sales to jump to 8% of the annual total before dropping back to 5% in each of May and June' The summer months of July and August each contribute 7% of sales. Fall sales start slowly at only 6% of total sales, but as Christmas shopping picks up momentum, sales climb to 11% in October, move to 16% in November and peak at 23% in December. This pattern of sales is not expected to change in the next two years. 2) From previous experience, management has determined that an ending inventory equal to 40% of the next month's sales is required to fit the buyer's demands. 3) Because sales are seasonal, ToyWorks must rent an additional storage facility from September to December to house the additional inventory on hand. The only related cost is a flat $22,000 per month, payable at the beginning of the month. 4) The only raw material used in the production of toodles is space-age acrylic (SAA), a compact material that is purchased in powder form. Each toodle requires 40 kilograms of SAA, at a cost of $0.95 per kilogram. The supplier of SAA tends to be somewhat erratic so ToyWorks finds it necessary to maintain an inventory balance equal to 60% of the following month's production needs as a precaution against stock-outs. ToyWorks pays for 50% of a month's purchases in the month of purchase, 35% in the following month and the remaining 15% two months after the month of purchase. 5) Toyworks expects that any payments made in the month of purchase will be subject to 3%. net/30 terms. The purchase discounts are reported as one metric on their administration department's balanced Scorecard. To provide the information for the balanced Scorecard, purchase discounts are included in the seling and administration budget, and are considered a non-cash item. 6) Beginning accounts payable will consist of $ 34,155 arising from the following estimated direct material purchases for November and December of 20x1: SAA purchases in November 20x1: $19,700 SAA purchases in December 20x1: $62,400 7) ToyWorks's manufacturing process is highly automated. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages $30.00 per hour before benefits. The employer's portion of employee benefits adds 30% to the hourly rate. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 45 minutes in production. 8) Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The variable overhead manufacturing rate is $16.60 per unit, consisting of Utilities-$7.00; Indirect Materials-54.80; Plant maintenance--$270, environmental fee-$1.30; and Other--50.80. 9) The expected fixed manufacturing overhead costs below cover the twelve months ended December 31, 20x1 and are based on actual costs to date and budgeted costs for the duration of the year. Training and development $ 47,520 Property and business taxes 25,000 Supervisor's salary 89.400 Amortization on equipment 117.960 Insurance 75,860 Other 109.600 $4.66.340 a) The property and business taxes, levied by the municipality covering the calendar year. are paid in one lump sum on June 30 of each year. The expected payment for next year (20x2) is $27,000 b) The annual insurance premium is paid at the beginning of March each year, covering the subsequent 12 months from March 1 of the current year to February 28 of the next year. The premium is expected to go up to $79,980 on March 1, 20x2 c) All other cash-related fixed manufacturing overhead costs are incurred evenly over the year, paid as incurred, and are not expected to change in 20x2 d) ToyWorks uses the straight-Ine method of deprecation (amortization). 10) Work in process inventories (WIP) are small and are ignored for budgeting purposes. 11) In 20x1, the average total cost to manufacture one unit was $9290 under absorption costing. 12) Selling and administrative expenses (S&A) are known to be a mixed cost; however, there is a lot of uncertainty about what portion is fixed and what is variable. Previous experience has provided the following information: Lowest level of sales: 42,500 units Total S&A Expenses: $1,075,316 Highest level of sales: 77,500 units Total S&A Expenses: $1,429,516 These costs are paid in the month in which they occur. Not included in the above expenses are bad debt expense and the purchases discount 13) Sales are on a cash and credit basis, with 24% collected during the month of the sale, 46% the following month, and 27% the month thereafter, 3% of sales are uncollectible (bad debt expense). 14) Sales in November and December 20x1 are expected to be $1,030,000 and $1,480,000 respectively. Based on the above collection pattern this will result in accounts receivable of $1,358,500 at December 31, 20x1 which will be collected in January and February, 20x2. 15) During the first quarter ending March 31, 20x2, ToyWorks will be required to make monthly income tax installment payments of $8,700. Outstanding income taxes from the year ended December 31, 20x1 must be paid in April 20x2. Income tax expense is estimated to be 32% of income before tax. Income taxes for the year ended December 31, 20x2 in excess of installment payments, will be paid in April, 20x3. 16) ToyWorks is planning to acquire additional manufacturing equipment for $536,900 cash. 25% of this amount is to be paid in June 20x2, the rest in July 20x2. The manufacturing overhead costs shown above already include the amortization on this equipment. 17) ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The president tells you that the board of directors is planning on continuing their policy of declaring dividends of $93,000 per quarter. 18) An arrangement has been made with the local bank that if ToyWorks maintains a minimum balance of $10,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowings from and repayments to the bank must be in multiples of $5,000 and interest must be paid at the end of each month. All borrowing is considered to occur on the first day of the month, repayments on the last day of the month. Therefore, the amount subject to interest each month is the balance owing at the beginning of the month plus any amounts borrowed at the beginning of the month. Note that any amounts repaid that month do not reduce the amount subject to interest that month because they are assumed repaid on the last day of the month 19) A listing of the catimated balanoca in the company's lodger accounts as of Dcoember 31, 20x1 is given below (this is the ending balance sheet for 20x1); Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Capital assets (net) 11.872 1,358,500 31.350 65,030 12,810 1.228.000 $ 2.707 562 S 121,000 34.155 22.700 Bank loan payable Accounts payable Income tax payable Capital stock Retained earnings 1.100.000 1429,707 2.707 562 ToyWorks Lid. Cost of Goods Manufactured Budget For the quarter ended March 31, 20x2 Jon Mar A New Produtos 2000 HO OM srodnim Od to produkte Vannt wheelsched OvdOH had TOOM 6140 34M 78.000 s.O 3300 18.00 200 108.400 10 46480 29,20 2760 22.00 2011 1.540 17 21:13 100 Production on for the year Gongo OM com per un Duper VOH per FOH 380 2021 TE 0 70 TOOTH 10 ToyWorks Lid Ending Finished Goods Inventory Budget (Absorption Costing) For the quarter ended March 31, 2012 Coding for one year Org Total cost of ToyWorks Ltd. Cost of Goods Sold Budget For the quarter ended March 11, 2012 Ben Geos Cole Gusto 100 Nov Oct Dec Sep 19 Year 6.900 262,200 201,825 114,540 117,344 695,909 100.86 Production cost per unit for the year Consisting of: DM cost per unit DL cost per unit VOH cost per unit FMOH cost per unit 38.00 29.25 16.60 17.01 100.86 Costing) Cost of ending FG inventory at end of year Units in ending inventory Total cost per unit Total cost of ending inventory 100.86 2.300 695,909 Beginning inventory Cost of Goods Manufactured Cost of goods available Ending inventory Cost of Goods Sold ToyWorks Ltd. Cost of Goods Manufactured Budget For the quarter ended March 31, 20x2 May Jun Jan 2.100 Apr Jul Feb 2.000 Mar 2.800 Aug Production in Units DM used in production from DM schedule) DL added to production (from DL schedule) Variable Manuf. Overhead (from OH sched.) Fixed manuf Overhead (from OH schedule) Total COGM 79,800 61,425 34,860 39,028 215, 113 76,000 58,500 33,200 39,028 206,728 106,400 81,900 46,480 39,288 274,068 ToyWorks Ltd. Ending Finished Goods Inventory Budget (Absorption Costing For the quarter ended March 31, 20x2 ToyWorks Ltd. Cost of Goods Sold Budget For the quarter ended March 31, 20x2 UU ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a Toodle. For planning and control purposes they utilize a monthly master budget, which is usually developed at least six months in advance of the budget year. Their fiscal year end is December 31 During the summer of 20x1, Chris Leigh, the ToyWorks controller, started putting together a sales forecast for the first quarter (January to March, 20x2) and provided the following information before he resigned. Their sales forecast consisted of these few lines: For the year ended December 31, 20x1": 40,000 units at $156.00 each For the year ended December 31, 20x2: 50,000 units at $156.00 each For the year ended December 31, 20x3: 60,000 units at $156.00 each *Expected sales for the year ended December 31, 20x1 are based on actual sales to date and budgeted sales for the duration of the year. The President, desperately needing the budget completed, has approached you, a management accounting student, for help in preparing the budget for the coming fiscal year, 20x2, first quarter. Your conversations with the President and your investigations of the company's records have revealed the following information: 1) Sales are seasonal, and sometimes correspond with general holidays. History shows that January, February and March are the slowest months with only 4% of total sales in each month. Spring break causes April sales to jump to 8% of the annual total before dropping back to 5% in each of May and June' The summer months of July and August each contribute 7% of sales. Fall sales start slowly at only 6% of total sales, but as Christmas shopping picks up momentum, sales climb to 11% in October, move to 16% in November and peak at 23% in December. This pattern of sales is not expected to change in the next two years. 2) From previous experience, management has determined that an ending inventory equal to 40% of the next month's sales is required to fit the buyer's demands. 3) Because sales are seasonal, ToyWorks must rent an additional storage facility from September to December to house the additional inventory on hand. The only related cost is a flat $22,000 per month, payable at the beginning of the month. 4) The only raw material used in the production of toodles is space-age acrylic (SAA), a compact material that is purchased in powder form. Each toodle requires 40 kilograms of SAA, at a cost of $0.95 per kilogram. The supplier of SAA tends to be somewhat erratic so ToyWorks finds it necessary to maintain an inventory balance equal to 60% of the following month's production needs as a precaution against stock-outs. ToyWorks pays for 50% of a month's purchases in the month of purchase, 35% in the following month and the remaining 15% two months after the month of purchase. 5) Toyworks expects that any payments made in the month of purchase will be subject to 3%. net/30 terms. The purchase discounts are reported as one metric on their administration department's balanced Scorecard. To provide the information for the balanced Scorecard, purchase discounts are included in the seling and administration budget, and are considered a non-cash item. 6) Beginning accounts payable will consist of $ 34,155 arising from the following estimated direct material purchases for November and December of 20x1: SAA purchases in November 20x1: $19,700 SAA purchases in December 20x1: $62,400 7) ToyWorks's manufacturing process is highly automated. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages $30.00 per hour before benefits. The employer's portion of employee benefits adds 30% to the hourly rate. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 45 minutes in production. 8) Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The variable overhead manufacturing rate is $16.60 per unit, consisting of Utilities-$7.00; Indirect Materials-54.80; Plant maintenance--$270, environmental fee-$1.30; and Other--50.80. 9) The expected fixed manufacturing overhead costs below cover the twelve months ended December 31, 20x1 and are based on actual costs to date and budgeted costs for the duration of the year. Training and development $ 47,520 Property and business taxes 25,000 Supervisor's salary 89.400 Amortization on equipment 117.960 Insurance 75,860 Other 109.600 $4.66.340 a) The property and business taxes, levied by the municipality covering the calendar year. are paid in one lump sum on June 30 of each year. The expected payment for next year (20x2) is $27,000 b) The annual insurance premium is paid at the beginning of March each year, covering the subsequent 12 months from March 1 of the current year to February 28 of the next year. The premium is expected to go up to $79,980 on March 1, 20x2 c) All other cash-related fixed manufacturing overhead costs are incurred evenly over the year, paid as incurred, and are not expected to change in 20x2 d) ToyWorks uses the straight-Ine method of deprecation (amortization). 10) Work in process inventories (WIP) are small and are ignored for budgeting purposes. 11) In 20x1, the average total cost to manufacture one unit was $9290 under absorption costing. 12) Selling and administrative expenses (S&A) are known to be a mixed cost; however, there is a lot of uncertainty about what portion is fixed and what is variable. Previous experience has provided the following information: Lowest level of sales: 42,500 units Total S&A Expenses: $1,075,316 Highest level of sales: 77,500 units Total S&A Expenses: $1,429,516 These costs are paid in the month in which they occur. Not included in the above expenses are bad debt expense and the purchases discount 13) Sales are on a cash and credit basis, with 24% collected during the month of the sale, 46% the following month, and 27% the month thereafter, 3% of sales are uncollectible (bad debt expense). 14) Sales in November and December 20x1 are expected to be $1,030,000 and $1,480,000 respectively. Based on the above collection pattern this will result in accounts receivable of $1,358,500 at December 31, 20x1 which will be collected in January and February, 20x2. 15) During the first quarter ending March 31, 20x2, ToyWorks will be required to make monthly income tax installment payments of $8,700. Outstanding income taxes from the year ended December 31, 20x1 must be paid in April 20x2. Income tax expense is estimated to be 32% of income before tax. Income taxes for the year ended December 31, 20x2 in excess of installment payments, will be paid in April, 20x3. 16) ToyWorks is planning to acquire additional manufacturing equipment for $536,900 cash. 25% of this amount is to be paid in June 20x2, the rest in July 20x2. The manufacturing overhead costs shown above already include the amortization on this equipment. 17) ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The president tells you that the board of directors is planning on continuing their policy of declaring dividends of $93,000 per quarter. 18) An arrangement has been made with the local bank that if ToyWorks maintains a minimum balance of $10,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowings from and repayments to the bank must be in multiples of $5,000 and interest must be paid at the end of each month. All borrowing is considered to occur on the first day of the month, repayments on the last day of the month. Therefore, the amount subject to interest each month is the balance owing at the beginning of the month plus any amounts borrowed at the beginning of the month. Note that any amounts repaid that month do not reduce the amount subject to interest that month because they are assumed repaid on the last day of the month 19) A listing of the catimated balanoca in the company's lodger accounts as of Dcoember 31, 20x1 is given below (this is the ending balance sheet for 20x1); Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Capital assets (net) 11.872 1,358,500 31.350 65,030 12,810 1.228.000 $ 2.707 562 S 121,000 34.155 22.700 Bank loan payable Accounts payable Income tax payable Capital stock Retained earnings 1.100.000 1429,707 2.707 562 ToyWorks Lid. Cost of Goods Manufactured Budget For the quarter ended March 31, 20x2 Jon Mar A New Produtos 2000 HO OM srodnim Od to produkte Vannt wheelsched OvdOH had TOOM 6140 34M 78.000 s.O 3300 18.00 200 108.400 10 46480 29,20 2760 22.00 2011 1.540 17 21:13 100 Production on for the year Gongo OM com per un Duper VOH per FOH 380 2021 TE 0 70 TOOTH 10 ToyWorks Lid Ending Finished Goods Inventory Budget (Absorption Costing) For the quarter ended March 31, 2012 Coding for one year Org Total cost of ToyWorks Ltd. Cost of Goods Sold Budget For the quarter ended March 11, 2012 Ben Geos Cole Gusto 100 Nov Oct Dec Sep 19 Year 6.900 262,200 201,825 114,540 117,344 695,909 100.86 Production cost per unit for the year Consisting of: DM cost per unit DL cost per unit VOH cost per unit FMOH cost per unit 38.00 29.25 16.60 17.01 100.86 Costing) Cost of ending FG inventory at end of year Units in ending inventory Total cost per unit Total cost of ending inventory 100.86 2.300 695,909 Beginning inventory Cost of Goods Manufactured Cost of goods available Ending inventory Cost of Goods Sold ToyWorks Ltd. Cost of Goods Manufactured Budget For the quarter ended March 31, 20x2 May Jun Jan 2.100 Apr Jul Feb 2.000 Mar 2.800 Aug Production in Units DM used in production from DM schedule) DL added to production (from DL schedule) Variable Manuf. Overhead (from OH sched.) Fixed manuf Overhead (from OH schedule) Total COGM 79,800 61,425 34,860 39,028 215, 113 76,000 58,500 33,200 39,028 206,728 106,400 81,900 46,480 39,288 274,068 ToyWorks Ltd. Ending Finished Goods Inventory Budget (Absorption Costing For the quarter ended March 31, 20x2 ToyWorks Ltd. Cost of Goods Sold Budget For the quarter ended March 31, 20x2 UU