Subject: Cost Accounting/ Accounting

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Noeled Products Company produces a special line of products. As of December 21, 2020, the Post- closing Trial Balance is seen below: Raw materials Inventory: Materials required per unit of finished product Beginning Inventory Ending Inventory Unit Costs Direct labor Material R 3 units 2,200 1.300 P10 P146/unit produced Materials 5 units 4,000 4.600 P30 P150,000 220.000 592000 23,000 2,475,000 Cash Accounts Receivable Inventories Other Current Assets Property Plant and Equipment Accumulated Depreciation Accounts Payable Taxes Payable Current Portion of Long-term Debt Long-term Debt Ordinary Shares Retained Earnings P850,000 140,000 156.000 83,000 576,000 350,000 1,305,000 P5.85/unit produced P9.07 per unit 5.07 per unit Overhead is estimated as follows: Variable: Indirect Materials and supplies Materials Handling Other Indirect Labor Fixed Supervisor labor Maintenance & Repair Plant Administration Utilities Depreciation Insurance Property Taxes Other The following information is also available for the preparation of the Master Budget for 2021: P175,000 85,000 173.000 87,000 280.000 43,000 117,000 41,000 Estimated Sales: Units Price per unit 6,400 P800 Finished Goods Inventory: Beginning Ending Work In Process 900 units @P500 1.000 units NONE Marketing and Administrative Expenses are budgeted as follows: Variable Marketing Costs: Sales Commission Other marketing costs Fixed Marketing Costs: Sales Salaries Advertising Other P40.625 per unit sold P16.250 per unit sold P100,000 193,000 78,000 Administrative Costs (all fixed) Administrative Salaries Data processing services Legal and other professional fees Depreciation - building, furniture and equipment Taxes - other than income Other P254.000 103,000 180,000 94,000 160,000 26,000 Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Direct Labor Budget 2. Overhead Costs Budget 3. Budgeted Cost of Goods Sold 4. Marketing and Administrative Expense Budget 5. Cash Budget 6. Budgeted Income Statement - round off the interest expense and income tax to nearest whole number) 7. Budgeted Statement of Financial Position Noeled Products Company produces a special line of products. As of December 21, 2020, the Post- closing Trial Balance is seen below: Raw materials Inventory: Materials required per unit of finished product Beginning Inventory Ending Inventory Unit Costs Direct labor Material R 3 units 2,200 1.300 P10 P146/unit produced Materials 5 units 4,000 4.600 P30 P150,000 220.000 592000 23,000 2,475,000 Cash Accounts Receivable Inventories Other Current Assets Property Plant and Equipment Accumulated Depreciation Accounts Payable Taxes Payable Current Portion of Long-term Debt Long-term Debt Ordinary Shares Retained Earnings P850,000 140,000 156.000 83,000 576,000 350,000 1,305,000 P5.85/unit produced P9.07 per unit 5.07 per unit Overhead is estimated as follows: Variable: Indirect Materials and supplies Materials Handling Other Indirect Labor Fixed Supervisor labor Maintenance & Repair Plant Administration Utilities Depreciation Insurance Property Taxes Other The following information is also available for the preparation of the Master Budget for 2021: P175,000 85,000 173.000 87,000 280.000 43,000 117,000 41,000 Estimated Sales: Units Price per unit 6,400 P800 Finished Goods Inventory: Beginning Ending Work In Process 900 units @P500 1.000 units NONE Marketing and Administrative Expenses are budgeted as follows: Variable Marketing Costs: Sales Commission Other marketing costs Fixed Marketing Costs: Sales Salaries Advertising Other P40.625 per unit sold P16.250 per unit sold P100,000 193,000 78,000 Administrative Costs (all fixed) Administrative Salaries Data processing services Legal and other professional fees Depreciation - building, furniture and equipment Taxes - other than income Other P254.000 103,000 180,000 94,000 160,000 26,000 Required Propose a Master Budget Plan for Noeled Products Company for the year ending December 31, 2021 which includes 1. Direct Labor Budget 2. Overhead Costs Budget 3. Budgeted Cost of Goods Sold 4. Marketing and Administrative Expense Budget 5. Cash Budget 6. Budgeted Income Statement - round off the interest expense and income tax to nearest whole number) 7. Budgeted Statement of Financial Position