The Enterprise Company manufactures two products, known as Odds and Ends. Odds are produced in department 1 and Ends in department 2. The following information is available for 1992. Material A $16 per unit Variable Odds ($) Ends ($) overhead rates (PDLH) Material B $7.2 per unit Indirect 0.80 1.2 materials Direct Labor $12 per hours Indirect labor 1.2 1.2 Material A 9 units (Odds) 5 units (Ends) Power 0.40 0.60 (Variable) Material B 8 units (Odds) 10 units Maintenance 0.40 0.20 (Ends) (Variable) Direct Labor 15hours 10hours Fixed (Odds) (Ends) overheads Budgeted 1600units 8500units Depreciation 80,000 100,000 sales (Odds) (Ends) Selling Price $560 per unit $400 per unit Supervision 40,000 100,000 (Odds) (Ends) Ending 90 units 1870units Power (Fixed) 2000 40,000 inventory (Odds) (Ends) required Fig. Opening 85units (Odds) 170units Maintenance 3196 45,600 inventory (Ends) (Fixed) required Fig. Opening 8000 units (A) 8500 units (B) inventory Closing 1700 units (A) 10200units (B) Inventory Fixed Assets: Land $170,000, Building and Equipment $ 1292,000 ( $255000 Depreciation included) Current Assets: Finished goods $99,076, Raw Material $189,200, A/R $289,000, Cash $34,000 Liabilities and Owner's Equity: A/P $248,800, Reserves $369,476 Represented by shareholder's interest: 1200,000 ordinary share $1 each. Non manufacturing overheads: Stationery (office) $ 3000, Stationery (Sales) $1000, office salary $30,000, Sales salary $ 72,000, commission $62,000, Car expenses (sales) $20,000, Advertisements $78,000 and Misc. (Office) 10,000 Details Quarter 1 Quarter 2 Quarter 3 Quarter 4 Payments: $ $ Materials 400,000 480,000 440,000 547984 Wages 400,000 440,000 480,000 646,188 Other Costs 120,000 100,000 72,016 13,642 Receipts from 1000 1200 1 120 985 Customers (000) You are required to prepare master budget for the year 1992 and following budget: 1) Sales Budget 2) Production budget 3) Direct material consumed budget 4) Direct material purchase budget 5) Direct labor budget 6) FOH budget 7) Selling and administration budget 8) Departmental budget 9) Cash Budget 10) Master Budget.The Enterprise Company manufactures two products, known as Odds and Ends. Odds are produced in department 1 and Ends in department 2. The following information is available for 1992. Material A $16 per unit Variable Odds ($) Ends (S) overhead rates (PDLH) Material B $7.2 per unit Indirect 0.80 1.2 materials Direct Labor $12 per hours Indirect labor 1.2 1.2 Material A 9 units (Odds) 5 units (Ends) Power 0.40 0.60 (Variable) Material B 8 units (Odds) 10 units Maintenance 0.40 0.20 (Ends) (Variable) Direct Labor 15hours 10hours Fixed (Odds) (Ends) overheads Budgeted 1600units 8500units Depreciation 80.000 100,000 sales (Odds) (Ends) Selling Price $560 per unit $400 per unit Supervision 40.000 100,000 (Odds) (Ends) Ending 90 units 1870units Power (Fixed) 2000 40.000 inventory (Odds) (Ends) required Fig. Opening BSunits 170units Maintenance 3196 45,600 inventory (Odds) (Ends) (Fixed) required Fig. Opening 8000 units (A) 8500 units (B) inventory Closing 1700 units (A) 10200units Inventory (B) Fixed Assets: Land $170,000, Building and Equipment $ 1292,000 ( $255000 Depreciation included) Current Assets: Finished goods $99,076, Raw Material $189,200, A/R $289,000, Cash $34,000 Liabilities and Owner's Equity: A/P $248,800, Reserves $369,476 Represented by shareholder's interest: 1200,000 ordinary share $1 each Non manufacturing overheads: Stationery (office) $ 3000, Stationery (Sales) $1000, office salary $30,000, Sales salary $ 72,000, commission $62,000, Car expenses (sales) $20,000, Advertisements $78,000 and Misc. (Office) 10,000 Details Quarter 1 Quarter 2 Quarter 3 Quarter 4 Payments $ S S Materials 400.000 480,000 440,000 547984 Wages 400,000 440,000 480,000 646,188 Other Costs 120,000 100,000 72,016 13,642 Receipts from 1000 1200 1120 985 Customers (000) Prepare master budget for the year 1992 and following budget: 1) Sales Budget 2) Production budget 3 3) Direct material consumed budget 4) Direct material purchase budget 5) Direct labor budget 6) FOH budget 7) Selling and administration budget 8) Departmental budget 9) Cash Budget 10) Master Budget.|
