The first photo attached is my work so far. The red is what is incorrect. Please help me undesryand where I went wrong and help me finish the last two blocks. Thank you!
Kinsey_Summer 202... Budget FIFO Calculation N 112 1 SI CAR ARG 15 Regd Purch BCD de Portom SH . OtherOverland O. Depreciation och BE F GrayInc Sales Budget For the 6 mos ending June 20 6 mos total 89.000 Budged unit sales Selling price per unit Total Sales Nov 19 11.250 $10.00 112.500 Dec 19 11,600 $10.00 116.000 Jan 20 10.000 $10.00 100,000 Feb 20 11. 400 $10.00 114,000 Mar 20 12,000 $10.00 120.000 Apr 20 15,600 $10.00 156.000 May 20 18,000 $11.25 202.500 June 20 22 000 $11 25 2477500 940.000 Cash Sales % Credit Sales % 30% 70% Cash Sales Credit Sales Total Sales 33,750 78,750 $112.500 34,800 81.200 $116.000 30,000 70,000 $100.000 34 200 79,800 $114.000 36,000 84 000 $120.000 46,800 109.200 $156.000 60,750 141,750 $202.500 74.250 173 250 $247.500 282,000 658 000 $940.000 Current month A/R Collections month prior A/R Collections months prior A/R Collection Uncollectible 30% 50% 16% 4% Gray. Inc Cash Collections For the 6 mos ending June 20 Jan 20 30,000 June 20 74,250 6 mos total 282,000 Mar 20 36,000 Feb 20 34 200 Apr 20 46,800 May 20 60,750 urrent month cash Sales B D E G H 30% 50% 16% 4% 20 Current month AVR Collections 21 1 month prior A/R Collections 22 2 months prior A/R Collections 23 Uncollectible 24 25 26 27 28 Gray, Inc Cash Collections For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 30,000 34,200 36,000 21,000 23,900 25,200 40,600 35,000 39.900 12,600 12.992 11,200 104,200 106.092 112,300 0 1 2 Current month cash Sales Current month AR Collections 1 month prior A/R Collections 2 months prior A/R Collections Total cash collections Bad Debt Expense Desired ending inventory Apr 20 46,800 32.760 42,000 12.768 134,328 May 20 60,750 42,525 54,600 13,440 171.315 June 20 74,250 51,975 70.875 17 472 214.572 6 mos total 282,000 197,360 282,975 80,472 842,807 3 in 3,150 3,248 2,800 3,192 3,360 4,368 20.118 40% Gray, Inc. Purchase Budget For the 6 mos ending June 20 June 22,00 Budged unit sales Add desired ending inventory Total needs Nov 19 11,250 4,640 15,890 Dec '19 11,600 4,000 15,600 Jan 20 10,000 4,560 14,560 Feb 20 11,400 4.800 16,200 Mar 20 12,000 6,240 18, 240 Apr 20 15,600 7,200 22,800 May 20 18,000 8,800 26,800 7,20 29,2 ger FIFO Calculation Gray, Inc. Purchase Budget For the 6 mos ending June 20 Budged unit sales Add desired ending inventory Total needs Less Beginning Inventory Required Purchases Nov 19 11.250 4,640 15,890 Dec 19 11,600 4,000 15,600 4,640 10.960 Jan 20 10,000 4,560 14,560 4,000 10.560 Feb 20 11,400 4,800 16,200 4,560 11.640 Mar 20 12,000 6,240 18,240 4,800 13,440 Apr 20 15,600 7.200 22,800 6,240 16.560 May 20 18.000 8,800 26.800 7,200 19,600 June 20 22,000 7,200 29,200 8.800 20.400 6 mos total 89,000 7,200 96, 200 4,000 92.200 Cost per unit Purchases $4.00 43.840 $4.00 42.240 $4.00 46.560 $4 20 56.448 $420 69.552 $4.41 86.436 $4.41 89.964 391.200 40% % Paid in Month of Purchase % Paid in Month after Purchase 60% G 69,552 H 86.436 89.964 B c D E F 52 Purchases 43.840 42.240 46.560 56.448 53 54% Paid in Month of Purchase 40% 55 % Paid in Month after Purchase 60% 56 57 58 Gray, Inc. 59 Schedule of Budgeted Cash Disbursements for Merchandise Purchases 60 For the 6 mos ending June 20 61 62 Jan 20 Feb 20 Mar 20 Apr 20 May 20 63 Cash purchases $16.896 $18,624 $22,579 $27,821 $34,574 64 1 month prior A/P Collections $26,304 $25 344 $27936 $33,869 $41.731 65 Cash disbursements for merchandise purch. $43,200 $43.968 $50.515 $61.690 $76,306 66 67 68 Fixed Operating expenses Variable Operating Expenses 69 Salaries and Wages $3,000 Sales Commissions, % of Revenue 7% 70 Rent $8,000 Other Variable Cash Expenses, % of Reven 6% 71 Supplies Expense $2,000 72 Other - Overhead $24,000 73 Other - Depreciation $24,000 74 June 20 $35,986 $51,862 SSZ.84Z 6 mos total $156,480 $207,046 $363.526 Gray, Inc Operating Expense Budget For the 6 mos ending June 20 75 76 77 78 79 80 Salaries and Wages 81 Sales Commissions 82 Rent 83 Other Variable Cash Expenses 84 Supplies Expense 85 Other - Overhead 86 Other - Depreciation 87 Bad Debt Expense 88 Total operating expenses 89 Depreciation and noncash items 90 Bad Debt Expense 91 Cash disbursements for perating expenses Jan 20 $3.000 $7,000 $8,000 $6,000 $2.000 $24,000 $24,000 $3,150 $77,150 $24,000 $3,150 $50,000 Feb 20 $3,000 $7.980 $8,000 $7,200 $2,000 $24,000 $24,000 $3,248 $79,068 $24,000 $3,248 $51.820 Mar 20 $3,000 $8,400 $8,000 $7,200 $2,000 $24,000 $24,000 $2,800 $79,400 $24,000 $2,800 $52.600 Apr 20 $3,000 $10.920 $8,000 $9,360 $2,000 $24,000 $24,000 $3,192 $84,472 $24,000 $3 192 $57.280 May 20 $3,000 $14 175 $8,000 $12, 150 $2,000 $24,000 $24,000 $3,360 $90,685 $24,000 $3,360 $63,325 June 20 $3,000 $17,325 $8,000 $14,850 $2,000 $24,000 $24,000 $4,368 $97,543 $24,000 $4,368 $69.175 6 mos total $18,000 $65,800 $48,000 $56,400 $12,000 $144,000 $144,000 $20.118 $508,318 $144,000 $20 118 $344.200 93 Equipment payment - January 94 Equipment payment - February 95 Dividends - March 96 Minimum Monthly Cash Budget 97 98 99 $50,000 $30,000 $12,000 $15,000 Gray, Inc. 100 Cash Budget For the 6 mos ending June 20 Jan 20 $15,000 $104,200 $119,200 Feb 20 $15,000 $106,092 $121,092 Mar 20 $15,304 $112,300 $127,604 Apr 20 $15,489 $134,328 $149,817 May 20 $15,847 $171,315 $187.162 June 20 $15,532 $214,572 $230,104 6 mos total $15,000 $842807 $857,807 $43,200 $50,000 $50,000 $43.969 $51,820 $30,000 $50,515 $52,600 $61,690 $57,280 $76,306 $63,325 $87,847 $69,175 101 102 103 Cash balance, beginning 104 Add collections from customers 105 Total cash available 106 Less disbursements: 107 Cash disbursements for me andise purch. 108 Cash disbursements for opting expenses 109 Equipment purchases 110 Dividends 111 Total cash disbursements 112 Excess of receipts over oursements 113 Financing 114 Borrowing note 115 Repayments-note 116 Total financing 117 Cash balance, ending 11R $363,526 $344,200 $80,000 $12,000 $799,726 $58,081 $143,200 $ 24,000 $12,000 $115, 115 $12,489 $125,788 $-4,696 $118,970 $30,847 $139.631 $47,532 $157,022 $73,081 $39,000 $20,000 $3,000 $15,000 $15.000 $15, 304 $15.305 $-15.000 $15,847 $15.847 $15.489 $15.489 $32,000 $32,000 $32.000 $ 15,000 $ 15,000 $62,000 $ 62,000 $0 $58,081 Gray, Inc Budgeted Income Statement For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 June 20 Total 120 121 122 123 124 125 Sales, net 126 Cost of goods sold: 127 Gross margin 128 Total operating expenses 129 Net Income 130 132 130 131 Gray, Inc. Budgeted Balance Sheet 133 6/30/2020 134 135 Assets 136 Current Assets: 137 Cash 138 Accounts receivable 139 Supplies 140 Merchandise Inventory 141 Plant and Equipment: 142 Buildings and Equipment 143 Accumulated Depreciation 144 Total assets 145 146 Liabilities and Equity 147 Accounts payable 148 Capital stock 149 Retained earnings 150 Total liabilities and equity 151 Gray, Inc Budgeted Income Statement For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 June 20 Total 120 121 122 123 124 125 Sales, net 126 Cost of goods sold: 127 Gross margin 128 Total operating expenses 129 Net Income 130 132 130 131 Gray, Inc. Budgeted Balance Sheet 133 6/30/2020 134 135 Assets 136 Current Assets: 137 Cash 138 Accounts receivable 139 Supplies 140 Merchandise Inventory 141 Plant and Equipment: 142 Buildings and Equipment 143 Accumulated Depreciation 144 Total assets 145 146 Liabilities and Equity 147 Accounts payable 148 Capital stock 149 Retained earnings 150 Total liabilities and equity 151 Kinsey_Summer 202... Budget FIFO Calculation N 112 1 SI CAR ARG 15 Regd Purch BCD de Portom SH . OtherOverland O. Depreciation och BE F Kinsey_Summer 202... Budget FIFO Calculation N 112 1 SI CAR ARG 15 Regd Purch BCD de Portom SH . OtherOverland O. Depreciation och BE F GrayInc Sales Budget For the 6 mos ending June 20 6 mos total 89.000 Budged unit sales Selling price per unit Total Sales Nov 19 11.250 $10.00 112.500 Dec 19 11,600 $10.00 116.000 Jan 20 10.000 $10.00 100,000 Feb 20 11. 400 $10.00 114,000 Mar 20 12,000 $10.00 120.000 Apr 20 15,600 $10.00 156.000 May 20 18,000 $11.25 202.500 June 20 22 000 $11 25 2477500 940.000 Cash Sales % Credit Sales % 30% 70% Cash Sales Credit Sales Total Sales 33,750 78,750 $112.500 34,800 81.200 $116.000 30,000 70,000 $100.000 34 200 79,800 $114.000 36,000 84 000 $120.000 46,800 109.200 $156.000 60,750 141,750 $202.500 74.250 173 250 $247.500 282,000 658 000 $940.000 Current month A/R Collections month prior A/R Collections months prior A/R Collection Uncollectible 30% 50% 16% 4% Gray. Inc Cash Collections For the 6 mos ending June 20 Jan 20 30,000 June 20 74,250 6 mos total 282,000 Mar 20 36,000 Feb 20 34 200 Apr 20 46,800 May 20 60,750 urrent month cash Sales B D E G H 30% 50% 16% 4% 20 Current month AVR Collections 21 1 month prior A/R Collections 22 2 months prior A/R Collections 23 Uncollectible 24 25 26 27 28 Gray, Inc Cash Collections For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 30,000 34,200 36,000 21,000 23,900 25,200 40,600 35,000 39.900 12,600 12.992 11,200 104,200 106.092 112,300 0 1 2 Current month cash Sales Current month AR Collections 1 month prior A/R Collections 2 months prior A/R Collections Total cash collections Bad Debt Expense Desired ending inventory Apr 20 46,800 32.760 42,000 12.768 134,328 May 20 60,750 42,525 54,600 13,440 171.315 June 20 74,250 51,975 70.875 17 472 214.572 6 mos total 282,000 197,360 282,975 80,472 842,807 3 in 3,150 3,248 2,800 3,192 3,360 4,368 20.118 40% Gray, Inc. Purchase Budget For the 6 mos ending June 20 June 22,00 Budged unit sales Add desired ending inventory Total needs Nov 19 11,250 4,640 15,890 Dec '19 11,600 4,000 15,600 Jan 20 10,000 4,560 14,560 Feb 20 11,400 4.800 16,200 Mar 20 12,000 6,240 18, 240 Apr 20 15,600 7,200 22,800 May 20 18,000 8,800 26,800 7,20 29,2 ger FIFO Calculation Gray, Inc. Purchase Budget For the 6 mos ending June 20 Budged unit sales Add desired ending inventory Total needs Less Beginning Inventory Required Purchases Nov 19 11.250 4,640 15,890 Dec 19 11,600 4,000 15,600 4,640 10.960 Jan 20 10,000 4,560 14,560 4,000 10.560 Feb 20 11,400 4,800 16,200 4,560 11.640 Mar 20 12,000 6,240 18,240 4,800 13,440 Apr 20 15,600 7.200 22,800 6,240 16.560 May 20 18.000 8,800 26.800 7,200 19,600 June 20 22,000 7,200 29,200 8.800 20.400 6 mos total 89,000 7,200 96, 200 4,000 92.200 Cost per unit Purchases $4.00 43.840 $4.00 42.240 $4.00 46.560 $4 20 56.448 $420 69.552 $4.41 86.436 $4.41 89.964 391.200 40% % Paid in Month of Purchase % Paid in Month after Purchase 60% G 69,552 H 86.436 89.964 B c D E F 52 Purchases 43.840 42.240 46.560 56.448 53 54% Paid in Month of Purchase 40% 55 % Paid in Month after Purchase 60% 56 57 58 Gray, Inc. 59 Schedule of Budgeted Cash Disbursements for Merchandise Purchases 60 For the 6 mos ending June 20 61 62 Jan 20 Feb 20 Mar 20 Apr 20 May 20 63 Cash purchases $16.896 $18,624 $22,579 $27,821 $34,574 64 1 month prior A/P Collections $26,304 $25 344 $27936 $33,869 $41.731 65 Cash disbursements for merchandise purch. $43,200 $43.968 $50.515 $61.690 $76,306 66 67 68 Fixed Operating expenses Variable Operating Expenses 69 Salaries and Wages $3,000 Sales Commissions, % of Revenue 7% 70 Rent $8,000 Other Variable Cash Expenses, % of Reven 6% 71 Supplies Expense $2,000 72 Other - Overhead $24,000 73 Other - Depreciation $24,000 74 June 20 $35,986 $51,862 SSZ.84Z 6 mos total $156,480 $207,046 $363.526 Gray, Inc Operating Expense Budget For the 6 mos ending June 20 75 76 77 78 79 80 Salaries and Wages 81 Sales Commissions 82 Rent 83 Other Variable Cash Expenses 84 Supplies Expense 85 Other - Overhead 86 Other - Depreciation 87 Bad Debt Expense 88 Total operating expenses 89 Depreciation and noncash items 90 Bad Debt Expense 91 Cash disbursements for perating expenses Jan 20 $3.000 $7,000 $8,000 $6,000 $2.000 $24,000 $24,000 $3,150 $77,150 $24,000 $3,150 $50,000 Feb 20 $3,000 $7.980 $8,000 $7,200 $2,000 $24,000 $24,000 $3,248 $79,068 $24,000 $3,248 $51.820 Mar 20 $3,000 $8,400 $8,000 $7,200 $2,000 $24,000 $24,000 $2,800 $79,400 $24,000 $2,800 $52.600 Apr 20 $3,000 $10.920 $8,000 $9,360 $2,000 $24,000 $24,000 $3,192 $84,472 $24,000 $3 192 $57.280 May 20 $3,000 $14 175 $8,000 $12, 150 $2,000 $24,000 $24,000 $3,360 $90,685 $24,000 $3,360 $63,325 June 20 $3,000 $17,325 $8,000 $14,850 $2,000 $24,000 $24,000 $4,368 $97,543 $24,000 $4,368 $69.175 6 mos total $18,000 $65,800 $48,000 $56,400 $12,000 $144,000 $144,000 $20.118 $508,318 $144,000 $20 118 $344.200 93 Equipment payment - January 94 Equipment payment - February 95 Dividends - March 96 Minimum Monthly Cash Budget 97 98 99 $50,000 $30,000 $12,000 $15,000 Gray, Inc. 100 Cash Budget For the 6 mos ending June 20 Jan 20 $15,000 $104,200 $119,200 Feb 20 $15,000 $106,092 $121,092 Mar 20 $15,304 $112,300 $127,604 Apr 20 $15,489 $134,328 $149,817 May 20 $15,847 $171,315 $187.162 June 20 $15,532 $214,572 $230,104 6 mos total $15,000 $842807 $857,807 $43,200 $50,000 $50,000 $43.969 $51,820 $30,000 $50,515 $52,600 $61,690 $57,280 $76,306 $63,325 $87,847 $69,175 101 102 103 Cash balance, beginning 104 Add collections from customers 105 Total cash available 106 Less disbursements: 107 Cash disbursements for me andise purch. 108 Cash disbursements for opting expenses 109 Equipment purchases 110 Dividends 111 Total cash disbursements 112 Excess of receipts over oursements 113 Financing 114 Borrowing note 115 Repayments-note 116 Total financing 117 Cash balance, ending 11R $363,526 $344,200 $80,000 $12,000 $799,726 $58,081 $143,200 $ 24,000 $12,000 $115, 115 $12,489 $125,788 $-4,696 $118,970 $30,847 $139.631 $47,532 $157,022 $73,081 $39,000 $20,000 $3,000 $15,000 $15.000 $15, 304 $15.305 $-15.000 $15,847 $15.847 $15.489 $15.489 $32,000 $32,000 $32.000 $ 15,000 $ 15,000 $62,000 $ 62,000 $0 $58,081 Gray, Inc Budgeted Income Statement For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 June 20 Total 120 121 122 123 124 125 Sales, net 126 Cost of goods sold: 127 Gross margin 128 Total operating expenses 129 Net Income 130 132 130 131 Gray, Inc. Budgeted Balance Sheet 133 6/30/2020 134 135 Assets 136 Current Assets: 137 Cash 138 Accounts receivable 139 Supplies 140 Merchandise Inventory 141 Plant and Equipment: 142 Buildings and Equipment 143 Accumulated Depreciation 144 Total assets 145 146 Liabilities and Equity 147 Accounts payable 148 Capital stock 149 Retained earnings 150 Total liabilities and equity 151 Gray, Inc Budgeted Income Statement For the 6 mos ending June 20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 June 20 Total 120 121 122 123 124 125 Sales, net 126 Cost of goods sold: 127 Gross margin 128 Total operating expenses 129 Net Income 130 132 130 131 Gray, Inc. Budgeted Balance Sheet 133 6/30/2020 134 135 Assets 136 Current Assets: 137 Cash 138 Accounts receivable 139 Supplies 140 Merchandise Inventory 141 Plant and Equipment: 142 Buildings and Equipment 143 Accumulated Depreciation 144 Total assets 145 146 Liabilities and Equity 147 Accounts payable 148 Capital stock 149 Retained earnings 150 Total liabilities and equity 151 Kinsey_Summer 202... Budget FIFO Calculation N 112 1 SI CAR ARG 15 Regd Purch BCD de Portom SH . OtherOverland O. Depreciation och BE F
