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Pickachip Budget Project ACC 202 - Spring Due Sunday, April 17 The Pickachip Company produces and sells organic plain potato chips. The one- pound family size bag of chips has two direct materials - potatoes and packaging. Pickachip is preparing budgets for the second quarter ending June 30, 2022. For each requirement below prepare budgets by month for April, May, and June, and a total budget for the quarter. 1. The previous year's sales (2021) for the corresponding period were: April 85,000 bags May 90,000 bags June 100,000 bags July 95,000 bags August 100,000 bags The company expects the above volume of sales to increase by 10% for the period April 2022 - August 2022. The budgeted selling price for 2022 is $11.50 per bag of chips. The company expects 10% of its sales to be cash (COD) sales. The remaining 90% of sales will be made on credit. Prepare a Sales Budget for Pickachip. 2. The company desires to have finished goods inventory on hand at the end of each month equal to 11 percent of the following month's budgeted unit sales. On March 31, 2022. Pickachip expects to have 10,285 bags of chips on hand. Prepare a Production budget 3. The final product (bags of chips) requires two direct materials: potatoes and packaging Potatoes 4 pounds of raw potatoes are required for each one-pound bag of potato chips. Management desires to have materials on hand (i.c., pounds of potatoes) at the end of each month equal to 20 percent of the following month's production needs. The beginning materials inventory, April 2022, is expected to be 75,284 pounds. Potatoes cost $1.20 per pound Packaging Packaging material is purchased by the roll and 50 bags of chips are produced from each roll. The packaging is made from biodegradable, organic plant fiber that extends the shelf life of the potato chips while preserving its freshness. Management desires to have packaging on hand at the end of each month equal to 12 percent of the following month's production needs. The beginning inventory of packaging (i.e., rolls of packaging material) in April 2022 is expected to be 226 rolls. Packaging is expected to cost $14 per roll. Note, budgeted production in July is required in order to complete the direct materials budget for June. Also, use the @ROUNDUP function to round up to the nearest whole number rolls of packaging material to purchase (DM units to purchase for packaging). Further, because two direct materials are required for production potatoes and rolls of packaging - you will need a separate schedule for each direct material. Prepare a Direct Materials budget *** This assignment requires you to prepare budgets for the second quarter (April, May, and June). Thus, you do not need to make budgets for July and August except for "Sales and Production" and "OM" budgets. You need some information from July and August to complete June budget schedule in "Production budget" and "DM budget". However, there is not enough information to complete August in "Production" and July and August in "DM" budgets, so please fill out July and August as much as you can with given information and let them have blanks (incomplete), because you just need partial info from those months for June budget 6.e., to calculate June's ending inventory) 4. Each bag of chips requires 0.12 hours of direct labor. Each hour of direct labor costs the company $18. Prepare a Direct Labor budget. 5. Pickachip budgets indirect materials (e.g., salt, oil) at $0.06 per bag. Pickachip treats indirect labor and utilities as mixed costs. The variable components are $0.40 per bag for indirect labor and $0.20 per bag for utilities. The following fixed costs per month are budgeted for indirect labor, $25,000, utilities, $5,000, and other, $12,000. Prepare a Manufacturing Overhead budget. 6. Variable selling and administrative expenses are $1.20 per bag of chips sold. Fixed selling and administrative expenses are $45,000 per month. These costs are not itemized, i.e., the budget has only two line items - variable operating expenses and fixed operating expenses. Prepare an Operating Expenses budget. 7. Prepare a Budgeted Manufacturing Cost per unit budget. Refer to exhibit 9-11 for guidance. To calculate FMOH/unit calculate total FMOH for the year and divide this by budgeted production for the year. The total production volume for the year is budgeted at 900,000 bags. 8. Prepare a Budgeted Income Statement for the quarter for Pickachip. Assume interest expense of So, and income tax expense of 22% of income before taxes. Pickachip's goal for the quarter is to make its net income greater than 10% of its sales revenue. To determine whether the company achieves the goal, use @IF function. In the IF function, you need to label "Achieved" if it achieves the goal (if the condition is met) or "Not Achieved" if it does not achieve (if the condition is not met). Use the CELL right next to 'Net Income cell to make the IF function that returns one of the labels based on whether the condition (net income > sales revenue* 10%) is met or not $ GBCoffee Company 2020 Budget Assumptions Prepared by: Student Name Sales Budget Assumptions Unit Price Percentage of Cash Sale Percentage of Credit sale Expected sales increase 2019 Sales Apni May June July August 15.00 35% 65% 8% 50,000 bags 55,000 bags 90.000 bags 75,000 bags 60,000 bags Production Budget Assumptions Direct Materials Budget Assumption Direct Labor Budget Assumptions