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Problem! Prepare a master budget for McMilland Forest Encounters for the year ending December 31, 2021 using the following information. Prepare it per quarter. Use the tables provided by the professor. Fill it. Prepare the Sales Budget assuming: 1. Expected sales volume: 12,500 units for the first quarter, a decrease of 12% is expected for the second quarter, an increase of 10% for the third quarter, an increase of 20% for the fourth quarter, and a decrease of 5% for the first quarter of the next year. 2. The sales price should be $153.00 for the first two quarters and $175.50 for the last two quarters. Prepare the Production Budget assuming: 1. The company believes it can meet future sales needs with an ending inventory of 22% of the next quarter, for the first quarter, of 25% of the next quarter, for the next two quarters and 30% of the next quarter, for the last quarter. Prepare the Direct Material Budget assuming: 1. Ending inventory of raw material is expected to be 20% of total pounds needed for production of the next quarter for the first two quarters and 25% of the next quarter for the last two quarters. 2. Each product requires 6 Kilos of raw material. 3. The expected cost per kilos is $9.75. 4. The expected kilos needed for production in the first quarter of 2021 is an increase of 10% of the last quarter. Prepare the Direct Labor Budget assuming: 1. To produce a unit is required 5 hours of direct labor. 2. The hourly wage rate is expected to be $10.50. Prepare the Manufacturing Overhead Budget assuming: 1. Property taxes and insurance are expected to be $10,250 per quarter. 2. The indirect material is expected to be $1.05 per direct labor hour. 3. Maintenance is expected to be $.35 per direct labor hour plus $4,250 per quarter. 4. Depreciation is expected to be $8,550 per quarter. 5. Other variable cost is expected to be $1.25 per direct labor hour. 6. Indirect labor is expected to be $1.75 per direct labor hour. 7. The supervisor salaries are $62,000 per quarter. Prepare the Selling and Administrative Budget assuming: 1. Freight-out is expected to be $.95 per unit sold. 2. Property taxes and insurance are expected to be $829 per quarter. 3. Other variable costs are expected to be $.37 per unit sold. 4. Miscellaneous expense is expected to be $.18 per direct labor hour plus $695 per quarter. 5. Office salaries are expected to be $17,250 per quarter. 6. Depreciation is expected to be $3,255 for the first two quarters, $5,255 for the third quarter and $6,285 for the fourth quarter. 7. Sale Commission is expected to be $2.85 per unit sold. 8. Advertising expenses are expected to be of $5,500 per quarter. 9. Sales salaries are expected to be $25,598 per quarter. Prepare the Budgeted Income Statement with the information above and the following information: 1. Manufacturing overhead required per unit is 3 2. Interest Expense is $27,850. 3. Income tax rate is 18.25% Prepare the Cash Budget assuming 1. On January 1, 2021 cash balance is expected to be $120,000 2. Sales are expected to be collected: a. 50% in the quarter of the sale. b. 30% one quarter after the sale. c. 20% two quarter after the sale. 3. Accounts Receivable of $72,000 at December 31, 2019 are expected to be collected in full, $25,000 in the first quarter, $30,000 in the third and the remaining in the fourth quarter of 2020. 4. Direct material is expected to be pald: a. 40% in the quarter of purchase. b. 35% one quarter after the purchase. c. 25% two quarter after the purchase. 5. Short term investments are expected to be sold for $10,000 in the second quarter and $23,500 in the fourth quarter. 6. Long term investment is expected to be sold for $48,000 in the third quarter. 7. Direct labor is expected to be paid: a. 35% in the quarter of purchase. b. 30% one quarter after the purchase. c. 35% two quarter after the purchase. 8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. 9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred. 10. Management plans to purchase a minivan in the third quarter for $40,000, and a used delivery truck in the fourth quarter for $20,600. 11. McMilland paid half of their estimated annual income taxes in the second quarter and the remaining in the last quarter of the year. 12. Accounts payable of $38,500 at December 31, 2019 are expected to be paid in full in the third quarter. 13. McMilland wishes to maintain a balance of at least $200,000 in cash. 14. Assume interest of 5.35% in the repayment. 15. Common Stock are expected to be issued in the fourth quarter for an amount of 48,000. 16. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $200,000 minimum required balance). Prepare the Budgeted Balance Sheet with the information above and the following information: 1. Pertinent data at December 31, 2019 are as follows: a. Building and equipment, $300,000 b. Accumulated depreciation $100,000 C. Common stocks $150,000 d. Retained earnings $212,357.30 2. The accounts that should be in the statements are: a. Cash b. Account receivable C. Finished goods inventory d. Raw material inventory e. Accounts payable f. Salaries and wages payable 8. The accounts mentioned in part 1 of this section. Problem! Prepare a master budget for McMilland Forest Encounters for the year ending December 31, 2021 using the following information. Prepare it per quarter. Use the tables provided by the professor. Fill it. Prepare the Sales Budget assuming: 1. Expected sales volume: 12,500 units for the first quarter, a decrease of 12% is expected for the second quarter, an increase of 10% for the third quarter, an increase of 20% for the fourth quarter, and a decrease of 5% for the first quarter of the next year. 2. The sales price should be $153.00 for the first two quarters and $175.50 for the last two quarters. Prepare the Production Budget assuming: 1. The company believes it can meet future sales needs with an ending inventory of 22% of the next quarter, for the first quarter, of 25% of the next quarter, for the next two quarters and 30% of the next quarter, for the last quarter. Prepare the Direct Material Budget assuming: 1. Ending inventory of raw material is expected to be 20% of total pounds needed for production of the next quarter for the first two quarters and 25% of the next quarter for the last two quarters. 2. Each product requires 6 Kilos of raw material. 3. The expected cost per kilos is $9.75. 4. The expected kilos needed for production in the first quarter of 2021 is an increase of 10% of the last quarter. Prepare the Direct Labor Budget assuming: 1. To produce a unit is required 5 hours of direct labor. 2. The hourly wage rate is expected to be $10.50. Prepare the Manufacturing Overhead Budget assuming: 1. Property taxes and insurance are expected to be $10,250 per quarter. 2. The indirect material is expected to be $1.05 per direct labor hour. 3. Maintenance is expected to be $.35 per direct labor hour plus $4,250 per quarter. 4. Depreciation is expected to be $8,550 per quarter. 5. Other variable cost is expected to be $1.25 per direct labor hour. 6. Indirect labor is expected to be $1.75 per direct labor hour. 7. The supervisor salaries are $62,000 per quarter. Prepare the Selling and Administrative Budget assuming: 1. Freight-out is expected to be $.95 per unit sold. 2. Property taxes and insurance are expected to be $829 per quarter. 3. Other variable costs are expected to be $.37 per unit sold. 4. Miscellaneous expense is expected to be $.18 per direct labor hour plus $695 per quarter. 5. Office salaries are expected to be $17,250 per quarter. 6. Depreciation is expected to be $3,255 for the first two quarters, $5,255 for the third quarter and $6,285 for the fourth quarter. 7. Sale Commission is expected to be $2.85 per unit sold. 8. Advertising expenses are expected to be of $5,500 per quarter. 9. Sales salaries are expected to be $25,598 per quarter. Prepare the Budgeted Income Statement with the information above and the following information: 1. Manufacturing overhead required per unit is 3 2. Interest Expense is $27,850. 3. Income tax rate is 18.25% Prepare the Cash Budget assuming 1. On January 1, 2021 cash balance is expected to be $120,000 2. Sales are expected to be collected: a. 50% in the quarter of the sale. b. 30% one quarter after the sale. c. 20% two quarter after the sale. 3. Accounts Receivable of $72,000 at December 31, 2019 are expected to be collected in full, $25,000 in the first quarter, $30,000 in the third and the remaining in the fourth quarter of 2020. 4. Direct material is expected to be pald: a. 40% in the quarter of purchase. b. 35% one quarter after the purchase. c. 25% two quarter after the purchase. 5. Short term investments are expected to be sold for $10,000 in the second quarter and $23,500 in the fourth quarter. 6. Long term investment is expected to be sold for $48,000 in the third quarter. 7. Direct labor is expected to be paid: a. 35% in the quarter of purchase. b. 30% one quarter after the purchase. c. 35% two quarter after the purchase. 8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. 9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred. 10. Management plans to purchase a minivan in the third quarter for $40,000, and a used delivery truck in the fourth quarter for $20,600. 11. McMilland paid half of their estimated annual income taxes in the second quarter and the remaining in the last quarter of the year. 12. Accounts payable of $38,500 at December 31, 2019 are expected to be paid in full in the third quarter. 13. McMilland wishes to maintain a balance of at least $200,000 in cash. 14. Assume interest of 5.35% in the repayment. 15. Common Stock are expected to be issued in the fourth quarter for an amount of 48,000. 16. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $200,000 minimum required balance). Prepare the Budgeted Balance Sheet with the information above and the following information: 1. Pertinent data at December 31, 2019 are as follows: a. Building and equipment, $300,000 b. Accumulated depreciation $100,000 C. Common stocks $150,000 d. Retained earnings $212,357.30 2. The accounts that should be in the statements are: a. Cash b. Account receivable C. Finished goods inventory d. Raw material inventory e. Accounts payable f. Salaries and wages payable 8. The accounts mentioned in part 1 of this