The Pecansplas Conscany peoduces asd sells chocolate burs filled with pieces of pecise. The 5-ar chocolate bar has two dircet materials: 100% esgatic cacas beans and 1000 erganic pecans. The production pooess includes creating the chocolace froms scrach wing the cacso beans (along with other ingredicnss) and chopping the pecans inte the pioces thut fill the chocolate bar. Indirect makerials instlude very mieimal amouns of wagar, milis and salt, in addition to some packaging materials. Pocansplless is prepuring budgets for the 3rd quarter endies September 30, 2023. For each requirement below prepare tudgets by month for Jly, Asgast and Sepiember, ad a loeal bolget for the quarter. 1. The previous year's sales (2022) for the conesponding period were The company eapects the above volume of tar sales to increase by 5% for the period Jaly 2023 - November 2023. The budgered selling price for 2023 is 58.00 per chocelate bar. The compony expects 90 tof its sales to be cath (COD) sales. The remuinine 10N of sales will be made on cedic. Prepare a Sales Budget for Pecanstles. 2. The compuny desires to have finished goods inventory on hand at the end of eact moedh equal to 11 pereent of the following month's budpetod unit sale. The beyintion imvertaty, in July 2023, is expocted to be 3,581 chocelase buns an hand. (Note an estimate of sales in October is required in order to complete the peoduction budget fer Sepember). Dse the 2 ROUND fonctian to round to the mearest whole namber the number of chocolate bars desired in cading inventory. Prepare a Production budges. 3. The chocolate bars require two direct iaterials: Cacao Beuss and Pecans. Cacas Brans theve maleriats on hasd at the end of each moeth equal to 12 percem of the followiog month's chocolate bar pooduction neods. Use the ar ROUND function te reand to the nearest whole number the number of pounds of cacae beans desired in weding inventory. The beginning inventery of cacao beans, in laly 202t, is expected to be 1.489 pound. Cacao beans are expected to cost \$7 per pound. (Note budpetod production in October is required in ender to complete the direct materials budect fier Sepember) Our supplier enly allows purchases in whole peunde, so wite the (a ROUND function to reund to the ncarest whale number the number of peends to purchase. Pecans Each chocolate bat also trquires 0.08 pound of pocans. Management dosites to have pecans on hand at the end of each month equal to 10 pereent of the following month production neaks. Use the ai ROLND function to round to the neareat whale number the mumber of pounds of peeans desired in ending inventory. The beginning inventary. in luly 2023, is expected to le 249 pounds of Pocant. Focins are expected to coof $10 per pound. (Note; budgeted prodaction in October is required in ceder to complete the direct materials bodige for Scptentert. Use the a ROUND function to round to the mearest whole sumber the number of pounds of pecans to purchase. Prepare a Direst Materials budget. Also, becanse twe direct materials are required for production - cacao beans asd pecass - you will aeed a separate schedule for each direct material. 4. Each chocolate bar requirer 0.92 hous of direct labot. Direct labor coibs the conpany $18 per hour. Prepare a Direst Laber badget. 4. Each chocolate bar requires 0.02 hours of direct labor. Direct labor costs the company $18 per hour. Prepare a Direct Labor budget. 5. PecansPlus budgets indirect materials (e.g., sugar, salt, packaging materials) at $0.21 per chocolate bar. Other variable components are $0.11 per bar for indirect labor and $0.13 per bar for utilities. The following fixed costs per month are budgeted for indirect labor, $10,000, depreciation, $8,000, and other, $4,000. Prepare a Manufacturing Overhead budget. 6. Variable selling and administrative expenses consist of outward freight ($100 per 1,000 chocolate bars) and sales commission ( 5 percent of the selling price per bar). Fixed selling and administrative expenses include administration ($20,000 per month) and marketing ( $30,000 per month). Prepare an Operating Expenses budget. 7. Prepare a Budgeted Manufacturing Cost per unit budget. Refer to exhibit 911 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 1,000,000 chocolate bars. 8. Prepare a Budgeted Income Statement for the quarter for PecansPlus. Assume interest expense of $0, and income tax expense of 18% of income before taxes. PecansPlus has set a goal for the quarter of achieving its net income greater than 14% of its sales revenue. To determine whether the company achieves the goal, use a 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* 14% ) is met or not. Assumptions Budgets GBCoffee Company 2020 Budget Assumptions Prepared by: Student Name Sales Budget Assumptions \begin{tabular}{|lr|} \hline Unit Price & $15.00 \\ \hline Percentage of Cash Sale & 35% \\ \hline Percentage of Credit sale & 65% \\ \hline Expected sales increase & 8% \\ \hline & \\ \hline 2019 Sales & \\ \hline April & 50,000 bags \\ May & 55,000 bags \\ June & 90,000 bags \\ July & 75,000 bags \\ August & 60,000 bags \end{tabular} Production Budget Assumptions Direct Materials Budget Assumptions Direct Labor Budget Assumptions Manufacturing Overhead Budget Assumptions Operating Expense Budget Assumptions Budgeted Manufacturing Cost Per Unit Budget Assumptions Budgetd Income Statement Assumptions Budgets GBCollee Company 2020 Budget Assumptions Prepared by: Student Name