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Use the following to fill in the blanks Perky Turkey Jerky, LLC Budgeting Assumptions For the Quarter Ending June 30, 2018 Month April May June

Use the following to fill in the blanks

Perky Turkey Jerky, LLC
Budgeting Assumptions
For the Quarter Ending June 30, 2018
Month
April May June July
Sales Budget
Budgeted Sales in units 10,000 12,000 15,000 15,000
Selling Price Per Unit $9.00 $9.00 $9.00
Percentage of Sales collected in the month of the sale 90% 90% 80%
Percentage of Sales collected in the month after the sale 10% 10% 20%
Production Budget
Percentage of next month's sales in ending finished goods inventory 20% 25% 30%
Direct Materials Budget
Meat per pound $2.50 $2.50 $2.50
Pounds of meat per unit 2 2 2
Percentage of next months production needs in ending inventory 10% 10% 10%
Percentage of purchases paid in the month purchased 60% 60% 60%
Percentage of purchases paid in the month after purchase 40% 40% 40%
Direct Labor Budget
Direct labor hours required per unit (20 units per labor hour) 0.05 0.05 0.05
Cost per direct labor hour $15.00 $15.00 $15.00
Manufacturing Overhead Budget
Variable manufacturing overhead per direct labor hour $5.00 $5.00 $5.00
Fixed manufacturing overhead $15,000 $15,000 $15,000
Manufacturing Depreciation $10,000 $10,000 $10,000
Variable Selling and Administrative Expense Budget
Sales Commissions $0.15 $0.15 $0.15
Fixed selling and administrative expenses
Advertising $2,500 $2,500 $2,500
Manager Salaries $5,000 $5,000 $5,000
Insurance $2,000 $2,000 $2,000
Depreciation on Office Equipment $500 $500 $500
Total fixed selling and administrative expenses $10,000 $10,000 $10,000
Cash Budget
Minimum cash balance $50,000 $50,000 $50,000
Simple annual interest rate 3% 3% 3%

Perky Turkey Jerky, LLC
Balance Sheet
March 31, 2018
Assets
Current Assets
Cash 52,000.00
Accounts Receivable 9,000.00
Raw Materials Inventory 2,750.00
Finished Goods Inventory 14,300.00
Total Current Assets 78,050.00
Plant and Equipment
Equipment 930,000.00
Accumulated Depreciation (63,000.00)
Plant and Equipment, Net 867,000.00
Total Assets 945,050.00
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable 7,500.00
Bonds Payable 100,000.00 (for simplicity, ignore interest on Bonds Payable)
Stockholders' Equity
Common Stock 800,000.00
Retained Earnings 37,550.00
Total Stockholders' Equity 837,550.00
Total Liabilities and Stockholders' Equity 945,050.00 -

Perky Turkey Jerky, LLC
Sales Budget
For the Quarter Ending June 30, 2018
Month Quarter Total
April May June
Budgeted Sales (in units)
Selling price per unit
Total Sales
Schedule of Expected Cash Collections
Beginning Accounts Receivable
April sales
May sales
June sales
Total cash collections

Perky Turkey Jerky, LLC
Sales Budget
For the Quarter Ending June 30, 2018
Month Quarter Total
April May June
Budgeted sales in units
Add: Desired Ending Inventory
Total units needed
Less: Units of beginning finished goods inventory
Required production in units

Perky Turkey Jerky, LLC
Direct Materials Budget
For the Quarter Ending June 30, 2018
Month Quarter Total
April May June
Required production (in units)
Pounds of raw materials per unit
Pounds of raw materials needed for production
Add: Desired Raw Materials ending inventory
Total pounds of Raw Materials needed
Less: Beginning Raw Materials inventory
Pounds of Raw Materials to be purchased
Cost of Raw Materials per pound
Cost of Raw Materials to be purchased
Schedule of Expected Cash Disbursements for the Purchase of Materials
Beginning Accounts Payable
April purchases
May purchases
June purchases

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