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Use the template provided to create the following: Schedule 5: Cash Purchases Budget Schedule 6: Direct Labor Budget Schedule 7: Overhead Budget Schedule 8: Selling
Use the template provided to create the following:
WGT Balance Sheet Cash Accounts Receivable Inventory Raw Materials FG Inventory Land Buildings and Equip Accum Depr Total Assets 01/01/2014 $ 22,000 12,000 350 4,950 8,000 70,000 200 $ 88,100 Accounts Payable Capital Stock RE Total Liab and Stockholders S 2,580 17,500 68.020 $ 88,100 Use the following to complete the team project: 1. The marketing department projects the following sales levels Quarter 1, 2014 Quarter 2, 2014 Quarter 3, 2014 Quarter 4, 2014 Quarter 1, 2015 Quarter 2, 2015 8,700 Gnomes 9,800 Gnomes 4,200 Gnomes 3,800 Gnomes 4,600 Gnomes 2,800 Gnomes The statues are expected to sell for $40.00 EACH 1. WGT sell all merchandise on credit. Historically, WGT receives 65% ofeach arter's sales during the quarter and qu 2. WGT plans to stock the ending inventory of finished goods to equal 35% in the next quarter 60% of the next quarter's sales Finished Goods inventory at 01/01/2014 is 300 statues at a cost of $16.5 per unit
Schedule 5: Cash Purchases Budget
Schedule 6: Direct Labor Budget
Schedule 7: Overhead Budget
Schedule 8: Selling and Administrative Expense Budget
Schedule 9: Ending Finished goods
Schedule 10: Budgeted cost of goods sold
Schedule 11: Cash Budget
Schedule 12: Budgeted Income Statement
Schedule 13: Budgeted Statement of Retained Earnings
Schedule 14: Budgeted Balance Sheet
Schedule 5: Cash Purchases Budget |
Current Quarter Purchases: Cash |
Purchases Payable: Cash Payments |
Total Cash Outlay per Quarter: |
Schedule 6: Direct Labor Budget |
Units to be produced |
DL needed per unit |
DL hours needed |
cost per hour |
Total Budgeted Direct Labor (dollars) |
Schedule 7: Overhead Budget |
DL hours needed |
VOH rate /hour |
Budgeted variable OH |
Depreciation |
Other fixed costs |
Budgeted fixed OH |
Total budgeted OH expense |
Schedule 8: SG&A Budget |
Units sold |
Variable Selling & Administrative Rate |
Budgeted Variable Selling & Administrative Costs |
Depreciation |
Other SG&A |
Budgeted Fixed Selling & Administrative Costs |
Total budgeted SG&A expense |
Schedule 9: Ending Finished goods |
Ending Balances: Inventory - DM, DL |
DM - Cement |
DM - Plaster |
Direct Labor |
Total Per Unit Inventory Costs: |
Units in Ending Inventory: |
Ending Inventory: DM, DL |
Ending Balance: Inventory - Overhead |
Variable Overhead |
Fixed Overhead |
Total Per Unit Inventory Costs: |
Units in Ending Inventory: |
Ending Inventory: Overhead |
Total Ending Inventory Balance: Finished Goods |
Schedule 10: Budgeted COGS |
Beginning Balance: Finished Goods |
Costs incurred during the period |
Direct materials used - cement |
Direct materials used - plaster |
Direct labor used |
Overhead - total |
Cost of Goods Available For Sale |
Ending Inventory |
Cost of Goods Sold |
Schedule 11: Cash Budget |
Cash Sources: |
Beginning Balance: Cash |
Cash Receipts |
Cash available for use |
Cash Uses: |
Disbursements for purchases |
Direct Labor |
Overhead payments |
Sales & General Administrative Payments |
Taxes Paid |
Dividends paid |
Equipment purchases |
Total Cash Disbursements |
Cash Balance - pre debt |
Loans (repayments) |
Interest Payments on Loans |
Net Borrowing Impact on Cash |
Ending Balance: Cash |
Schedule 12: Budgeted income statement |
Sales |
Cost of Goods Sold |
Gross Margin |
Selling and General Administrative Expenses |
Interest Expense |
Net Income before Taxes |
Tax Expense |
Net Income |
Schedule 13: Budgeted Retained Earnings |
Retained Earnings Calculation |
Beginning Balance: RE |
Plus: Net Income |
Less: Dividends Paid |
Retained Earnings |
Schedule 14: Budgeted Balance sheet |
Cash |
Accounts Receivable |
Inventory |
Raw materials |
Finished Goods |
PP&E |
Land |
Building and Equipment |
Accumulated Depreciation |
Acct Payable |
Tax Payable |
Capital stock |
RE |
Total L&SE |
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