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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

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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 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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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

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