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Exercise 22-12 Manufacturing: Preparing production budgets (for two periods) LO P1 Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 90,000 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 450,000 units; third quarter, 525,000 3.28/4 nolints awardled units and fourth quarter, 475,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 20% of the next quarter's budgeted sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. Production Budget Second and Third Quarters Second Quarter Third Quarter Budgeted ending inventory (units) Budgeted unit sales for quarter Required units of avaliable production Budgeted beginning inventory (units) Units to be produced 05,000 450,000 555,000 75000(1 480,000 95,000 525,000 620,000 (105,000) 515,000 ed o Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July-August Budgeted sales Budgeted cash payments for $64,000 $80,000 48,000 Direct materiale Direct labor Factory overhead of 2 16,160 13,440 13,760 4,040 3,360 3,440 20,200 16,800 17,200 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 belance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable: $4,500 in accounts payable; and $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month) s ewarded cored Problem 22-2A Part 1 (1) Prepare a cash receipts budget for July, August, and September Cash Receipts Budget For July, August, and September Sales Less: ending accounts receivable Cash receipts trom Cash sales Colections of prior monthi's receivables Total cash receipts .64,0000S 80,0000,-46.0000 1280016000$,600 51200 4,000 38,400 6600 3.200 35.200 67.200 73,600 Required information Problem 22-2A Manufacturing: Cash budget LO P2 The following information applies to the questions displayed below Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow ed Budgeted sales Budgeted cash payments for 64,000 $80,000 $48,000 Direct materials Direct labor Factory overhead 16,160 13,440 13,760 4,040 3,360 3,440 20,200 16,800 17,200 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and $5,000 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month). Problem 22-2A Part 2 (2) Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (If any) should be indicated with minus sign. Enter your final answers in whole dollars) BUILT-TIGHT Cash Budget For July, August, and September July Begineing cash belance15.0015.000 20959O Required information 4 BUILT-TIGHT Cash Budget For July, August, and September Part 2 of 2 15,00015,000s 20,959 67.200 Beginning cash balance Cash receipts from customers receipts from customs50067273,600 57,800 324/4 points awarded Total cash available 72,800 Scored 16,16001 1344001 :13,7600 4,040 3,440 2020016.800 17 200 6,400 8000 4 4,800 Sales 6,500 Interest on bank loan 49,700 57 350 44,859 Preliminary cash balance 30,010 30,010 44,859 July Loan balance- Beginning of month Additional loan oan repayment Loan balance End of mont 5,000s ,450 40O (6,450) 6,450 $