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Jones Corp Budgeted Income Statement January February March Total 38 39 40 41 142 143 Sales 144 Cost of sales 145 Gross profit 746 Selling & administrative 147 Net income 148 149 150 151 152 Jones Corp Budgeted Balance Sheet 153 January February March 154 Cash 155 Accounts receivable 156 Raw materials 157 Finished goods 158 Land 159 Plant & equipment 160 Accumulated depreciation 161 162 163 Accounts payable 164 Common stock 165 Retained earnings 166 167 168 169 170 Thorny Corp. Budgeted Product Cost for the Quarter Total Cost 1 2 3 4 5 5 Raw materials "Parts B Direct labor Factory overhead Budgeted cost to produce one Gizmo Quantity Cost/Rate 5 units 0.5 hours 0.5 hours $4.00 $24.00 $12.00 $20.00 12.00 6.00 $38.00 Jones Corp Factory Overhead Budget January February 3600 4200 12 12 43,200.00 $ 50.400.00 $ March 4800 12 Total 12,600 3900 12 46,800.00 57,600.00 $ 151,200 January $10,000 35,000.00 $45,000 Jones Corp S&A Expenses February $10,000 40,000.00 $50,000 March $10,000 50,000.00 $60,000 $10,000 40,000.00 $50,000 Total $30,000 $125,000 $155,000 Jones Corp Cash Budget 1 2 3 4 Direct Labor Hours 5 Rate per hour 6 Total Factory Overhead 7 8 9 0 1 Fixed 2 Variable 3 Total Factory Overhead 4 5 6 7 8 9 0 Total Net Credit Sales 1 Sales collections -2 Previous month 3 Current month 24 Total collections 25 Total Net Purchases 26 Disbursements 27 Previous month purchases 28 Current month purchases 29 Direct labor 30 Factory overhead 31 Selling & administrative 32 Total disbursements 33 Change in cash 34 Beginning balance 35 Ending balance 36 March January $350,000 February $400,000 $500,000 Total $1,250,000 $400,000 $192,000 140,000 $332,000 $210,000 160,000 $370,000 $240,000 200,000 $440,000 $300,000 160,000 $460,000 $642,000 $500,000 $1,142,000 $40,000 79,800 86,400 43,200 45,000 $294,400 $37,600 41,700 $79,300 $34,200 121,800 100,800 50,400 50,000 $357,200 $12,800 79,300 $92,100 $52,200 128,100 115,200 57,600 60,000 $413,100 $26,900 92,100 $119,000 $54,900 119,000 93,600 46,800 50,000 $364,300 $95,700 119,000 $214.700 $126,400 $329,700 $302,400 $151,200 $155,000 $1,064,700 $77,300 $213,100 $290,400 B Production Budget A 3 4 Product Z (Finished Product) 55 56 Estimated sales (units) 57 Desired ending inventory 68 Total units needed January 7,000.00 1,600,00 8,600.00 Total 25,000.00 February 8,000.00 2,000.00 10,000.00 1,600.00 Scratch Pad April May 8,000.00 7,000.00 1,400.00 5,000.00 9,400.00 12,000.00 March 10,000.00 1,600.00 11,600.00 30,200.00 69 Less beginning inventory 1,400.00 2,000.00 1.600.00 1,400.00 7,200.00 8.400.00 9,600.00 7,800.00 10,600.00 25,200.00 Jones Corp. Raw Materials Purchases Budget 70 Production needed 71 72 73 74 75 76 "Parts 77 Production needs 78 Desired ending inventory 79 Subtotal 80 Less beginning inventory 81 Purchases required 82 83 84 Purchase costs 85 Total "Parts" B6 Price per part January 36,000.00 10,500.00 46,500.00 February 42,000.00 12,000.00 54,000.00 53,000.00 March 48,000.00 9.750.00 57,750.00 12,000.00 45.750.00 39,000.00 13,250.00 52,250.00 9,750.00 42.500,00 Total 126,000.00 32,250.00 158,250.00 40,500.00 18,000.00 10,500.00 43,500.00 28,500.00 117.750.00 January 28,500.00 February 43,500.00 March 45,750.00 42,500.00 Total 117,750 $4.00 $4.00 $4.00 $4.00 $ 114,000.00 $ 174,000.00 S 183,000.00 S 170,000.00 471,000 87 Total Cost 88 89 90 91 92 93 Production Needed 94 Time per each unit 95 Total hours needed 96 Rate per hour 97 Total DLCost Sheet1 7,800 Jones Corp Direct Labor Cost Budget January February March 7,200 8,400 9,600 0.5 05 3600 4200 4800 $24 $24 $24 $16.400 $100,00 $115,200 Total 25,200 12,600 3000 524 $91.000 302.400 Ready Balance Sheet, December 31 Cash Accounts receivable Raw materials Finished goods Land Plant and equipment Less: accumulated depreciation Total assets $41,700 192,000 102,240 64,400 50,000 $500,000 112,000 388,000 $838,340 $40,000 Accounts payable to suppliers Common Stock Retained Earnings Total liabilities and equity $100,000 698,340 798,340 $838,340 7,000 8,000 10,000 8.000 7,000 $50 Estimated sales of product Z January February March April May Selling price Collections from customers Collected in month of sale Collected the following month Desired finished goods inventory (% of next month's unit sales) Desired raw material inventory (% of next month's production needs) Raw material units needed to produce one Product Z "Parts" 40% 60% 20% 25% 5 B. Inventory units & cost Product z "Parts" 1,400 18,000 $46.00 $4.00 Purchases Paid in the month of purchase Paid in the subsequent month 70% 30% Direct labor time to produce one Product Z 5 Cost of direct labor 5 Factory overhead 0.5 hours $24 per hour $12 per direct labor hr 3 Selling and administrative expenses 3 Plant and equipment depreciation $10,000 fixed 10% variable (Sales) $12,000 per year Ionescnrn Jones Corp Budgeted Income Statement January February March Total 38 39 40 41 142 143 Sales 144 Cost of sales 145 Gross profit 746 Selling & administrative 147 Net income 148 149 150 151 152 Jones Corp Budgeted Balance Sheet 153 January February March 154 Cash 155 Accounts receivable 156 Raw materials 157 Finished goods 158 Land 159 Plant & equipment 160 Accumulated depreciation 161 162 163 Accounts payable 164 Common stock 165 Retained earnings 166 167 168 169 170 Thorny Corp. Budgeted Product Cost for the Quarter Total Cost 1 2 3 4 5 5 Raw materials "Parts B Direct labor Factory overhead Budgeted cost to produce one Gizmo Quantity Cost/Rate 5 units 0.5 hours 0.5 hours $4.00 $24.00 $12.00 $20.00 12.00 6.00 $38.00 Jones Corp Factory Overhead Budget January February 3600 4200 12 12 43,200.00 $ 50.400.00 $ March 4800 12 Total 12,600 3900 12 46,800.00 57,600.00 $ 151,200 January $10,000 35,000.00 $45,000 Jones Corp S&A Expenses February $10,000 40,000.00 $50,000 March $10,000 50,000.00 $60,000 $10,000 40,000.00 $50,000 Total $30,000 $125,000 $155,000 Jones Corp Cash Budget 1 2 3 4 Direct Labor Hours 5 Rate per hour 6 Total Factory Overhead 7 8 9 0 1 Fixed 2 Variable 3 Total Factory Overhead 4 5 6 7 8 9 0 Total Net Credit Sales 1 Sales collections -2 Previous month 3 Current month 24 Total collections 25 Total Net Purchases 26 Disbursements 27 Previous month purchases 28 Current month purchases 29 Direct labor 30 Factory overhead 31 Selling & administrative 32 Total disbursements 33 Change in cash 34 Beginning balance 35 Ending balance 36 March January $350,000 February $400,000 $500,000 Total $1,250,000 $400,000 $192,000 140,000 $332,000 $210,000 160,000 $370,000 $240,000 200,000 $440,000 $300,000 160,000 $460,000 $642,000 $500,000 $1,142,000 $40,000 79,800 86,400 43,200 45,000 $294,400 $37,600 41,700 $79,300 $34,200 121,800 100,800 50,400 50,000 $357,200 $12,800 79,300 $92,100 $52,200 128,100 115,200 57,600 60,000 $413,100 $26,900 92,100 $119,000 $54,900 119,000 93,600 46,800 50,000 $364,300 $95,700 119,000 $214.700 $126,400 $329,700 $302,400 $151,200 $155,000 $1,064,700 $77,300 $213,100 $290,400 B Production Budget A 3 4 Product Z (Finished Product) 55 56 Estimated sales (units) 57 Desired ending inventory 68 Total units needed January 7,000.00 1,600,00 8,600.00 Total 25,000.00 February 8,000.00 2,000.00 10,000.00 1,600.00 Scratch Pad April May 8,000.00 7,000.00 1,400.00 5,000.00 9,400.00 12,000.00 March 10,000.00 1,600.00 11,600.00 30,200.00 69 Less beginning inventory 1,400.00 2,000.00 1.600.00 1,400.00 7,200.00 8.400.00 9,600.00 7,800.00 10,600.00 25,200.00 Jones Corp. Raw Materials Purchases Budget 70 Production needed 71 72 73 74 75 76 "Parts 77 Production needs 78 Desired ending inventory 79 Subtotal 80 Less beginning inventory 81 Purchases required 82 83 84 Purchase costs 85 Total "Parts" B6 Price per part January 36,000.00 10,500.00 46,500.00 February 42,000.00 12,000.00 54,000.00 53,000.00 March 48,000.00 9.750.00 57,750.00 12,000.00 45.750.00 39,000.00 13,250.00 52,250.00 9,750.00 42.500,00 Total 126,000.00 32,250.00 158,250.00 40,500.00 18,000.00 10,500.00 43,500.00 28,500.00 117.750.00 January 28,500.00 February 43,500.00 March 45,750.00 42,500.00 Total 117,750 $4.00 $4.00 $4.00 $4.00 $ 114,000.00 $ 174,000.00 S 183,000.00 S 170,000.00 471,000 87 Total Cost 88 89 90 91 92 93 Production Needed 94 Time per each unit 95 Total hours needed 96 Rate per hour 97 Total DLCost Sheet1 7,800 Jones Corp Direct Labor Cost Budget January February March 7,200 8,400 9,600 0.5 05 3600 4200 4800 $24 $24 $24 $16.400 $100,00 $115,200 Total 25,200 12,600 3000 524 $91.000 302.400 Ready Balance Sheet, December 31 Cash Accounts receivable Raw materials Finished goods Land Plant and equipment Less: accumulated depreciation Total assets $41,700 192,000 102,240 64,400 50,000 $500,000 112,000 388,000 $838,340 $40,000 Accounts payable to suppliers Common Stock Retained Earnings Total liabilities and equity $100,000 698,340 798,340 $838,340 7,000 8,000 10,000 8.000 7,000 $50 Estimated sales of product Z January February March April May Selling price Collections from customers Collected in month of sale Collected the following month Desired finished goods inventory (% of next month's unit sales) Desired raw material inventory (% of next month's production needs) Raw material units needed to produce one Product Z "Parts" 40% 60% 20% 25% 5 B. Inventory units & cost Product z "Parts" 1,400 18,000 $46.00 $4.00 Purchases Paid in the month of purchase Paid in the subsequent month 70% 30% Direct labor time to produce one Product Z 5 Cost of direct labor 5 Factory overhead 0.5 hours $24 per hour $12 per direct labor hr 3 Selling and administrative expenses 3 Plant and equipment depreciation $10,000 fixed 10% variable (Sales) $12,000 per year Ionescnrn