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X fx B D E H F G As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 S $ 54,000.00 54.000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159.410.00 $213.410.00 B D E F G H 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are: 10 11 Lamp Kit $16.0000000 per lamp 16 Direct Labor 2.0000000 per lamp (4 lamps/hr.) 17 Variable Overhead: 2.0000000 per lamp 18 Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25,000 lamps) 19 20 Cost per lamp $30.0000000 per lamp 23 24 Expected increases for 20x2 25 When calculating projected increases round to TWO ($0.00) decimal places. 26 27 30 1. Material Costs are expected to increase by 6.50% 31 2. Labor Costs are expected to increase by 4.50%, 3. Variable Overhead is expected to increase by 6.00%. 4. Fixed Overhead is expected to increase to $260,000. 32 33 34 37 38 39 40 41 44 45 5. Fixed Administrative expenses are expected to increase to $52.000 6. Variable selling expenses (measuredon a per lamp basis) are expected to increase by 3.00% 46 7 Fixed selling expenses are expected to be $35,000 in 20x2. 47 A Variable administrative arranca /maacurada ner lan hacie are ovnerted to FAQ 3 78 9 10 12 13 14 15 16 17 18 14 Division N has decided to develop its budget based upon projected sales of 33,000 lamps at 15 $48.00 per lamp 16 The company has requested that you prepare a master budget for the year. This budget is to be used 17 for planning and control of operations and should be composed of 18 25 1. Production Budget 26 27 2. Materials Budget 28 29 3. Direct Labor Budget 36 37 4. Factory Overhead Budget 38 39 5. Selling and Administrative Budget 40 47 6. Cost of Goods Sold Budget 48 49 7 Budgeted Income Statement 50 51 8. Cash Budget 58 59 Notes for Budgeting: 60 61 62 The company wants to maintain the same number of units in the beginning and ending inventories of 69 work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 675 pieces and 70 decreasing the finished goods by 20% A B D E G 2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $#### 32.400 units 675 units 33,075 units 500 units (801) 18.02) 18.03) (8.04) $ $ 16.00 521,200.00 1805) 18.06) 3 Direct Labor Budget 18.07) Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##### 18.08) 4 Factory Overhead Budget Variable Factory Overhead Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, $#*#) Fixed Factory Overhead 18.09) (8.10) Total Factory Overhead (Round to two places, $### FAQ 1 23 4 5 6 7 8 18.11) 18 Present Value Tables 9 10 11 12 13 14 15 16 17 Type here to search P Alignment NUMDO 099 f A B D E F G H 1 5 4 Factory Overhead Budget 1901) 19.021 19.03 7 Overhead Allocation rate based on 3 1. Number of Units 9 Total Factory Overhead / Number of Units 18 (Round to two places, $## ###) 19 20 5 Cost of making one unit next year 21 Cost of one Lamp Kit Labor Cost Per Lamp 31 Factory overhead per unit 32 33 Total cost of one unit 34 (Round to two places, $#### 35 57 58 6 Selling and Admin Budget 59 50 Fixed Selling 61 Variable Selling (Round to two places, $#### 70 Fixed Administrative 71 Variable Administrative (Round to two places, $#) 72 Total Selling and Administrative (Round to two places, st) 73 UL Goods 19.04 1905) 1906) 7 Sold 74 Budget Round dollars to two places. Si 18 Present Value Tables 8 9 10 11 12 18 14 15 16 17 Type here to search FI 2 3 Total Selling and Administrative (Round to two places, $44) 1906 Goods 1 Sold Round dollars to two places, $#### (9071 19.08) 14 Budget 33 Beginning Inventory, Finished Goods 34 Production Costs Materials 86 Lamp Kits 87 Beginning Inventory 90 Purchased 97 Available for Use Ending Inventory of Lamp Kits Camp Kits Used In Production 100 124 Total Materials 125 Labor 126 Overhead 127 Cost of Goods Available 128 Loss Ending Inventory, Finished Goods 129 Cost of Goods Sold 130 131 132 133 134 VAD 2 36 19.09) 19.10 1912) 19.13) 1914) 9 10 11 12 13 14 15 16 17 18 Present Value Tables Type here to search 0 TE K 4 ABC D E F G H 50 51 1. 18 00% of sales for the year are made in November and December Since our customers have 60 day forms 52 those funds will be collected be collected in January and February 622 99.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 63 3. All other manufacturing and operating costs are paid for when incurred 64 4 The budgolod depreciation expense is equal to 0.6% of the fived manufacturing, selling and administrative expenses 65 5. Minimum Cash Balance needed for 2012, $190.000 0 I See The Light 76 Projected Cash Budget 77 For the Year Ending December 31, 20x2 Round dollars to wo places 50 78 79 80 90 91 Beginning Cash Balance Cash Infos Sales Collections Account Receivable (Sales last year not colected) Sales made and collected in 20x2 Cash Available 110.02) 10.03 (10.04 03 94 100 105 100 107 OB Cash Outflows Purchases Accounts Payablo (Purchases last year) Purchases made and paid for in 2062 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Sellion and Admin FAQ 4 5 6 7 110051 120 910111213116 12 18 Present Value Tables Al F H K 11004 100 110051 ABC 3 E 13 Cash Available 04 104 Cash Outflows 105 Purchases Accounts Payable (Purchases last year) 107 Purchases made and paid for in 2012 103 Other Manufacturing Costs 118 Direct Labor 119 Total Manufacturing Overhead 120 Selling and Administrative 121 Loss Depreciation 122 Total Cash Outflows 132 133 Budgeted Cash Balance before financing 134 Nooded Minimum Balance 110.061 110071 110081 135 Amount to be borrowed (if any) Budgeted Cash Balance 110.09 110101 139 130 140 141 142 144 145 14 Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production 32 400 units 17.011 4 12 X fx B D E H F G As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 S $ 54,000.00 54.000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159.410.00 $213.410.00 B D E F G H 8 The projected cost of a lamp is calculated based upon the projected increases or decreases to 9 current costs. The present costs to manufacture one lamp are: 10 11 Lamp Kit $16.0000000 per lamp 16 Direct Labor 2.0000000 per lamp (4 lamps/hr.) 17 Variable Overhead: 2.0000000 per lamp 18 Fixed Overhead 10.0000000 per lamp (based on normal capacity of 25,000 lamps) 19 20 Cost per lamp $30.0000000 per lamp 23 24 Expected increases for 20x2 25 When calculating projected increases round to TWO ($0.00) decimal places. 26 27 30 1. Material Costs are expected to increase by 6.50% 31 2. Labor Costs are expected to increase by 4.50%, 3. Variable Overhead is expected to increase by 6.00%. 4. Fixed Overhead is expected to increase to $260,000. 32 33 34 37 38 39 40 41 44 45 5. Fixed Administrative expenses are expected to increase to $52.000 6. Variable selling expenses (measuredon a per lamp basis) are expected to increase by 3.00% 46 7 Fixed selling expenses are expected to be $35,000 in 20x2. 47 A Variable administrative arranca /maacurada ner lan hacie are ovnerted to FAQ 3 78 9 10 12 13 14 15 16 17 18 14 Division N has decided to develop its budget based upon projected sales of 33,000 lamps at 15 $48.00 per lamp 16 The company has requested that you prepare a master budget for the year. This budget is to be used 17 for planning and control of operations and should be composed of 18 25 1. Production Budget 26 27 2. Materials Budget 28 29 3. Direct Labor Budget 36 37 4. Factory Overhead Budget 38 39 5. Selling and Administrative Budget 40 47 6. Cost of Goods Sold Budget 48 49 7 Budgeted Income Statement 50 51 8. Cash Budget 58 59 Notes for Budgeting: 60 61 62 The company wants to maintain the same number of units in the beginning and ending inventories of 69 work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 675 pieces and 70 decreasing the finished goods by 20% A B D E G 2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $#### 32.400 units 675 units 33,075 units 500 units (801) 18.02) 18.03) (8.04) $ $ 16.00 521,200.00 1805) 18.06) 3 Direct Labor Budget 18.07) Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##### 18.08) 4 Factory Overhead Budget Variable Factory Overhead Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, $#*#) Fixed Factory Overhead 18.09) (8.10) Total Factory Overhead (Round to two places, $### FAQ 1 23 4 5 6 7 8 18.11) 18 Present Value Tables 9 10 11 12 13 14 15 16 17 Type here to search P Alignment NUMDO 099 f A B D E F G H 1 5 4 Factory Overhead Budget 1901) 19.021 19.03 7 Overhead Allocation rate based on 3 1. Number of Units 9 Total Factory Overhead / Number of Units 18 (Round to two places, $## ###) 19 20 5 Cost of making one unit next year 21 Cost of one Lamp Kit Labor Cost Per Lamp 31 Factory overhead per unit 32 33 Total cost of one unit 34 (Round to two places, $#### 35 57 58 6 Selling and Admin Budget 59 50 Fixed Selling 61 Variable Selling (Round to two places, $#### 70 Fixed Administrative 71 Variable Administrative (Round to two places, $#) 72 Total Selling and Administrative (Round to two places, st) 73 UL Goods 19.04 1905) 1906) 7 Sold 74 Budget Round dollars to two places. Si 18 Present Value Tables 8 9 10 11 12 18 14 15 16 17 Type here to search FI 2 3 Total Selling and Administrative (Round to two places, $44) 1906 Goods 1 Sold Round dollars to two places, $#### (9071 19.08) 14 Budget 33 Beginning Inventory, Finished Goods 34 Production Costs Materials 86 Lamp Kits 87 Beginning Inventory 90 Purchased 97 Available for Use Ending Inventory of Lamp Kits Camp Kits Used In Production 100 124 Total Materials 125 Labor 126 Overhead 127 Cost of Goods Available 128 Loss Ending Inventory, Finished Goods 129 Cost of Goods Sold 130 131 132 133 134 VAD 2 36 19.09) 19.10 1912) 19.13) 1914) 9 10 11 12 13 14 15 16 17 18 Present Value Tables Type here to search 0 TE K 4 ABC D E F G H 50 51 1. 18 00% of sales for the year are made in November and December Since our customers have 60 day forms 52 those funds will be collected be collected in January and February 622 99.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 63 3. All other manufacturing and operating costs are paid for when incurred 64 4 The budgolod depreciation expense is equal to 0.6% of the fived manufacturing, selling and administrative expenses 65 5. Minimum Cash Balance needed for 2012, $190.000 0 I See The Light 76 Projected Cash Budget 77 For the Year Ending December 31, 20x2 Round dollars to wo places 50 78 79 80 90 91 Beginning Cash Balance Cash Infos Sales Collections Account Receivable (Sales last year not colected) Sales made and collected in 20x2 Cash Available 110.02) 10.03 (10.04 03 94 100 105 100 107 OB Cash Outflows Purchases Accounts Payablo (Purchases last year) Purchases made and paid for in 2062 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Sellion and Admin FAQ 4 5 6 7 110051 120 910111213116 12 18 Present Value Tables Al F H K 11004 100 110051 ABC 3 E 13 Cash Available 04 104 Cash Outflows 105 Purchases Accounts Payable (Purchases last year) 107 Purchases made and paid for in 2012 103 Other Manufacturing Costs 118 Direct Labor 119 Total Manufacturing Overhead 120 Selling and Administrative 121 Loss Depreciation 122 Total Cash Outflows 132 133 Budgeted Cash Balance before financing 134 Nooded Minimum Balance 110.061 110071 110081 135 Amount to be borrowed (if any) Budgeted Cash Balance 110.09 110101 139 130 140 141 142 144 145 14 Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production 32 400 units 17.011 4 12