will u please help me with G, H, I by filling in the blanks
Guitarra Inc Guitarra Inc is a worldwide wooden musical part manufacturing firm based in North America. After many years in the market, the Peterborough division, which produces one product called "Guitarra Stand" reaches a spike on the sales level. The Management wants to have a significant investment to expand the facility and increase production, but it is requesting from the division to prepare a budget for the second quarter of 2021. The actual sales from 2021 are February 92,000 units March 104,000 units The division manager projected the following sales: April 2021 112,000 units May 2021 117,000 units June 2021 122,000 units July 2021 137,000 units August 2021 162,000 units The selling price is $13 per unit 2 1. From previous experience, management has determined that finished goods ending inventory equal to 20% of the next month's unit sales is required to fit the buyer's demands. 2. The Guitarra Stand requires one types of raw materials: Plastic . Each Guitarra Stand requires 1.2 kilograms of plastic, at a cost of $1.5 per kilogram. The supplier of Plastic tends to be somewhat erratic so Guitarra Inc finds it necessary to maintain an inventory balance equal to 20% of the material needed for the next month as a precaution against stock-outs. The direct material on March 31, is 27,120 Kg. 3. The beginning accounts payable will consist of $125,400. 4. Guitarra Inc pays for 50% of a month's purchases in the month of purchase and 50% in the following month. 5. The manufacturing overhead in based on direct labor hours. The workers receive an average of $16.00 per hour including employee benefits. Each Guitarra Stand takes 15 minutes to complete 6. Guitarra Inc allocate the manufacturing overhead based on direct labor hours; The variable manufacturing overhead is as follow: Maintenance $0.40; Utilities $0.60; Indirect Labor $0.60; Indirect materials $0.40 7. The Monthly Fixed manufacturing overhead costs are as follows: Janitorial Insurance Depreciation $2,200 $1,450 $14,200 7. The Monthly Fixed manufacturing overhead costs are as follows: Janitorial Insurance Depreciation Property Taxes Salaries $2,200 $1,450 $14,200 $2,000 $44,000 8. The Monthly Selling and administrative expenses are Salaries $62,000 Other fixed cost $3,600 Insurance $1,100 Depreciation $2,800 Advertising $12,000 9. Sales are on account (credit), 50% of the sales are collected during the month of sales and 50% the following month. This was the same collection pattern as in previous years. 10. The company wants to maintain at the end of each month, a minimum bank balance of $500,000. In case the company has a deficiency of money or it is not able to reach this minimum bank balance, the company can borrow from a line of credit at the same bank at the 3 rate of 3% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of $1,000. #pays interest only on the portion of the loan that repays in a month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month (see video related to this calculation). The cash balance on March 31 is $145,000. 11. In May, $680,000 of new equipment to update operations will be purchased 12. Three months' insurance is prepaid on the first day of the first month of the quarter. Required: g) Prepare the Manufacturing Overhead Budget for the second quarter (Illustration 10.12) h) Prepare the Selling and Administrative Expenses Budget for the second quarter (Illustration 10.13) i) Prepare the Cash Budget for the second quarter (Illustration 10.19) sh IN 2002 oc .. dested How CHAPTER FE THC TO Ta Ending Inventary Begining Sestory (3456002016) 27.120.00 (150000*2016 (14160020) (170400 20%)(150000*20%) 54 55 56 April 57 May 58 June 59 60 61 62 Months 63 Accounts Payable 64 April Purchases 65 May Purchases 66 June Purchases 67 Total Cash Payments 60 69 70 April Purchases 71 May Purchases 72 June Purchases 73 74 Guitarra ne Budgeted Cash disbursement of Merchandise Purchase April Pune Quarter $ 128.400.00 $ 1.25,400.00 $ 1,02,600.00 $ 1.02.600.00 $ 2.05.200,00 $ 1.07 460.00 $ 1.07.460.00 2.34.920,00 S 1.15.560.00 $ 1.15.560.00 $ 2.28.000.00 $ 2.10.060.00 $ 2,23,020.00 $ 6,61,080.00 April May June (52052000) $205200 50N) 152325200) 5234920*50%) $211120*50% Guitarra Inc Ready Type here to search Page Layout Formes Data Review Calib Hoone Insert X Cut Copy Pute Format Painter pboard Book? - Excel Tell me what you want to do General Merye & Center ..%.Conditional Formatting humbet Font AI 72 June Purchases 73 $231120-50 74 75 Guitarra Inc Schedule of Direct Laber Badges stay 113000 ane 118000 Total 1.25000 378400 77 78 Budgeted Production/Units)-(A) Direct Labor hours per 15 79 minutes=(1560)=25 hours(B) 80 Total Direct Laber beurs needed-C-A'B) 81 Direct Labor cost per houseD) 82 Total direct labor cost-(C)(D) 83 033 O 0.25 0.251 20050 29500 31250 94600 $ 16.00 5 16.00 $ 16.00 $ 16.00 $ 4,52,000.00 $ 4.72.000.00 $5,00.000.00 $ 15.13.600.00 21-Apr Month 21-May 21-Jun Total Quarter 107 108 109 Budgeted Sales in Unit 110 Variable expenses 111 Sales Commissions 112 Freight-out 113 Total variable expenses 114 Fixed Expenses 115 Advertising 116 Sales Salaries 17 Depreciation 118 Property taxes and insurance 119 Total fixed expenses 120 Total selling and administartive expenses 121 22 23 24 25 26 27 28 Beginning Cash balance 29 Add: Reciepts 30 Collection from customers 31 Sales of investment securities 32 Total receipts 33 Total available cash 34 Less: Disbursement 35 Direct materials 36 Direct labour 37 Manufacturing overhead 38 Selling and Administrative expenses 39 Income tax expenses 40 Total disbursement 1 Excess of available cash over disbursements 42 Financing 43 Borrowings 94 Repayments 95 Ending Cash Balanace Guitarra Inc. Cash Budget For the Second Quarter of 2021 Month 21-Apr 21-May 21-Jun Total Quarter + 16 . 21-Jun Total Quarter Guitarra Inc. Manufacturing Overhead Budget For the Second Quarter of 2021 Month 21-Apr 21-May Variable costs 3 Indirect Material Indirect Labour Utilities 1 Maintenance 2 Total Variable costs 3 Fixed Costs 4 Supervisory salaries 5 Depreciation 6 Property taxes and insurance 7 Maintenance 8 Total Fixed costs 9 Total Manufacturing overhead 30 Direct Labour hours 01 Manufacturing overhead rate per direct labour hour 02 03 +
