1st PIC - *INFO*

2nd PIC - *HELP!*

Prepare a master budget for McGregor Pharmacy Company for the year ending December 31 , 2021 using the following information. Prepare it per quarter. Use the tables provided by the professor. Fill it. Prepare the Sales Budget assuming: 1. Expected sales volume: 8,000 units for the first quarter, an increase of 20% is expected for the second quarter, a decrease of 10% for the third quarter, and an increase of 25% for the fourth quarter. 2. The sales price should be $75.00 for the first two quarters and $82.50 for the last two quarters. Prepare the Production Budget assuming: 1. The company believes it can meet future sales needs with an ending inventory of 25% of the next quarter, for the first two quarters, and 35% of the next quarter, for the last two quarters. 2. The expected sales in units for the first quarter of 2022 is 11,000 . Prepare the Direct Material Budget assuming: 1. Ending inventory of raw material is expected to be 15% of total pounds needed for production of the next quarter for the first two quarters and 20% of the next quarter for the last two quarters. 2. The expected pounds needed for production in the first quarter of 2022 is 38,500 . 3. Each product requires 3 pounds of raw material. 4. The expected cost per pound is $8.25. Prepare the Direct Labor Budget assuming: 1. To produce a unit is required 2.5 hours of direct labor. 2. The hourly wage rate is expected to be $7.50. Prepare the Manufacturing Overhead Budget assuming: 1. The supervisor salaries are $42,000 per quarter. 2. The indirect material is expected to be $1.15 per direct labor hour. 3. Depreciation is expected to be $6,500 per quarter. 4. Other variable cost is expected to be $1.75 per direct labor hour. 5. Property taxes and insurance are expected to be $11,500 per quarter. 6. Indirect labor is expected to be $1.60 per direct labor hour. 7. Maintenance is expected to be $.25 per direct labor hour plus $3,500 per quarter. Prepare the Selling and Administrative Budget assuming: 1. Advertising expenses are expected to be of $2,500 per quarter. 2. Freight-out is expected to be $1.10 per unit sold. 3. Sale Commission is expected to be $2.45 per unit sold. 4. Office salaries are expected to be $3,200 per quarter. 5. Depreciation is expected to be $1,750 per quarter. 6. Other variable costs are expected to be $.25 per unit sold. 7. Sales salaries are expected to be $18,000 per quarter. 8. Property taxes and insurance are expected to be $750 per quarter. 9. Miscellaneous expense is expected to be $.15 per direct labor hour plus $350 per quarter. Prepare the Budgeted Income Statement with the information above and the following information: 1. Manufacturing overhead required per unit is 2.5 2. Interest Expense is $12,000. 3. Income tax rate is 15.5%