Help Please.....

Anyone can help me on my Accounting assignment??

PREPARE A MASTER BUDGET

Sales Budget and Cash Collection

• Forecast Sales (unit) January 10,000,February 35,000, March 15,000, April 10,000, May 25,000
• Selling Price: $75.00 per seat cover
• Sales Collected in the following pattern: Same month 60%, 1 month later 30%, 2 months later 10%
• All accounts receivable at the end of December will be collected in January

Inventory Production and raw Materials Details

*Direct Material per unit (needed) not given JUST ASSUME it is 1 (one)

• Desired ending inventory of seat cover is 20% of next months sales
• Inventory on December 31 was 2,270 seat cover
• The fabric required for each seat cover cost $16.00
• The fabric required to be in the ending inventory at the end of each month is 10% of next months requirement
• All A/P on December 31 will be paid in January
• 40% of the cost of fabric is paid in the month of purchase, 60% the next month.

Direct Labour and Manufacturing Overhead Details

• It takes 0.75 hours to make each bed sheet
• We pay our production employees $25 per hour
• The direct labour payments are made in the same moth the employees earned the wages.
• Fixed overhead is $160,000 per month (including $34,000 of depreciation)
• Variable overhead is $8.00 per direct labour hour
• You will need to calculate the predetermined overhead rate

Administrative and Selling Expense Details

• Variable administrative and selling expense are $5.00 per unit sold
• Fixed administrative and selling expense are:

Advertising $65,000

Admin salaries $130,000

Insurance $28,000

Office Depreciation $41,000

• Other cash payments:

February equipment purchase $123,000

February dividends paid $55,000

Cash Management Details

• We have an unlimited capacity short-term demand loan which automatically covers any cash deficiency (short-term bank loan on the B/S)
• Amounts are borrowed at the start of the month, repaid at the end of the month
• Interest is paid based on the amount of the principal repaid
• We require a minimum cash balance of $45,000
• Interest is charged at 10% per year

Opening Balance Sheet

REQUIRED TASK :

1. Opening balance sheet- this is given above
2. Sales budget
3. Schedule of cash collection
4. Production Budget
5. Direct Material Budget
6. Schedule of Cash payments
7. Direct Labour Budget
8. Manufacturing Overhead Budget
9. Ending Finished Goods inventory
10. Selling and administrative budget
11. Cash budget
12. Cost of good manufactured budget
13. Budgeted income statement (with detailed COGS calculation)
14. Budgeted Statement of retained earnings
15. Budgeted balance sheet