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\begin{tabular}{|c|c|} \hline & A \\ \hline & PART 3 \end{tabular} Budgets Division N has decided to develop its budget based upon projected sales of 29,000 lamps at $52.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 625 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} {7.01} 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, \$\#\#.\#\#) \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.01} {8.02} {8.03} {8.04} {8.05} {8.06} 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, \$\#\#.\#\#) 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 Total Factory Overhead (Round to two places, \$\#\#.\#\#) \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.07} {8.08} {8.09} {8.10} {8.11} 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, \$\#\#.\#\#) \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} {9.01} 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} {9.02} {9.03} (Round to two places, \$\#\#.\#\#) 6 Selling and Admin. Budget Fixed Selling Variable Selling (Round to two places, \$\#\#.\#\#) Fixed Administrative Variable Administrative (Round to two places, \$\#\#.\#\#) Total Selling and Administrative (Round to two places, \$\#\#.\#\#) {9.04} {9.05} {9.06} {9.07} {9.08} {9.09} {9.10} {9.11} {9.12} {9.13} {9.14} 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 202.) 1. 17.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February. 2. 80.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February. 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 202,$170,000. I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two I See The Light Projected Income Statement For the Period Ending December 31, 20x1 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory Raw Material Fixed Assets Equipment Accumulated Depreciation \begin{tabular}{rr} $20,000.00 & \\ 6,800.00 & \\ \hline & 13,200.00 \\ & $213,410.00 \\ \hline \end{tabular} Current Liabilities Accounts Payable Total Liabilities \begin{tabular}{lr} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 159,410.00$213,410.00 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Expected increases for 202 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 2.00%. 2. Labor Costs are expected to increase by 6.00%. 3. Variable Overhead is expected to increase by 4.00%. 4. Fixed Overhead is expected to increase to $265,000. 5. Fixed Administrative expenses are expected to increase to $48,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 5.00%. 7. Fixed selling expenses are expected to be $31,000 in 202. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 5.00%. On the following schedule develop the following figures: 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 2- 20x2 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs. Schedule of Projected Costs Variable Manufacturing Unit Cost {4.01} {4.02} {4.03} {4.04} Iotal Variable Cost Per Unit {4.05} {4.04} Projected Total Variable Cost Per Unit \begin{tabular}{|r|c|r|} \multicolumn{2}{c}{Pox1CostPercentIncrease} & 20x2CostRoundedto2DecimalPlaces \\ \hline 3 & 5.00% & 3.15 \\ \hline 2 & 5.00% & 2.10 \\ \hline 5 & & 5.25 \\ \hline & & \\ \hline & & \\ \hline 25 & & \\ \hline \end{tabular} {4.06} {4.07} Schedule of Fixed Costs Projected Percent Increase Fixed Overhead (normal capacity of lamps@__) Fixed Selling Fixed Administrative Projected Total Fixed Costs \begin{tabular}{|r|l|lr|} \hline & & $ & 265,000.00 \\ \hline & & & \\ \hline 23000 & & $ & 31,000.00 \\ \hline 42000 & & $ & 48,000.00 \\ \hline & & & \\ \hline & & $ & 344,000.00 \\ \hline \end{tabular} Big Al is about to begin work on the budget for 202 and they have requested that you prepare an analysis based on the following assumptions. Note: Remember, that we cannot sell part of a lamp, therefore to find the number of units you have to round up to the next complete unit. Furthuremore, to find the required sales in dollars it may be easier to find the number of units and then multiply by the selling price per unit. marrin ratin for sanh lamn enld? Contribution Margin Ratio (Round to four places, % is two of those places \#\#.\#\#\%) For 202 the selling price per lamp will be $45.00. The desired net income in 202 is $190,000. What For 20x2 the selling price per lamp will be $45.00. If the fixed cost increase by $30,000.00 how many lamps Breakeven sales in units (Since we cannot sell part of a unit round up to the next unit if needed) For 202 the selling price per lamp will be $45.00. If the variable cost increase by $3.00 a unit how many lamps must be sold to breakeven? Breakeven sales in units (Since we cannot sell part of a unit round up to the next unit if needed) {6.01} For 202 the selling price per lamp will be $45.00. If the variable cost decreased by $3.00 a unit how many lamps must be sold to breakeven? breakeven saies in units (Since we cannot sent part or a unit round up to the next unit it needed) 15,4/5 units {6.02} If for 202 the selling price per lamp is increased to $48.00 a unit how many lamps must be sold in hroantomionn? {6.03} If for 202 the selling price per lamp is decreased to $42.00 a unit how many lamps must be sold tn hrablaion? L 1,190 uritis {6.04} \begin{tabular}{|c|c|} \hline & A \\ \hline & PART 3 \end{tabular} Budgets Division N has decided to develop its budget based upon projected sales of 29,000 lamps at $52.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 625 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} {7.01} 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, \$\#\#.\#\#) \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.01} {8.02} {8.03} {8.04} {8.05} {8.06} 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, \$\#\#.\#\#) 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 Total Factory Overhead (Round to two places, \$\#\#.\#\#) \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} {8.07} {8.08} {8.09} {8.10} {8.11} 4 Factory Overhead Budget Overhead Allocation rate based on: 1. Number of Units Total Factory Overhead / Number of Units (Round to two places, \$\#\#.\#\#) \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} {9.01} 5 Cost of making one unit next year Cost of one Lamp Kit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} {9.02} {9.03} (Round to two places, \$\#\#.\#\#) 6 Selling and Admin. Budget Fixed Selling Variable Selling (Round to two places, \$\#\#.\#\#) Fixed Administrative Variable Administrative (Round to two places, \$\#\#.\#\#) Total Selling and Administrative (Round to two places, \$\#\#.\#\#) {9.04} {9.05} {9.06} {9.07} {9.08} {9.09} {9.10} {9.11} {9.12} {9.13} {9.14} 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 202.) 1. 17.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February. 2. 80.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February. 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 202,$170,000. I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two I See The Light Projected Income Statement For the Period Ending December 31, 20x1 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory Raw Material Fixed Assets Equipment Accumulated Depreciation \begin{tabular}{rr} $20,000.00 & \\ 6,800.00 & \\ \hline & 13,200.00 \\ & $213,410.00 \\ \hline \end{tabular} Current Liabilities Accounts Payable Total Liabilities \begin{tabular}{lr} $ & 54,000.00 \\ \hline$ & 54,000.00 \end{tabular} Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 159,410.00$213,410.00 PART 1 Fixed and Variable Cost Determinations Unit Cost Calculations The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are: Expected increases for 202 When calculating projected increases round to TWO ($0.00) decimal places. 1. Material Costs are expected to increase by 2.00%. 2. Labor Costs are expected to increase by 6.00%. 3. Variable Overhead is expected to increase by 4.00%. 4. Fixed Overhead is expected to increase to $265,000. 5. Fixed Administrative expenses are expected to increase to $48,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 5.00%. 7. Fixed selling expenses are expected to be $31,000 in 202. 8. Variable administrative expenses (measured a per lamp basis) are expected to increase by 5.00%. On the following schedule develop the following figures: 1- 20x2 Projected Variable Manufacturing Unit Cost of a lamp. 2- 20x2 Projected Variable Unit Cost per lamp. 3- 20x2 Projected Fixed Costs. Schedule of Projected Costs Variable Manufacturing Unit Cost {4.01} {4.02} {4.03} {4.04} Iotal Variable Cost Per Unit {4.05} {4.04} Projected Total Variable Cost Per Unit \begin{tabular}{|r|c|r|} \multicolumn{2}{c}{Pox1CostPercentIncrease} & 20x2CostRoundedto2DecimalPlaces \\ \hline 3 & 5.00% & 3.15 \\ \hline 2 & 5.00% & 2.10 \\ \hline 5 & & 5.25 \\ \hline & & \\ \hline & & \\ \hline 25 & & \\ \hline \end{tabular} {4.06} {4.07} Schedule of Fixed Costs Projected Percent Increase Fixed Overhead (normal capacity of lamps@__) Fixed Selling Fixed Administrative Projected Total Fixed Costs \begin{tabular}{|r|l|lr|} \hline & & $ & 265,000.00 \\ \hline & & & \\ \hline 23000 & & $ & 31,000.00 \\ \hline 42000 & & $ & 48,000.00 \\ \hline & & & \\ \hline & & $ & 344,000.00 \\ \hline \end{tabular} Big Al is about to begin work on the budget for 202 and they have requested that you prepare an analysis based on the following assumptions. Note: Remember, that we cannot sell part of a lamp, therefore to find the number of units you have to round up to the next complete unit. Furthuremore, to find the required sales in dollars it may be easier to find the number of units and then multiply by the selling price per unit. marrin ratin for sanh lamn enld? Contribution Margin Ratio (Round to four places, % is two of those places \#\#.\#\#\%) For 202 the selling price per lamp will be $45.00. The desired net income in 202 is $190,000. What For 20x2 the selling price per lamp will be $45.00. If the fixed cost increase by $30,000.00 how many lamps Breakeven sales in units (Since we cannot sell part of a unit round up to the next unit if needed) For 202 the selling price per lamp will be $45.00. If the variable cost increase by $3.00 a unit how many lamps must be sold to breakeven? Breakeven sales in units (Since we cannot sell part of a unit round up to the next unit if needed) {6.01} For 202 the selling price per lamp will be $45.00. If the variable cost decreased by $3.00 a unit how many lamps must be sold to breakeven? breakeven saies in units (Since we cannot sent part or a unit round up to the next unit it needed) 15,4/5 units {6.02} If for 202 the selling price per lamp is increased to $48.00 a unit how many lamps must be sold in hroantomionn? {6.03} If for 202 the selling price per lamp is decreased to $42.00 a unit how many lamps must be sold tn hrablaion? L 1,190 uritis {6.04}