I see the Light cybertext part 3. Need help with blank yellow cells, all filled yellow cells are correct.

1 See The Light Projected Income Statement For the Period Ending December 31, 20x1 $1.125,000.00 723 250.00 $ 401.750700 Sales 25,000 lamps $45.00 Cost of Goods Sold @ $28.93 Gross Profit Selling Expenses Fixed Variable (Commission per unit) $3.15 Administrative Expenses Total Selling and Administrative Expenses Net Profit $ 23,000.00 78.750.00 $101.750,00 40.750.00 142 500 00 259250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67 500.00 4,800.00 625.00 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $9.20 500 $125 0 3000 $28.9250 85,775.00 $ 194 210.00 $ 20,000.00 6.800.00 13,200.00 207.410.00 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 $ 12,000.00 141.410.00 153.410.00 207.410 PART 3 Budgets Keep in mind that the budget section builds on work from the previous parts, including Part Ias well as the Background Information (tabs 1-4). You should continue to use the same file with your previously submitted answers. Division N has decided to develop its budget based upon projected sales of 29,000 lamps at $53.00 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 figurines inventory to 650 pieces and increasing the finished goods by 25.00% Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory Total Production 29000 3750 32750 -3000 29,750 units {7.01) (8.01) (8.02) 2 Moters Budget Figurines Needed for Production Desired Ending Inventory Total Needed Less: Beginning inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S##.##) 29.750 units 650 units 30.400 units 500 units 29.900 units (8.03) (8.04) $ 286.0.13.20 (8.05) Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, S##.##) 29750 500 30.250 units 500 29750 (8.06) 38.675.00 (8.07) Lamp Shades - not inventored they anive from the shop next door de me. Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, Sa#.##) 29750 500 30250 500 29750 6.24 185.640.00 {8.08) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places. S#### 23179 2975 68.945.63 (8.09 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, Sh.08) Foxed Factory Overhead Total Factory Overhead (Round to two places, S.) Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be produced, and then rounded to seven places, S#######) 0.235125 29750 6.994 97 255000 (8.10) $ 261.994.97 (8.11) $ 8.80655360 {8.12) 5 Selling and Admin. Budget 29000 3.32325 Fixed Selling Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, S####) Total Selling and Administrative (Round to two places, $##.##) 33000 96374.2 45500 1500.75 5178.275.009.01) 29000 0,05175 Cost of Goods Sold Budaet - Assuma FIFO (First in, First-out) and overhead is applied based on the number of units to be produced, 1.3 9.568 6.24 Cost of making one unit next year Material cost per unit Labor Cost Per Lamp Factory overhead per unit Total cost of one unit (Round to seven places. $##.##****#) Round dollars to seven places, $## ## 17.108 2.3175 8.8065536 S 28.222053609.02) Round dollars to two places SH 88775.009.03) 4600 2860832 290683.2 62192 284.464.00 (9.04) Beginning Inventory, Finished Goods Production Costs: Materials: Figurines: Beginning Inventory Purchased Available for Use Ending Inventory of Figurines Figurines Used In Production Electrical Parts Beginning Inventory Purchased Available for Use Ending Inventory of Electrical Parts Electrical Parts Used In Production Lamp Shades Lamp Shades Used In Production Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold 625 38675 39300 650 39.650.000 (9.05) 185.640.00 (9.06) $ 508.754.00 (9.07) $ 68.945689.08) $ 261.994.979.09) $ 926.469.60 (9.10) 105.870.20 (9.11) $ 820.599.40 (9.12) 7 Budgeted Income Statement 29000 Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Operating Income 1537000 8205994 7164006 176375 540.025.00 (10.01) 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 20x2.) 1. 22.00% 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. 84.00% 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 20x2. $175.000 I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places SA 34710 Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available 67 500.00(10.02) 0.03) 0.04) (10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Material purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) Budgeted Cash Balance (10.06) (10.07) (10.08) (10.09) (10.10) LUAL LUSI Rounded to 7 9 Variable Cost of making one unit next year - used to calculate the Ending Inventory of Finished Goods Material cost per unit Labor Cost Per Lamp Variable Factory overhead per unit Total variable manufacturing cost of one unit (11.01) LUAL USE Rounded to 2 (11.02) 10 Budgeted Operating Income Using Variable (Direct) Costing Sales Variable Cost of Goods Sold - Assume FIFO (First-In, First-Out) Beginning inventory. Finished Goods (Variable Costing) Production Costs Materials: Figurines: Electrical Parts Lamp Shades Labor. Variable Overhead: Total Variable Production Costs Cost of Goods Available For Sale Less Ending Inventory. Finished Goods (Variable Costing) Variable Cost of Goods Sold Variable Selling (Round to two places, S## ##) Variable Administrative (Round to two places, $#*.**) Total Variable Costs Contribution Margin Fixed Costs: Fixed Manufacturing Overhead Fixed Selling Fixed Administrative Total Fixed Operating Income. Variable Costing (11.03) {11.04) (11.05) (11.06) (11.07) (11.08) [11.09) (11.10) Operating Income, Absorption Operating Income, Variable Costing Excess (Absorption Costing Operating Income - Variable Costing Operating income) Budgeted Fixed Overhead Budgeted Number of Units to be Produced Budgeted Fixed Cost Per Unt (Round to 7 decimals #.###### Fixed Manufacturing Overhead in the Ending Inventory Fixed Manufacturing Overhead in the Beginning Inventory Increase (Fixed Manufacturing Overhead in the Ending Inventory-Fixed Manufacturing Overhead in the Beginning Inventory). (11.11) (11.12) (11.13) {11.14)