Question I Maestro Sdn. Bhd. is a manufacturer of food products located in West Malaysia. The...

 

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Question I Maestro Sdn. Bhd. is a manufacturer of food products located in West Malaysia. The company is preparing its sales and purchase budget for the period of five months namely March, April, May, June, and July 2019. Listed below are the additional information given by the company: (i) Sales for the month of January and February 2019 were 20,000 and 22,000 units respectively. (ii) From the month of March 2019 onwards, each month sales unit are expected to be increased by 10 per cent from the previous month sales. Sales price per unit was at USDIO. (II i) Cash sales is 70 per cent and the balance is credit sales. 80 per cent of the credit sales will be collected one month after the sales while balance of 20 per cent will be collected two months after sales. (iv) The cost of goods sold is estimated to be 40 per cent from each month sales figure. The company wish to have its closing inventory for each month at 30 per cent from the estimated cost of goods sold of the next month. (v) The company has agreed to pay its supplier on a 60 per cent basis and the balance will be paid next month. (vi) 2 per cent cash discount is further deducted for the 70 per cent cash collected. (vii) 1 per cent cash discount is further received for the 60 per cent purchases payment made. (viii) The currency exchange from January until September are given on a quarterly basis as per below table. Refer Below - Table I: Currency Exchange Rate USD/RM. (a) Table 1: Currency Exchange Rate USD/RM Quarter Exchange Rate Quarter I (Jan - Mac) Quarter 2 (Apr June) Quarter 3 (July-Sept) Quarter 4 (Oct - Dec) RM4.10 RM4.15 RM4.20 RM4.25 Prepare a sales budget, cash collection schedule, purchase budget and purchase payment schedule in RM value for the month of March until July 2019 by using the given template below. Sales (Unit) Sales (RM) Cash Sales Collection (70%) Credit Sales Collection 1 (80%) Credit Sales Collection 2 (20%) Total Collection Sales (RM) Cost of Goods Sold Closing Inventory Opening Inventory Total Purchases Purchases (RM) Purchase Payment 1 Purchase Payment 2 Total Payment Table 2: Budget Templates Sales Budget Template March April Cash Collection Schedule Template March April May Purchase Budget Template March April May May Purchase Payment Schedule Template March April May June June June June July July July July Question I Maestro Sdn. Bhd. is a manufacturer of food products located in West Malaysia. The company is preparing its sales and purchase budget for the period of five months namely March, April, May, June, and July 2019. Listed below are the additional information given by the company: (i) Sales for the month of January and February 2019 were 20,000 and 22,000 units respectively. (ii) From the month of March 2019 onwards, each month sales unit are expected to be increased by 10 per cent from the previous month sales. Sales price per unit was at USDIO. (II i) Cash sales is 70 per cent and the balance is credit sales. 80 per cent of the credit sales will be collected one month after the sales while balance of 20 per cent will be collected two months after sales. (iv) The cost of goods sold is estimated to be 40 per cent from each month sales figure. The company wish to have its closing inventory for each month at 30 per cent from the estimated cost of goods sold of the next month. (v) The company has agreed to pay its supplier on a 60 per cent basis and the balance will be paid next month. (vi) 2 per cent cash discount is further deducted for the 70 per cent cash collected. (vii) 1 per cent cash discount is further received for the 60 per cent purchases payment made. (viii) The currency exchange from January until September are given on a quarterly basis as per below table. Refer Below - Table I: Currency Exchange Rate USD/RM. (a) Table 1: Currency Exchange Rate USD/RM Quarter Exchange Rate Quarter I (Jan - Mac) Quarter 2 (Apr June) Quarter 3 (July-Sept) Quarter 4 (Oct - Dec) RM4.10 RM4.15 RM4.20 RM4.25 Prepare a sales budget, cash collection schedule, purchase budget and purchase payment schedule in RM value for the month of March until July 2019 by using the given template below. Sales (Unit) Sales (RM) Cash Sales Collection (70%) Credit Sales Collection 1 (80%) Credit Sales Collection 2 (20%) Total Collection Sales (RM) Cost of Goods Sold Closing Inventory Opening Inventory Total Purchases Purchases (RM) Purchase Payment 1 Purchase Payment 2 Total Payment Table 2: Budget Templates Sales Budget Template March April Cash Collection Schedule Template March April May Purchase Budget Template March April May May Purchase Payment Schedule Template March April May June June June June July July July July

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Working Note Discounts have been offered basis point vi 1 2 3 Sales units 4 Sales RM 5 6 A 7 8 Cash ... View the full answer