Master Budget Data:

BASE DATA:

Foundation Data for Solving questions 1, 2 and 3:

Budgeted Direct Materials Cost Per UNIT $15.00

Budgeted Direct Manufacturing Labor Per UNIT $10.00

Budgeted Manufacturing Overhead Per UNIT $5.00

IN ADDITION TO ABOVE USE THE FOLLOWING:

This is Next Year's Budgeted Data for XYZ

Budgeted Sales Price Per UNIT $20.00

Budgeted Sales - UNITS 1,665,036 Units

Target Ending Finished Goods Inventory in UNITS 1,652,536 Units

Target Beginning Finished Goods Inventory in UNITS 1,651,886 Units

Target Ending Direct Materials Inventory in UNITS 1,658,536 Units

Target Beginning Direct Materials Inventory in UNITS 1,656,536 Units

Note:It takes one unit of direct materials to make one production unit.

WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT:

1) How many units should be produced next year?

Record your answer, using excel formulas,here _____________

2) What is the dollar amount budgeted for direct material purchased for next year?

Record your answer, using excel formulas,here ______________

3) What is the Budgeted Revenues for next year.

Record your answer, using excel formulas,here ______________

USE ONLY THE FOLLOWING INFORMATION TO ANSWER THIS QUESTION.DO NOT USE ANY INFORMATION FROM ABOVE.

Gamble Company has the following sales budget for the last six months:

January $3,310,072 April

February $3,312,072 May

March $3,304,072 June

Historically, the cash collection of sales has been as follows:

The % of sales collected in the month of sale is 50%

The % of sales collected in the month following the sale is 30%

The % of sales collected in the second month following the sale is 15%

The % of sales that are uncollectible 5%

4) What are the budgeted Cash collections for the month of May?

Record your answer, using excel formulas,here