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Variable Manufacturing Unit Cost Lamp Kit Labor Variable Overhead Projected Variable Manufacturing Cost Per Unit Total Variable Cost Per Unit Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost Projected Total Variable Cost Per Unit {4.01} {4.02} {4.03} {4.04} {4.05} {4.06} {4.04} 26.27 {4.07} Schedule of Fixed Costs Fixed Overhead (normal capacity of Fixed Selling Fixed Administrative Projected Total Fixed Costs lamps @_ ) 20x1 Cost Projected Percent Increase \begin{tabular}{|l|l|ll|} \hline & & $ & 255,000.00 \\ \hline & & & \\ \hline & & $ & 31,000.00 \\ \hline & & $ & 56,000.00 \\ \hline & & & \\ \hline & & $ & 342,000.00 \\ \hline \end{tabular} {4.08} {4.09} {4.10} {4.11} Projected Income Statement For the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit Selling Expenses: Fixed Variable Administrative Expenses: Fixed Variable Total Selling and Administrative Expenses: Net Profit 25,000 lamps (a) $45.00 (a) $30.00 Commission per unit) @ $3.00 @ $2.00 $1,125,000.00 750,000.00 $375,000.00 \begin{tabular}{rr} $23,000.00 & \\ 75,000.00 & $98,000.00 \\ $42,000.00 & \\ 50,000.00 & 92,000.00 \\ \hline \end{tabular} 190,000.00$185,000.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $34,710.00 67,500.00 500@$16.00 8,000.00 0 3000@$30.00 $20,000.006,800.00 13,200.00$213,410.00 \begin{tabular}{ll} $54,000.00 \\ \hline$54,000.00 \end{tabular} $12,000.00 147,410.00 159,410.00$213,410.00 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 6.00%. 2. Labor Costs are expected to increase by 3.00%. 3. Variable Overhead is expected to increase by 5.00%. 4. Fixed Overhead is expected to increase to $255,000. 5. Fixed Administrative expenses are expected to increase to $56,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.00%. 1. Material Costs are expected to increase by 6.00%. 2. Labor Costs are expected to increase by 3.00%. 3. Variable Overhead is expected to increase by 5.00%. 4. Fixed Overhead is expected to increase to $255,000. 5. Fixed Administrative expenses are expected to increase to $56,000. 6. Variable selling expenses (measured on a per lamp basis) are expected to increase by 3.00%. 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 3.00%. Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/1 will have a cash impact in 202.) 1. 23.00% 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. 88.00% 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,$180,000. E Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 202 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