Prepare a Master Budget for an Imaginary Start$-$up Company for the first quarter of the next report that consists of the following:

ITEM INFORMATION

$1.$ Introduction

$$ Introduction of the imaginary start$-$up company

$$ Hierarchy of the Company $($attach student photo$)$

$2.$ Master budget

$$ Sales Budget and Expected Cash Collection Budget.

$$ Production Budget and Expected Production Budget.

$$ Direct Material Costs Budget.

$$ Direct Material Budget.

$$ Cash Disbursement Budget.

$$ Direct Manufacturing Labor Cost budget.

$$ Direct Labor Budget.

$$ Manufacturing Overhead Cost Budget.

$$ Ending Inventory Budget.

$$ Operating Expense or Selling and Administrative Budget.

$$ Cash Budget.

$3.$ Analysis of the master budget Explanation on each functional budget and master budget of the company.

$4.$ Conclusion Conclude the usefulness and challenges of preparing a master budget for the company.

ADDITIONAL INFORMATION: $-$

$1.$ The master budget preparation for the first three months of next year $($January$,$ February and March$)$ based on the following information:

A$.$ The Sales Manager has projected the following sales:

$$ January $15,000$ units

$$ February $14,000$ units

$$ March $16,000$ units

$$ Projected selling price is RM$35\mathrm{.}00/$unit$.$

B$.$ Your Production Manager gave the following information:

$$ Ending Inventory is to be $20\%$ of next month$$s production $($rounded to the nearest $10).$

$$ April$$s Projected Sales $15,000$ units, May $11,650$ units

$$ December$$s Ending Inventory was $1,000$ units.

C$.$ The Manufacturing Manager has estimated the following:

$$ Each unit will require $4$ grams of material

$$ Material in Ending Inventory is $20\%$ of next month$$s needs

$$ December$$s Ending Material Inventory was $4,800$g

$$ Project cost of material: RM$2\mathrm{.}50/$gram

D$.$ The Personnel Manager has estimated that Direct Labour will be projected at:

$0\mathrm{.}75$ hours of Direct Labour per unit

$$ Guaranteed Direct Labour hours were $2,000$ hours

$$ Direct Labour Cost: RM$8\mathrm{.}50/$hour

E$.$ The Facilities Manager has estimated that the Manufacturing Overhead will be projected at:

$$ Overhead is applied to units of product on the basis of Direct Labour hours.

$$ Variable Overhead Rate to be RM$8$ per Direct Labour hours

$$ Fixed Overhead Rate to be RM$3,000$ per month

$$ The manufacturing overhead include monthly of plant and machinery depreciation $$ that are not cash outflows of the current month

F$.$ The Accounting Department Manager has provided the following information:

$$ Selling and Administrative Expenses are projected to be a monthly cost of:

o The variable selling and administrative expenses are RM$0\mathrm{.}50$ per unit sold.

o Fixed selling and administrative expenses are RM$70,000$ per month.

o The fixed selling and administrative expenses include monthly costs of RM$500$ primarily depreciation $$ that are not cash outflows of the current month.

Cash Collection Policy:

o December$$s last year Receivable will be collected in full in the $1$st January, RM$30,000$

o $80\%$ of sales is collected in the month in which they were made

o $20\%$ of sales collected in the following month in which they were made

o Bad Debts is insignificant

$$ Accounts Payable:

o $80\%$ of Payables is paid for in the current month

o $20\%$ of Payables is paid for in the following month

o December$$s last year Payables will be paid in the $1$st January, RM$12,000$

$$ Federal Income Tax is estimated at $25\%$ average. If applicable.

G$.$ The Cash Budget

o Has a cash balance for the beginning of January, RM$30,000$

o Maintains a minimum cash balance of RM$10,000$

o Obtains and repays loans at a $15\%$ simple interest rate

o Pays interest of RM$2,000$ and RM$3,000$ in February and March respectively.

o Pays cash Dividends of RM$3,000$ to be paid in March

o Purchases RM$50,000$ of equipment in February and RM$100,000$ in March $($both purchases paid in cash$)$

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