Question: Prepare the operating budget forecasts for 2020 and 2021 using the percent of sales method. (Fill in the blanks) Actual 2019 1,000,000 20% FCT 2020

Prepare the operating budget forecasts for 2020 and 2021 using the percent of sales method. (Fill in the blanks)

Actual 2019 1,000,000 20% FCT 2020 1,500,000 FCT 2021 1,750,000 Industry Market share 20% % of sales Forecast Forecast 350,000 300,000 105,000 122,500 Sales Material Labour Factory Overhead COGS Gross Profit Selling Corporate Overhead Operating Profit (op) Taxes (% of OP) Net Income 25.00% 35.00% 20.00% 80.00% 20.00% 5.00% 10.00% 5.00% 25.00% 3.75% 200,000 50,000 70,000 40,000 160,000 40.000 10,000 20.000 10,000 2.500 7,500 Cash Accounts Receivable Inventory Fixed assets Total % sales 5.00% 20.00% 10.00% 100.00% 10,000 40,000 20,000 200,000 270,000 10.00% Plug to Balance Fixed Accounts Payable Debt Common Stock Opening RE Net Income Total 20,000 120,000 120,000 2,500 7,500 270,000 120,000 10,000 120000 21,250

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