Project #2 - Budgeting Part 1 Learning Objectives: 1) Provide a comprehensive budgeting experience. 2) Exhibit the use of Excel in creating a master budget. Learning Outcomes: 1) Understanding of the inter-relatedness of budgets. 2) Ability to utilize basic formula, cell references, and formatting. Requirements: Done) 11) The numbers will automatically fill in the Data Sheet. 12) PRINT the Data Sheet 13) TYPE the numbers from the Data Sheet that you printed into your project's Data Sheet. Save your Excel file. 14) TURN IN your Excel file with set numbers by 3/31/21 5) Utilize your textbook, lecture notes, etc. to complete the budgets. a) You may not type any numbers on the budget worksheets. Utilize cell references to transfer numbers from the data sheet to the b) worksheets c) Use formula to perform calculations, 6) Ensure that the Income Statement shows a profit for each month. If not change the selling price on the Data Sheet until a profit results for each month 17) Once you have completed up through the Projected Income Statement, save your budget (as an xds or xlsx file) and submit it under the Assignments link for Project #2 Part 1 (Budgets). Excel Help: http://www.goflearnfree.org/excel2010 April Project #2 Sales Projections in Units January 18,763 Februar 48,899 March 39.734 45,079 May 48,729 Projected Sale $ 41.00 Monthly Projected Selling & Variable $ 14.00 Fixed C$ 2,087.00 Production: Desired 79.7% Beginni 0 Materials Desired 37.2% Number 3.0 Projecte $ 5.00 Beginni 0 Direct Labor Time pe 3.00 Cost pes 25.00 Manufacturing Overhead Variables 5.00 Fixed Cs 11,383 Page SALES BUDGET January February March April Projected Sales in Units Selling Price per Unit Anticipated Sales Dollars 37 SELLING & ADMINISTRATIVE (S&A) EXPENSE BUDGET January February March Sales in Units Variable SSA Rate/Unit Anticipated Variable Costs Foud SSA Costs Total Anticipated Selling & Administrative Costs Page PRODUCTION BUDGET January February March April Sales in Units Desired Ending Inventory Total Units Needed Beginning Inventory Total Production in Units MATERIALS REQUIREMENTS BUDGET January February March Units to be produced April Material/unit Total Production Need Desired Ending Inventory Total Materials Needed Beginning Inventory Total Materials Needed to be Page MATERIALS REQUIREMENTS BUDGET January February March April Units to be produced Material/Unit Total Production Need Desired Ending Inventory Total Materials Needed Beginning Inventory Total Materials Needed to be Purchased Cost per Unit of Material Total Material Cost Material unit Cost per Unit of Material Cost of Material per Product Page DIRECT LABOR BUDGET January February March Number of Units Produced Direct Labor Hours/Unit Total Direct Labor Hours Needed Cost/Direct Labor Hour Total Direct Labor Cost Direct Labor Hours/Unit Cost/Direct Labor Hour Cost of Direct Labor per Product MANUFACTURING OVERHEAD BUDGET January February Production in Units Variable OH Rate/Unit March Page March MANUFACTURING OVERHEAD BUDGET January February Production in Units Variable OH Rate/Unit Anticipated VOH Costs Fixed OH Costs Total Anticipated OH Costs Predetermined OH Rate Total Estimated OH Costs Total Estimated DLHS MOH per Unit: Predetermined MOH rato DLHs per Unit MOH per Unit of Product 11 per DLH PRODUCT COST PER UNIT [item Amount Direct Materials PRODUCT COST PER UNIT Item Amount Direct Materials Direct Labor Manufacturing Overhead Total Unit Cost March PROJECTED INCOME STATEMENT January February Sales in Units Sales Revenue Cost of Goods Sold: Gross Profit (Margin) Selling and Administrative (Operating) Expenses Operating Income