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- Sales price per P100 is - Sales price per P200 is - The value of P100 finished goods inventory at the end of 2022 is \begin{tabular}{|r|} \hline$1,200 \\ \hline$1,400 \\ \hline$360,000 \\ \hline \end{tabular} - At the end of each quarter, Fine Office Company requires ending inventory to be equal to and The value of P200 finished goods inventory at the end of 2022 is $300,000 - Each P100 unit uses Each P200 unit uses \begin{tabular}{|l|l|l} \hline 114 & sq. ft. of steel during the manufacturing process. The cost of steel for 2023 is estimated to be \\ \hline 152 & \end{tabular} - Fine Office Company currently has sq. ft. of steel during the of steel in the beginning inventory. At the end of each quarter, Fine Office Company wants to have 91,200 sq. ft. of ending inventory. - Each product requires - Direct Labour costs $ \begin{tabular}{|r|l|l} \hline 2 & machine hours and & 7 \\ \hline 19.7 & per direct labour hrs to produce. \\ \hline \end{tabular} - Fine Office Company allocates manufacturing overhead costs based on the estimated machine hours. Estimated manufacturing overhead cost for 2023 are $143,640 and are all variable. - For each quarter, it is estimated that will be credit sales. Of the credit sales, 80% pay in the quarter of the sale and 20% pay in the following quarter. Credit sales from Q4 2022 were - Direct labour costs and manufacturing overhead costs are paid for in cash in the quarter they occurred. - Assume operating expenses occur evenly throughout the year and are all paid in cash. - For each quarter, the purchase and 70% of material purchases are paid for in cash in the quarter of - For each quarter, the purchase and Q4 2022 were \begin{tabular}{|r|r|} \hline 70% & of material purchases are paid for in cash in the quarter of \\ \hline 30% & are paid in the following quarter. Purchases of materials from \\ \hline$1,500,000 & \end{tabular} Fine Office Company Additional details continued: - Fine Office Company will pay $60,000 in dividends in Q4 - Currently, the cash balance in the bank is $15,000. Fine Office Company wants to maintain a minimum cash balance of $10,000 in the bank for each quarter. - Budgeted sales volumes year 2024 Q1: \begin{tabular}{r|r|} \hline P100 & Q1 \\ \hline P200 & Q1 \\ \hline \end{tabular} - Budgeted sales volumes are: \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|} \hline P100 & Q1 & 10260 & Q2 & 10944 & Q3 & 11764 & Q4 & \\ \hline P200 & Q1 & 12585 & Q2 & 12585 & Q3 & 12312 & Q4 & 1364 \\ \hline \end{tabular} - Selling and Administration expenses for the budgeted year are as follows: Variable Cost: Fixed Costs per quarter: Accountine \& professional services $1600 Instructions Sales Budget Production Budget Direct Labour budget Variable Cost: \begin{tabular}{l|l|l|} \hline Delivery costs are based on & $0.30 & per sales unit. \\ \hline Commissions are based on & 0.1 & % of sales value. \end{tabular} Fixed Costs per quarter: - Fine Office Company will purchase a new machine on 1/1/2023 worth $500,000 and will make two equal payments. The first payment will be in Q1 and the second in Q4. Assume the machine was purchased at the beginning of the year. - Taxation is 25% on taxable income and paid at the end of Q4 each year (Ignore negative taxes). - Balance sheet information as at 31st December 2022 is as follows; - For Cost of goods sold (COGS): Add total costs of production + Beginning Finished goods - Ending Finished goods Inventory. - Interest of $9,000 on loans is paid in total at the end of the year and is a fixed cost