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GIVEN:

BUDGET:

*PLEASE INCLUDE EXCEL FORMULAS FOR EACH ANSWER/CELL

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OPTIMA, INC. Additional information: \begin{tabular}{ll} Ending finished goods inventory (percentage of the next quarter's sales) & 40% \\ \hline Ending raw materials inventory (percentage of the next quarter's production) & 30% \\ \hline \end{tabular} 4 Expected number of frames sold in following quarters: Regarding Inventory: Work-in-process has a zero beginning and ending balance. Raw Materials Inventory dollar amounts need to be rolled forward to get the ending balance: Rogarding Invontory: Work-in-process has a zero beginning and ending balance. Raw Malerials Inventory dollar amounts need to be roled forward to get the ending balance: (Beginning + Produced - Sold = Ending) Raw Materials Inventory dollar amounts need to be roled forward to get the ending balance: (Beginning + Purchased - Used = Ending) fx A B C D a Optima Company Sales Budget for the year ending December 31, 2020 Qtr.1Qtr.2Qtr.3Qtr.4Total 8 Unit Price 9 Total sales Production Budget for the year ending December 31,2020 \begin{tabular}{lllll} \hline Qtr. 1 & Qtr.2 & Qtr.3 & Qtr. 4 & Total \\ \hline \end{tabular} Budgeted Sales (Units) Optima Company Direct Materlals Purchases Budget for the year ending December 31, 2020 Budgeted Production (Units) Materials per unit Production needs Desired ending inventory Lew: Bezinning inventory Purchases 32 Cost per unit 33 Purchasecost 34 35 \begin{tabular}{lllll} Qtr.1 & Qtr.2 & Qtr.3 & Qtr.4 & Total \\ \hline & & \\ \hline \end{tabular} Optima Company Direct Labor Budeet 41 Hours per unit 42 Hounn nesded 43 Cost perhour 44 rotal Cost \begin{tabular}{l|l|l|} \hline 45 & Total Cort \\ 46 & & \\ 47 & Optima Compary \\ 48 & Overhead 8udget \\ \hline \end{tabular} for the year ending December 31,2020 51 Budgeted hours 52. Variable Rate 63 Budgeted VoH 54 Budgeted FOH 55 Total OH 56 57 58 . Optima Company 59 Selling and Administratlve Expenses Budget 60 61 62 Budgeted Sales (Units) 63 Variable Rate: 64 Variable expenses 65 Fixed expenses 66 Total expenses 67 68 for the year ending December 31,2020 Optima Company Budgeted Cost Per Unit for the year ending December 31,2020 Instructions Given Untcost Optima Comparry Budreted Cast Per Unit for the year ending December 31,2020 Unit Cost 73 Budgeted Manubcturing Costs: 74 Direct Materials 75 Direct iabor 76 Oveshead: 77 Variable 78 fixed 79 Total Unit Costs \begin{tabular}{l|l|} \hline 80 \\ 81 & \\ 82 & Optima Company \\ 83 & Cost of Goods Sold Budget \\ 84 & for the year ending December 31,2020 \\ 85 & 8620 \end{tabular} 86 87 Budgeted Sales (Units) \begin{tabular}{l|l|l|l|l|} Qtr. 1 & Qtr. 2 & Qtr. 3 & Qer. 4 & Total \\ \hline \end{tabular} 88 Budgeted Manufacturing Costs per unit 89 Budgeted Cost of Goods Sold 90 91 92 93 94 Optima Company Cash Budzet for the year ending December 31,2020 96 Budgeted Cash Receipts 97 Budgeted Sales Revenue 98 Cash Collections 99 Credit Collections (Current Month) 100 Credit Collections (Following Month) 101 Budgeted Cash Receipts 102 103 Budgeted Cash Disbursements Qtr. 1 Qtr.2Qtr.3Qrr.4 Total 104 Instructions Given Budget + Optima Company Income Statement for the year ending December 31, 2020 Sales Less: cogs Gross margln Less: StA foxpenses Income before taxes Optima Company Retained Earnings Statement for the year enaline December 31,2020 Instructions Given Optima Compary Retained Farnincs Staternent for the year ending December 31, 2020 141 Add: Net income(Loss) 142 Deduct Dividendi 143 Ending Fetalned Earnings Optima Company Balance Sheet Decmeber 31, 2020 Uabilities and Stockholders Equity Accounts Payable Une of Credit Payable Cagital Stock Retalned Earnings Total Liabilities 8 Stockholders' Equ