Use the template provided to create the following:
Schedule 1: Sales Budget
Schedule 2: Cash receipts
Schedule 3: Production Budget in Units
Schedule 4: Direct Materials Purchases
Schedule 5: Cash Purchases Budget
Schedule 6: Direct Labor Budget
Schedule 7: Overhead Budget
Schedule 8: Selling and Administrative Expense Budget
Schedule 9: Ending Finished goods
Schedule 10: Budgeted cost of goods sold
Schedule 11: Cash Budget
Schedule 12: Budgeted Income Statement
Schedule 13: Budgeted Statement of Retained Earnings
Schedule 14: Budgeted Balance Sheet

	WGT Balance Sheet
			01/01/2017
	Cash		$ 22,000
	Accounts Receivable		12,000
	Inventory Raw Materials		350
	FG Inventory		4,950
	Land		8,000
	Buildings and Equip		70,000
	Accum Depr		(29,200)
	Total Assets		$ 88,100
	Accounts Payable		$ 2,580
	Capital Stock		17,500
	RE		68,020
	Total Liab and Stockholders		$ 88,100
	1. The marketing department projects the following sales levels:
	Quarter 1, 2017		8,500	Gnomes
	Quarter 2, 2017		9,900	Gnomes
	Quarter 3, 2017		4,000	Gnomes
	Quarter 4, 2017		3,700	Gnomes
	Quarter 1, 2018		4,500	Gnomes
	Quarter 2, 2018		2,900	Gnomes
	The statues are expected to sell for		$35.00	EACH
	1. WGT sell all merchandise on credit. Historically, WGT receives				70%	of each
	quarter's sales during the quarter and		30%	in the next quarter.
	2. WGT plans to stock the ending inventory of finished goods to equal					55%	of the next quarter's sales.
	Finished Goods inventory at		01/01/2017	is 300 statues at a cost of $16.50 per unit.
	3. The statues are made with both cement and plaster. The statues each require						6.50
	pounds of cement at a cost of		$0.70	per pound.
	In addition, the statues require	7	pounds of plaster at		$0.60	per pound. At
	12/31/2016	WGT had 500 pounds of cement on hand and no plaster
	on hand. WGT plans to keep		60%	of the cement and		50%	of the plaster required
	required for next quarter's production in inventory at the end of each quarter.
	WGT pays for purchases as follows:		60%	in the quarter purchased and			40%	in the quarter following
	the purchase.
	4. Each of the statue requires		0.7	hrs of direct labor at		$7.50	per hour. Employees are paid
	on the last day of each month for that month's work. Other costs are paid in the quarter unless otherwise noted.
	5. Variable overhead is estimated at		$3.20	per direct labor hour. Fixed overhead costs are					$40,000
	per year. Fixed overhead includes depreciation of			$10,000	per year.
	6. Variable selling and administrative costs are			$4.75	per unit. Fixed selling and administrative costs are
	$28,000	per year. (This includes			$8,000	of depreciation per year)
	7. WGT makes quarterly income tax payments of			$7,500	The coprorate income tax rate is				35%	of net
	before taxes (consider underpayments on your balance sheet).
	8. WGT pays quarterly dividends of		$5,000	.
	9. WGT will purchase additional equipment using cash on the following schedule
	(depreciation is already included above):
	Quarter 1		$ 5,000
	Quarter 2		$ 4,000
	Quarter 3		$ -
	Quarter 4		$ -
	10. WGT has to maintain a minimum cash balance of				$10,000	All borrowings are made at the end of the
	quarter and paid back at the end of the first quarter where there is a cash surplus to make the debt payments.
	All borrowings and repayments are made in $1,000 increments. Interest is paid at the time of
	repayment and is calculated at		3.00%	per year (no Compounding).

Schedule 1: Sales Budget	Q1	Q2	Q3	Q4	Total
Sales in Units
x sales price
Sales revenue
Cash received from current quarter sales
Accounts Receivable from current quarter sales
Schedule 2: Cash receipts	Q1	Q2	Q3	Q4	Total
Current quarter sales - cash receipts
Cash Receipts from prior quarter receivables
Schedule 3: Production Budget in Units	Q1	Q2	Q3	Q4	Total
Beginning Balance: Finished Goods (units)
Plus: Production of Finished Goods (units)
Less: Sales of Finished Goods (units)
Ending Balance: Finished Goods (units)
Schedule 4: DM Purchases: Cement	Q1	Q2	Q3	Q4	Total
Units to be produced					0
Amt of cement per unit (lbs.)
Cement needs for production (lbs.)
Beginning Balance: Cement (lbs)
Plus: Cement Purchases (lbs)
Less: Cement Used in Production (lbs)
Ending Balance: Cement
Cement to be purchased (lbs)
Cement cost per lb.
Total cement purchase cost
Schedule 4: DM Purchases: Plaster	Q1	Q2	Q3	Q4	Total
Units to be produced
Amt of plaster per unit (lbs.)
Plaster needs for production (lbs.)
Beginning Balance: Plaster (lbs)
Plus: Plaster Purchases (lbs)
Less: Plaster Used in Production (lbs)
Ending Balance: Plaster
Plaster to be purchased (lbs)
Plaster cost per lb.
Total plaster purchase cost
Total DM purchase cost: Cement + Plaster
Schedule 5: Cash Purchases Budget	Q1	Q2	Q3	Q4	Total
Current Quarter Purchases: Cash
Purchases Payable: Cash Payments
Total Cash Outlay per Quarter:
Schedule 6: Direct Labor Budget	Q1	Q2	Q3	Q4	Total
Units to be produced
DL needed per unit
DL hours needed
cost per hour
Total Budgeted Direct Labor (dollars)
Schedule 7: Overhead Budget	Q1	Q2	Q3	Q4	Total
DL hours needed
VOH rate /hour
Budgeted variable OH
Depreciation
Other fixed costs
Budgeted fixed OH
Total budgeted OH expense
Schedule 8: SG&A Budget	Q1	Q2	Q3	Q4	Total
Units sold
Variable Selling & Administrative Rate
Budgeted Variable Selling & Administrative Costs
Depreciation
Other SG&A
Budgeted Fixed Selling & Administrative Costs
Total budgeted SG&A expense
Schedule 9: Ending Finished goods
	Qty.	Cost	Cost
	Per Unit	Per Qty.	Per Unit
Ending Balances: Inventory - DM, DL
DM - Cement
DM - Plaster
Direct Labor
Total Per Unit Inventory Costs:
Units in Ending Inventory:
Ending Inventory: DM, DL
Ending Balance: Inventory - Overhead	Total OH	Total Production	OH Per Unit
Variable Overhead
Fixed Overhead
Total Per Unit Inventory Costs:
Units in Ending Inventory:
Ending Inventory: Overhead
Total Ending Inventory Balance: Finished Goods
Schedule 10: Budgeted COGS
	Units	Cost Per Unit	Total
Beginning Balance: Finished Goods
Costs incurred during the period
Direct materials used - cement
Direct materials used - plaster
Direct labor used
Overhead - total
Cost of Goods Available For Sale
Ending Inventory
Cost of Goods Sold
Schedule 11: Cash Budget	Q1	Q2	Q3	Q4	Total
Cash Sources:
Beginning Balance: Cash
Cash Receipts
Cash available for use
Cash Uses:
Disbursements for purchases
Direct Labor
Overhead payments
Sales & General Administrative Payments
Taxes Paid
Dividends paid
Equipment purchases
Total Cash Disbursements
Cash Balance - pre debt
Loans (repayments)
Interest Payments on Loans
Net Borrowing Impact on Cash
Ending Balance: Cash
Schedule 12: Budgeted income statement
			2017
Sales
Cost of Goods Sold
Gross Margin
Selling and General Administrative Expenses
Interest Expense
Net Income before Taxes
Tax Expense
Net Income
Schedule 13: Budgeted Retained Earnings
			Dec. 31, 2017
Retained Earnings Calculation
Beginning Balance: RE
Plus: Net Income
Less: Dividends Paid
Retained Earnings
Schedule 14: Budgeted Balance sheet
	Beg Bal		End Bal
	Jan. 1, 2017		Dec. 31, 2017
Cash	22,000
Accounts Receivable	12,000
Inventory
Raw materials	350
Finished Goods	4,950
PP&E
Land	8,000
Building and Equipment	70,000
Accumulated Depreciation	(29,200)
	88,100
Acct Payable	2,580
Tax Payable	-
Capital stock	17,500
RE	68,020
Total L&SE	88,100