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Please use the beginning balance sheet and Budgeting Assumptions to complete the cash budget and budgeted income statement. Thank you!

Balance Sheet March 31, 2018 Assets Current Assets Cash 52,000.00 Accounts Receivable 9,000.00 Raw Materials Inventory (1,100Perky Turkey Jerky, LLC Budgeted Income Statement For the Quarter Ending June 30, 2018 Sales Cost of Goods Sold Gross Margin

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Answer #1
Collection budget:
April May June
Sales 90000 108000 135000 333000
Collections:
March 9000
April 81000 9000
May 97200 10800
June 108000
Total 90000 106200 118800
Direct Material Purchase payments budget:
Sales 10000 12000 15000 15000
add:Cl. Inven 2400 3750 4500
Total reqd. 12400 15750 19500
less:Op. Inven 2000 2400 3750
Production reqd. 10400 13350 15750
Raw material requirement budget:
Production reqd. 10400 13350 15750
Pounds perunit 2 2 2
Pounds required 20800 26700 31500
Add:Cl. Stock 2670 3150 0 (not available)
Total required 23470 29850 31500
Less:Op. stock 1100 2670 3150
Purchase of RM 22370 27180 28350
Purchase cost 55925 67950 70875
Payments:
March 7500
April 33555 22370
May 40770 27180
June 42525
total payments 41055 63140 69705
Cost of Mat. sold Budget:
Purchase cost 55925 67950 70875
Add: Op stock 2750 6675 7875
Less:Cl stock 6675 7875 0
Cost of Mat. Sold (a) 52000 66750 78750 197500
Direct labor budget:
Production reqd. 10400 13350 15750
Direct labor hours required 520 667.5 787.5
cost per DLH 15 15 15
Direct Labor cost (b) 7800 10012.5 11812.5 29625
Manufacturing Overhead budget:
Variable 2600 3337.5 3937.5
Fixed 15000 15000 15000
Depreciation 10000 10000 10000
total ('c) 27600 28337.5 28937.5 84875
Cash manuf. Overhead 17600 18337.5 18937.5
Cost of Goods sold (a+b+c) 312000
Selling & Admin budget:
Sales commission 1500 1800 2250 (sales units * commi.)
Fixed cost 10000 10000 10000
total 11500 11800 12250 35550
Cash Selling & Admin 11000 11300 11750
Cash Budget:
April May June Qter. Total
Beg Cash Balance 52000 64545 67955 52000
Add:Cash receipts
Cash recd. From customers 90000 106200 118800 315000
Total Cash available 142000 170745 186755 367000
Less: Cash disbursements:
DM 41055 63140 69705 173900
DL 7800 10012.5 11812.5 29625
Manuf. Overhead 17600 18337.5 18937.5 54875
Selling & admin exp. 11000 11300 11750 34050
Equipment 0
Dividends 0
Total Cash disbursements 77455 102790 112205 292450
Cash remaining after disbursements 64545 67955 74550 74550
Financing:
Borrowings 0 0 0 0
Repayments
Interest 0 0 0 0
Total financing 0 0 0 0
Ending Cash Bal 64545 67955 74550 74550
Budgeted Income Statement:
For the Quarter ending June 30, 2018
Amount $
Sales 333000
COGS 312000
Gross Margin 21000
Selling and Admin expenses 35550
Net Operating Income -14550
Interest expense 0
Net Income -14550
0 0
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