Please provide a:
1) Direct materials budget, including a schedule of expected cash disbursements for materials.
2) Direct labor budget.
Budgeted Production | ||||
First | Second | Third | Fourth | |
Budgeted sales | 44,000 | 82,000 | 42,000 | 76,000 |
Add: Ending finished goods inventory | 21,320 | 10,920 | 19,760 | 23,000 |
Less: Beginning finished goods inventory | 0 | 21,320 | 10,920 | 19,760 |
Budgeted production | 65,320 | 71,600 | 50,840 | 79,240 |
1.
Direct material budget | ||||
First | Second | Third | Fourth | |
Budgeted production | 65,320 | 71,600 | 50,840 | 79,240 |
Direct material required per unit (in pounds) | 4 | 4 | 4 | 4 |
Total direct material required for production (in pounds) | 261,280 | 286,400 | 203,360 | 316,960 |
Add: Ending direct material inventory | 100,240 | 71,176 | 110,936 | 110,000 |
Less: Beginning direct material inventory | (70,000) | (100,240) | (71,176) | (110,936) |
Total direct material purchases (in pounds) | 291,520 | 257,336 | 243,120 | 316,024 |
Direct material cost per pound | $0.90 | $0.90 | $0.90 | $0.90 |
Cost of direct material purchases | $262,368 | $231,602 | $218,808 | $284,422 |
Schedule of expected cash disbursements for materials | ||||
First | Second | Third | Fourth | |
Accounts payable | $96,000 | |||
First | 118,066 (262,368*45%) | 144,302 (262,368*55%) | ||
Second | 104,221 (231,602*45%) | 127,381 (231,602*55%) | ||
Third | 98,464 (218,808*45%) | 120,344 (218,808*55%) | ||
Fourth | 127,990 (284,422*45%) | |||
Total | $214,066 | $248,523 | $225,845 | $248,334 |
2.
Direct Labor Budget | ||||
First | Second | Third | Fourth | |
Budgeted production | 65,320 | 71,600 | 50,840 | 79,240 |
Direct labor hours required per unit | 3 | 3 | 3 | 3 |
Total direct labor hours required | 195,960 | 214,800 | 152,520 | 237,720 |
Direct labor cost per hour | $15 | $15 | $15 | $15 |
Total direct labor cost | $2,939,400 | $3,222,000 | $2,287,800 | $3,565,800 |
Please provide a: 1) Direct materials budget, including a schedule of expected cash disbursements for materials....
Please provide a 1) Sales budget, including a schedule of expected cash collections. 2) Production budget. Kimmel Gnomes, located in South Dakota, may be the only other manufacturer of high quality clay garden gnomes that are hand finished. Kimmel Gnomes are stoneware, rather than terracotta. Stoneware uses higher-quality clay than terracotta and the gnomes are fired at higher temperature, yielding a stronger, more durable gnome. The gnomes are fired inside and out and are colored with glaze before firing, rather...
Please provide a 1) Budgeted income statement for the year ending June 30, 2019. 2) Budgeted balance sheet for June 30, 2019. We only need annual totals for the budgeted financial statements Kimmel Gnomes, located in South Dakota, may be the only other manufacturer of high quality clay garden gnomes that are hand finished. Kimmel Gnomes are stoneware, rather than terracotta. Stoneware uses higher-quality clay than terracotta and the gnomes are fired at higher temperature, yielding a stronger, more durable...
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 1. Sales budget, including a schedule of expected cash collections. 2....
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 1. Manufacturing overhead budget. 2. Ending finished goods inventory budget calculating...
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 1. Selling and administrative expense budget. 2. Cash budget. 3. Budgeted...
Given the following information, fill in the cash budget First Fourth $ $ $ Second Third 208,000 4,761,000 $ 7,757,500 $ 4,969,000 5,564,000 $ 7,222,500 $ $ 214,066 $ 2,939,400 $ 2,295,560 $ 681,000 $ 248,523 $ 225,845 3,222,000.00 $ 2,287,800.00 2,502,800 $ 1,817,720 1,213,000 $ 653,000 $ $ $ $ 248,334 3,565,800.00 2,754,920 1,129,000 $ 8. Cash Budget Beginning cash balance Add: Cash collections Total cash available Less: Cash disbursements Materials Direct Labor Manufacturing overhead Selling and administrative Equipment...
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 1. Sales budget, including a schedule of expected cash collections. 2....
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 8. Cash budget. 9. Budgeted income statement for the year ending...
Create an Assumptions page, Sales budget, cash collections schedule, production budget, direct materials budget, direct labor budget, ending finished goods schedule per unit, sales and administrative budget, Cash budget, income statement and balance sheet for the quarter ended. 1 2 3 Instructions: Prepare all schedules on the following tabs for the below problem If you do this correctly, your balance sheet will balance. You must create an input tab for this project, and the link all numbers on the other...
Master Budget ProjectOkay Company is preparing to build its master budget. The budget will detail each quarter's activity and the activity for the year in total. The master budget will be based on the following information:a. This will be the first year of operation for Okay Company.b. Budgeted unit sales by quarter for 2017 are projected as follows: First quarter 6,300 , Second quarter 6,100 , Third quarter 6,100 & Fourth quarter 6,450 . First and second quarter 2018 budgeted...