Question

Need help filling out the yellow cells. (10.01-10.1). Also included the extra information needed to solve and all numbers already in yellow are correct, thanks!

2 Materials Budget Lamp Kits Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 34,400 units 600 units 35,000 units 500 units {8.01} {8.02) {8.03} {8.04} 34,500 units 16.96 $ $ 16.96 585,120.00 {8.05) {8.06) 3 Direct Labor Budget $ 2.07 {8.07} Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) $ 71,208.00 {8.08} 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be produced Total Variable Factory Overhead (Round to two places, $##.##) Fixed Factory Overhead $ $ 71,208.00 295,000.00 {8.09} {8.10} Total Factory Overhead (Round to two places, $##.##) $ 366,208.00 {8.11}

Answer 1

1) Number of Unit Sales

Units

Begining Inventory 500

+ Total Purchased   34500

Total Units Available to sale   40000

- Goods Sold     34400

Balance Ending Inventory 600

2) Sales Price

As per cash budget

Sales Made & Collected in 2002 is $1250200 and November & December Sales Outstanding is 24% company giving credit 60 days that means balance 76% sales amount has been collected.  

1250200 76%

? 100%

Total Sales = $1645000

Sales per unit = 1645000/34400 = 47.82 per unit

Cost of good sold

Particulars Units Per Unit price Total Price

Direct Material 34400 16.96 $583424

Direct Labor 34400 2.07 $ 71208

Variable Overhead 34400 2.10 $ 72240

Fixed Overhead $ 295000

Total Factory Cost / Cost of good sold 29.71    $1,021,872

I See The Light

Budgeted Income statement for the year 31st December 2002

Sales 34400 @ 47.819 1,645,000

(-) Cost of Good Sold @ 29.705   1,021,872

Gross Profit 623,128

Selling Expenses

Variable 34400@ 3.08 105,952

Fixed 29,000

Admintrative Exps

Variable [email protected] 70,176

Fixed 54,000

Net Profit 364,000

I See The Light

Projected Cash Budget for the year Ending 31st Decmber 2002

Beginning Cash Balance

Cash Inflows

Sales Collections 34,710

Account receivable (Last year sales not collected    67,500

Sales made and collected in 2002 1,250,200

Cash Avaiable / Cash inflow (A)    1,352,410

Cash Outflows

Purchases

Account payable (Purchased last year ) 54,000

Purchased made and paid for in 2002 514,905.6

Other Maufacturiing Cost 72,240

Direct Labour 71,208

Fixed Overhead 295,000

Selling Expenses 134,952

Admintrative Expenses 124,176

Less Depreciation (2268)

Total Cash Outflows (B) 1,264,213.6

Budgeted Cash Balance before financing (A-B) 88,196.4

Needed Minimum Balance 180,000

Amount to be borrowed (if any ) 91,803.6

Budgeted Cash Balance after financing 180,000