Schedule 1: Sales Budget Sales in Units x sales price Sales revenue Cash receive

Question

Schedule 1: Sales Budget Sales in Units x sales price Sales revenue Cash received from current quarter sales Accounts Receivable from current quarter sales Schedule 2: Cash receipts Current quarter sales - cash receipts Cash Receipts from prior quarter receivables Schedule 3: Production Budget in Units 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 Units to be produced 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 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 Current Quarter Purchases: Cash Purchases Payable: Cash Payments Total Cash Outlay per Quarter: Schedule 6: Direct Labor Budget Units to be produced DL needed per unit DL hours needed cost per hour Total Budgeted Direct Labor (dollars) Schedule 7: Overhead Budget 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 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 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 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 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 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 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 Retained Earnings Calculation Beginning Balance: RE Plus: Net Income Less: Dividends Paid Retained Earnings Schedule 14: Budgeted Balance sheet Cash Accounts Receivable Inventory Raw materials Finished Goods PP&E Land Building and Equipment Accumulated Depreciation Acct Payable Tax Payable Capital stock RE Total L&SE WGT Balance Sheet Cash Accounts Receivable Inventory Raw Materials FG Inventory Land Buildings and Equip Accum Depr Total Assets 01/01/2014 $ 22,000 12,000 350 4,950 8,000 70,000 200 $ 88,100 Accounts Payable Capital Stock RE Total Liab and Stockholders S 2,580 17,500 68.020 $ 88,100 Use the following to complete the team project: 1. The marketing department projects the following sales levels Quarter 1, 2014 Quarter 2, 2014 Quarter 3, 2014 Quarter 4, 2014 Quarter 1, 2015 Quarter 2, 2015 8,700 Gnomes 9,800 Gnomes 4,200 Gnomes 3,800 Gnomes 4,600 Gnomes 2,800 Gnomes The statues are expected to sell for $40.00 EACH 1. WGT sell all merchandise on credit. Historically, WGT receives 65% ofeach arter's sales during the quarter and qu 2. WGT plans to stock the ending inventory of finished goods to equal 35% in the next quarter 60% of the next quarter's sales Finished Goods inventory at 01/01/2014 is 300 statues at a cost of $16.5 per unit.

Explanation / Answer

Since, there are multiple budgets to be prepared, the first four have been completed.

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Part 1)

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Part 2)

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Part 3)

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Part 4)

Schedule 1: Sales Budget Q1 Q2 Q3 Q4 Total Sales in Units 8,700 9,800 4,200 3,800 26,500 x sales price 40 40 40 40 40 Sales revenue $348,000 $392,000 $168,000 $152,000 $1,060,000 Cash received from current quarter sales (65%) $226,200 $254,800 $109,200 $98,800 Accounts Receivable from current quarter sales (35%) $121,800 $137,200 $58,800 $53,200

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