Hello, will you please help our with the following case, I need to create a Sale

Question

Hello, will you please help our with the following case,

I need to create a Sales Budget, Production Budget, Material Budget, Labor Budget, Manufacturing Overhead Budget, Adminstrative Budget, Income Statment, and Cash Budget with the following information. Also i have attached examples of each from the textbook to help.

For the first quarter of 2017, do the following. (a) Prepare a sales budget. This is similar to ustrotion 21-3 on page 1088 of your textbook. (b) Prepare a production budget. This is similar to ilustration 21-5 on page 1089 of your textbook. (c Prepare a direct materials budget. (Round to nearest dollar) This is similar to llustration 21-7 on page 1091 of your textbook. d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to llustration 21-9 on page 1094 of your textbook. (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar.) This is similar to lustration 21-10 on page 1094 of your textbook. (f) Prepare a selling and administrative budget. This is similar to llustration 21-11 on page 1095 of your textbook. g) Prepare a budgeted income statement. (Round intermediate calculations to the nearest dollar.) This is similar to Mustration 21-13 on page 1096 of your textbook. (h) Prepare a cash budget. This is similar to llustration 21-17 on page 1100 of your textbook. (You will need to prepare schedules for expected collections from customers and expected payments to vendors first. See lustrations 21-15 and 21-16 on page 1099 of your textbook for guidance.

Explanation / Answer

Answer:

(a).

Serious Business, Inc

Sales Budget

For the Quarter Ending March 31, 2017

(b).

Production Budget

For the Quarter Ending March 31, 2017

(* 10% of planned goods for April i.e 10% of 125,000

** 4 and 5th month are added just to calculate desired ending direct material for the 3rd month in the next budget)

(c).

Direct Materials Budget

For the Quarter Ending March 31, 2017

(Note: Rounded to the nearest dollar)

(d).

Direct Labour Budget

For the Quarter Ending March 31, 2017

(e).

Manufacturing Overhead Budget

For the Quarter Ending March 31, 2017

(f).

Fixed Cost       Salaries 42,000 42,000 42,000 126,000 Depreciation 16,800 16,800 16,800 50,400 Property taxes 2,675 2,675 2,675 8025 Insurance 1,200 1,200 1,200 3,600 Janitorial 1,300 1,300 1,300 3,900 Total fixed cost 63,975 63,975 63,975 191,925 Total manufacturing overhead $97,605 $97,875 $99,045 $294,525 Direct labour hours 22,420 22,660 23,380 68,460 Manufacturing overhead rate per direct labour hour ($294,525 / 68,640) $4.3

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