In excel format and show work thank you! The facts for this problem are presente
ID: 2599012 • Letter: I
Question
In excel format and show work thank you!
The facts for this problem are presented on the Facts tab of this workbook. Instructions-Your solutions should be clearly labeled on the Solutions tab of this workbook. For the first quarter of 2017, do the following (a) Prepare a sales budget. This is similar to lllustration 21-3 on page 1088 of your textbook. (b) Prepare a production budget. This is similar to llustration 21-5 on page 1089 of your textbook (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to Illustration 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 Illustration 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 Illustration 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 Illustration 21-13 on page 1096 of your textbook. (h) Prepare a cash budget. This is similar to Ilustration 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 Illustrations 21-15 and 21-16 on page 1099 of your Rules: Use Excel's functionality to your benefit. Points are lost for lack of formula Use proper formats for schedules, following the referenced textbook examples Use dollar-signs and underscores where appropriate Double-check your work! Verify your formula and logic! Grading Guidelines: Effective Use of Excel Facts, Logic Completeness Spelling, Punctuation, Value Format 40% 20% 30% 10%Explanation / Answer
Actual & Buddgeted Sales November 102000 December 91000 January 100000 February 101000 March 103000 April 112000 May 123000 Sales Budget Months January February March Quarter Budgeted sales=(A) 100000 101000 103000 304000 Unit Selling Price=(B) $ 11.00 $ 11.00 $ 11.00 $ 11.00 Total sales=(A)*(B) $ 1,100,000.00 $ 1,111,000.00 $ 1,133,000.00 $ 3,344,000.00 Schedule of expected cash collections Sales January February March Quarter Balance of December $ 185,000.00 $ 185,000.00 $ 185,000.00 Jan sales=($1100000*80%) in Jan and ($1100000*20%) in Feb $ 1,100,000.00 $ 880,000.00 $ 220,000.00 $ 1,100,000.00 Feb sales=($1111000 *80%) in Feb and ($1111000*20%) in March $ 1,111,000.00 $ 888,800.00 $ 222,200.00 $ 1,111,000.00 March Sales=($1133000*80%) in March $ 1,133,000.00 $ 906,400.00 $ 906,400.00 Total Cash collections $ 1,065,000.00 $ 1,108,800.00 $ 1,128,600.00 $ 3,302,400.00 Production Budget January February March Quarter April Sales 100000 101000 103000 304000 112000 Add:Ending Inventory=(10% of 101000) in Jan,(10% of 103000) inFeb,(10% of 112000) in March 10100 10300 11200 11200 12300 Total Needs 110100 111300 114200 315200 124300 Less: Opening Inventory=(100000*10%) in Jan 10000 10100 10300 10000 11200 Production 100100 101200 103900 305200 113100 Raw Material Purchase Budget January February March Quarter Production 100100 101200 103900 305200 Raw Material required per unit 2 2 2 2 Raw material (lb) 200200 202400 207800 610400 Add:Ending Inventory=(5% of 101200) in Jan,(5% of 103900) inFeb,(5% of113100) in March 5060 5195 5655 5655 Total Needs 305362 308797 317357 921257 Less: Opening Inventory=(100100*5%) in Jan 5005 5060 5195 5005 Raw material Purchase 300357 303737 312162 916252 Cost Per lb $ 1.00 $ 1.00 $ 1.00 $ 1.00 Raw Material Purchase Cost $ 300,357.00 $ 303,737.00 $ 312,162.00 $ 916,252.00 Budgeted Cash disbursement of Mercendise Purchase Months January February March Quarter Accounts Payable $ 120,000.00 $ 120,000.00 Jan Purchases=($300357*40%) in Jan and ($300357*60%) in Feb $ 120,142.80 $ 180,214.20 $ 300,357.00 Feb Purchases=($303737*40%) in Feb and ($303737*60%) in March $ 121,494.80 $ 182,242.20 $ 303,737.00 March Purchases=($312162*40%) in March $ 124,864.80 $ 124,864.80 Total Cash Payments $ 240,142.80 $ 301,709.00 $ 307,107.00 $ 848,958.80 Schedule of Direct Labor Budget Months 300357 303737 312162 Quarter Production 300357 303737 312162 916256 Time per unit of production=(1/60)*12 0.2 0.2 0.2 0.2 Total time required in Hours 60071.4 60747.4 62432.4 183251.2 Direct Labor per hour 6 6 6 6 Total Cash Payments 360428.4 364484.4 374594.4 1099507.2 Schedule of Expected Manufacturing Overhead Budget Months January February March Quarter Direct Labor Hours 60071.4 60747.4 62432.4 183251.2 Variable Cost Per Direct Labor hours Indirect Material=(.25 per hours) 15017.85 15186.85 15608.1 45812.8 Indirect Labor=(.35 per hours) 21024.99 21261.59 21851.34 64137.92 Utilities=(.45 per hours) 27032.13 27336.33 28094.58 82463.04 Maintenance=(.25 per hours) 15017.85 15186.85 15608.1 45812.8 Fixed Cost per month Salaries $ 42,000.00 $ 42,000.00 $ 42,000.00 $ 126,000.00 Depreciation $ 16,800.00 $ 16,800.00 $ 16,800.00 $ 50,400.00 Insurance $ 1,200.00 $ 1,200.00 $ 1,200.00 $ 3,600.00 Property Taxes $ 2,675.00 $ 2,675.00 $ 2,675.00 $ 8,025.00 Janitorial $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 3,900.00 Total Cash Payments $ 142,067.82 $ 142,946.62 $ 145,137.12 $ 430,151.56 Schedule of Expected Selling & Administerative Cost Budget Months January February March Quarter Sales 100000 101000 103000 304000 Variable cost per unit sold=($1.20) $ 120,000.00 $ 121,200.00 $ 123,600.00 $ 364,800.00 Fixed Cost per month Advertising $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 45,000.00 Insurance $ 14,000.00 $ 14,000.00 $ 14,000.00 $ 42,000.00 Salaries $ 72,000.00 $ 72,000.00 $ 72,000.00 $ 216,000.00 Depreciation $ 25,000.00 $ 25,000.00 $ 25,000.00 $ 75,000.00 Other Cost $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 9,000.00 Total Cash Payments $ 249,000.00 $ 250,200.00 $ 252,600.00 $ 751,800.00