IS 3315 term project tmatthews PMB
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| INSTRUCTIONS | ||
| Insert formulas where appropriate in the Dec 31 Balance sheet. | ||
| Construct worksheets for: January, February and March | ||
| Sales Budget | ||
| Production Budget | ||
| Raw Materials Purchases | ||
| Cash Budget | ||
| Projected unit cost to produce one Gizmo (Exclusive of Depreciation) | ||
| Budgeted Income Statement | ||
| Budgeted Retained Earnings Statement | ||
| Budgeted Balance Sheet | ||
| Use one column for each month and one for the quarter total. | ||
| Assume FIFO for valuing inventories. | ||
| Round budget calcuations (excepting unit costs) to the nearest dollar (no decimal places). | ||
| Sales and raw materials purchases budgets should include both units and dollars. | ||
| Place an appropriate title on each worksheet | ||
| Skip one row below the title and place the name of the company. "Thorny Corp." should be changed to "YourLastName Corp." in all worksheets. | ||
| Worksheets should be organized and should have a consistent format. | ||
| Worksheets should be formatted to print neatly and preferably on one page. If it is necessary to print on more than one page, make sure to use "PRINT TITLES" where appropriate and set page breaks appropriately. You may need to set some worksheets to "landscape" orientation. | ||
| Three-Month Master Budget | |||
| Thorny Corp. | |||
| Balance Sheet, December 31 | |||
| Cash | 41,700 | ||
| Accounts Receivable | 192,000 | ||
| Raw materials | 102,240 | ||
| Finished Goods | 64,400 | ||
| Land | 50,000 | ||
| Plant and Equipment | 500,000 | ||
| Less: accumulated depreciation | 112,000 | 388,000 | |
| Total assets | $838,340 | ||
| Accounts Payable to suppliers | 40,000 | ||
| Common Stock | 100,000 | ||
| Retained Earnings | 698,340 | 798,340 | |
| Total liabilities and equity | $838,340 | ||
| Budgeted Gizmo sales in units | |||
| January | 7,000 | ||
| February | 8,000 | ||
| March | 10,000 | ||
| April | 8,000 | ||
| May | 7,000 | ||
| Selling price | $60 | ||
| Collections from customers | |||
| Collected in month of sale | 40% | ||
| Collected the following month | 60% | ||
| Desired finished goods inventory | |||
| (% of next month's units sales) | 20% | ||
| Desired raw material inventory | |||
| (% of next month's production needs) | 25% | ||
| Raw material units needed to produce one Gizmo | |||
| What | 5 | ||
| Huh | 3 | ||
| Beginning inventory units & cost | |||
| Gizmo | 1,400 | $46.00 | |
| What | 18,000 | $4.00 | |
| Huh | 10,800 | $2.80 | |
| Purchases | |||
| Paid in the month of purchase | 70% | ||
| Paid in the subsequent month | 30% | ||
| Direct labor time to produce one Gizmo | 0.5 | hours | |
| Cost of direct labor | $24 | per hour | |
| Factory overhead (exclusive of depreciation) | $12 | per direct labor hour | |
| Selling and administrative expenses | $10,000 | fixed | |
| 10% | variable | ||
| Plant and equipment depreciation | $12,000 | per year | |
12 years ago
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