Management Accounting

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ACC00146OnTheBeachAssignmentBudgetSchedulesTemplate.xlsx
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On The Beach
2019 Budget
Contents:
Assumptions
Budget Schedules:
1 Monthly Sales Revenue and Cash Collection Budget
2 Production Budget in Units
3 Direct Materials and Cash Purchases Budget
4 Direct Labour Budget
5 Manufacturing Overhead Budget
6 Monthly Operating Cost Budget
7 Ending Inventory Budget for Finished Goods
8 Cost of Sales Budget
9 Budgeted Income Statement for the year ended 31 December 2019
10 Monthly Cash Budget

Assumptions

On The Beach
2019 Budget
Assumptions
On The Beach
Balance Sheet as at 31 December, 2018
Assets
Cash
Accounts receivable
Inventory - Direct Materials
Inventory - Finished Goods
Equipment
Less Accumulated Depreciation
Total Assets
Liabilities and Stockholders' equity
Accounts payable
Bank Loan
Share Capital
Retained earnings
Total Liabilities and Stockholders' equity
Sales Information January February March April May June July August September October November December January February
Budgeted Sales (units)
One-piece
Board shorts
Towels
Beach Bags
Budgeted selling price
One-piece
Board shorts
Towels
Beach Bags
Ending inventory of finished goods is to be 50% of the next month's requirements 50%
Cash Collections
Cash Sales
Credit Sales
Collected in month of sale
Collected the following month
Direct Materials cost per unit Fabric Elastic/Trim
One-piece
Board shorts
Towels
Beach Bags
Ending inventory of direct materials is to be 75% of the next month's requirements 75%
Cash Payments
All Direct Materials purchased on credit
Accounts Payable:
Paid in month of purchase
Paid in the month following purchase
Sewing Time/Machine Hours
One-piece
Board shorts
Towels  
Beach Bags
Manufacturing Overhead
Indirect Labour
Indirect Materials
Utilities
Insurance
Factory Supervisor's Salary
Rent
Maintenance
Depreciation
Operating Expenses
Utilities
Insurance
Administrative Wages
General Office Expenses
Rent
Interest

1

On The Beach
2019 Budget
Monthly Sales Revenue and Cash Collection Budget
Sales Budget January February March April May June July August September October November December TOTAL January February
One-piece
Budgeted sales volume (units)
Budgeted selling price
Total One-piece sales
Board shorts
Budgeted sales volume (units)
Budgeted selling price
Total Board Short sales
Towels
Budgeted sales volume (units)
Budgeted selling price
Total Towel sales
Beach Bags
Budgeted sales volume (units)
Budgeted selling price
Total Beach Bag sales
Total sales
Cash Collections January February March April May June July August September October November December TOTAL January February
Opening Accounts Receivable $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Current Month Business Sales $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Accounts Receivable $ - 0
Less Current Month Collections
Op Accounts Receivable $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Business Sales Collected in the Current Month $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Ending Accounts Receivable $ - 0
Accounts Receivable collections $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Cash collected from Outlet Sales $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Cash Collections $ - 0 $ - 0

2

On The Beach
2019 Budget
Production Budget in Units
Production Budget January February March April May June July August September October November December TOTAL January February
One-piece
Budgeted sales volume (units)
Target Ending Inventory (units)
Total Finished Goods Required
Less Beginning Inventory
Production (units) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Machine Hours 0 0 0 0 0 0 0 0 0 0 0 0 0
Board shorts
Budgeted sales volume (units)
Target Ending Inventory (units)
Total Finished Goods Required
Less Beginning Inventory
Production (units) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Machine Hours 0 0 0 0 0 0 0 0 0 0 0 0 0
Towels
Budgeted sales volume (units)
Target Ending Inventory (units)
Total Finished Goods Required
Less Beginning Inventory
Production (units) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Machine Hours 0 0 0 0 0 0 0 0 0 0 0 0 0
Beach Bags
Budgeted sales volume (units)
Target Ending Inventory (units)
Total Finished Goods Required
Less Beginning Inventory
Production (units) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Machine Hours
Total Units Produced 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Machine Hours 0 0 0 0 0 0 0 0 0 0 0 0 0

3

On The Beach
2019 Budget
Direct Materials and Cash Purchases Budget
Direct Materials Required: Fabric Elastic/Trim Total
One-piece
Board shorts
Towels
Beach Bags
Production Budget DM Cost January February March April May June July August September October November December TOTAL January
One-piece $ - 0
Board shorts $ - 0
Towels $ - 0
Beach Bags $ - 0
Direct Materials used in production
One-piece $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Board shorts $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Towels $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Beach Bags $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Direct Materials Used $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
$ - 0
Target Ending Direct Materials Inventory $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Less Beginning Direct Materials Inventory $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Purchases of Direct Materials $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Cash Payments (Accounts Payable) January February March April May June July August September October November December TOTAL January February
Opening Accounts Payable
Current Month Credit Purchases
Total Accounts Payable
Less Current Month Payments
Op Accounts Payable
Current Month Purchases
Ending Accounts Payable
Total Accounts Payable Payments

4

On The Beach
2019 Budget
Direct Labour Budget
Direct Labour Required: Time Cost Total
One-piece
Board shorts
Towels
Beach Bags
Production Budget DL Cost January February March April May June July August September October November December TOTAL
One-piece $0.00
Board shorts $0.00
Towels $0.00
Beach Bags $0.00
Direct Labour used in production TOTAL
One-piece
Board shorts
Towels
Beach Bags
Total Direct Labour Used $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0

5

On The Beach
2019 Budget
Manufacturing Overhead Budget
January February March April May June July August September October November December Total
Total Machine Hours
Variable Overhead Costs:
<xxxx>
<xxxx>
Total Variable Overhead Costs $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Variable OH Allocation Rate
January February March April May June July August September October November December Total
Total Production Units
Fixed Overhead Costs:
<xxxx>
<xxxx>
<xxxx>
<xxxx>
<xxxx>
Total Fixed Overhead Costs $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Fixed OH Allocation Rate ERROR:#DIV/0!

6

On The Beach
2019 Budget
Monthly Operating Cost Budget
Operating Expenses January February March April May June July August September October November December TOTAL
<xxxx>
<xxxx>
<xxxx>
<xxxx>
<xxxx>
Total Operating Expenses $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0

7

On The Beach
2019 Budget
Ending Inventory Budget for Finished Goods
Unit Costs One-piece Board shorts Towels Beach Bags Total
Direct Materials
Direct Labour
Manufacturing Overhead (Variable)
Manufacturing Overhead (Fixed)
Total Unit Costs $ - 0 $ - 0 $ - 0 $ - 0
Budgeted Ending Inventory (Units)
Budgeted Ending Inventory (Cost)

8

On The Beach
2019 Budget
Cost of Sales Budget
Beginning Inventory Finished Goods $ - 0
Direct Materials Used $ - 0
Direct Labour $ - 0
Manufacturing Overhead $ - 0
Cost of Goods Manufactured $ - 0
Total Goods Available for Sale $ - 0
Less Ending Finished Goods Inventory $ - 0
Cost of Sales $ - 0

9

On The Beach
2019 Budget
Budgeted Income Statement for the year ended 31 December 2019
Sales $ - 0
Less cost of goods sold $ - 0
Gross margin $ - 0
Less Operating expenses
$ - 0
$ - 0
$ - 0
$ - 0
$ - 0
$ - 0
Total Operating Expenses $ - 0
Net Income $ - 0
t of

10

On The Beach
2019 Budget
Monthly Cash Budget
January February March April May June July August September October November December TOTAL
Opening Balance $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Cash Receipts:
Sales revenue $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Cash Available $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Cash Payments:
Direct Materials Purchases $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Direct Labour $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Variable Overhead Costs:
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Fixed Overhead Costs:
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Operating Costs:
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
<xxxx> $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Total Payments $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
Cash on Hand $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0