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I have attached statement and questions which are required to answer. Kindly ans them asap
Navpreet_k
Navpreet_k
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A year ago
A year ago
I have attached statement and questions which are required to answer. Kindly ans them asap
This question belongs to chapter 6 master budget and responsibility accounting . Kindly answer all questions asap
•UI Airtel 4G
11:26 PM
rn-ca-central-1-prod-fleet01-xythos.content.blackboardcdn.com
Tiny Toons was established on January 1, 2022 -
capitalized though the issuance of common shares
for $85,000. Tiny Toons produces miniature, plastic
cartoon characters
Their 2022 estimated sales are 50,000 units at $120
per unit. Tiny Toons desires an ending inventory of
5,000 units and there is no beginning inventory.
30% of sales are cash and 70% are credit card. The
credit card charges a 3% service charge, with 80%
of the credit card sales are collected in the current
period and 20% in the following period.
90% of the raw material purchases are paid for
during the period of purchase, 10% paid in the
following period. Materials cost $100 per unit and
Tiny Toons desires an ending inventory for raw
materials of 25 units. It takes 0.05 units of raw
materials to produce one miniature, plastic cartoon
character.
Direct Labour Costs are paid in the period incurred
and are $20 per hour and it takes 1 and 1/2 hours to
produce one unit. Manufacturing overhead is
allocated based on direct labour hours at $30 per
hour.
Manufacturing equipment cost $35,000, salvage
value $5,000, 5 year useful life
All overhead costs (excluding depreciation) are paid
in the period incurred as follows: Salary expense
$150,000, Sales Commissions $175,000, Sales
Supplies $25,000, Rent $75,000 and miscellaneous
expenses of $5,000.
They require a cash balance of $601,100 and to
maintain this cash balance, a line of credit is
available for 3% per annum. Note: All borrowings
and repayments occur on the first day of the period.
REQUIRED:
1. Prepare a Sales Budget (3 marks)
Production Budget (5 marks)
2. Prepare a
3. Prepare a
Raw Materials Budget (10 marks)
Direct Manufacturing Labour Budget (5
4. Prepare a
marks)
Manufacturing Overhead Budget (3
5. Prepare a
marks)
6. Prepare a Cost of Goods Manufactured Budget
and a unit cost (7 marks)
7. Prepared a Selling, General and Administrative
Expenses Budget (6 marks)
8. Prepare a Proforma Income Statement (7 marks)
9. Prepare a Cash Receipts Schedule (4 marks)
10. Prepare a Credit Cards Proforma Data Schedule
(3 marks)
11. Prepare a Cash Payments Budget (4 marks)
12. Prepare proforma data for accounts payable, raw
material inventory and accumulated deprecation,
Finished Goods Inventory December 31, 2022
and Cost of Goods Sold (5 marks)
13. Prepare a Cash Budget (21 marks)
14. Prepare a Proforma Balance Sheet (17 marks)
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hectmuril
wrote...
#1
A year ago
1) Sales budget:
Year
2022
units sold
50000
Selling price per unit
120
Sales $
6000000
Cash Sales
1800000
Credit Card Sales
4200000
Total Sales $
6000000
2) Production Budget:
Year
2022
Units sold
50000
Add: ending inventory
5000
Total Units produced
55000
3) Raw Materials budget:
Year
2022
Units produced
55000
Add: Ending RM
25
RM to purchase
55025
RM cost per unit
100
RM purchase costs $
5502500
4) Direct Manufacturing Labour budget:
Year
2022
Units produced
55000
DL hours per unit
1.5
Dir Manuf. Labour Hours
82500
DL hour rate
20
Dir Manuf. Labour Costs $
1650000
5) Manufacturing Overhead budget:
Year
2022
Dir Manuf. Labour Hours
82500
Manuf overhead hour rate
30
Manuf Overhead costs $
2475000
6) Cost of Goods Manufactured:
Budget and a unit cost:
Year
2022
Units produced
55000
RM cost
5500000
55000*100
DL cost
1650000
55000*1.5*20
Manuf OH cost
2475000
55000*1.5*30
Cost of Goods manufactured $
9625000
Units sold
55000
Cost per unit $
175
7) Selling, Gen & Admin Expenses budget:
Year
2022
Depreciation
6000
(35000-5000)/5
Salary
150000
Sales commissions
175000
Credit card charges
100800
4200000*0.8*0.03
Sales supplies
25000
Rent
75000
Miscel exp
5000
Total Sell, Gen & Admin exp. $
536800
8) Proforma Income Statement:
Year
2022
Sales
6000000
50000*120
Less: COGS
8750000
50000*175
Gross Profit
-2750000
Less:Sell, Gen & Admin exp.:
-536800
Net Income (Loss)
-3286800
9) Cash Receipts Schedule :
Year
2022
Cash sales
1800000
Credit Card Sales
3259200
4200000*0.8*0.97
Total Cash Receipts
5059200
10) Credit Cards Proforma Data Schedule
Year
2022
Credit Card Sales
4200000
Cash received of Credit Card Sales
3259200
Credit card charges
100800
4200000*0.8*0.03
Credit Card Sales receivable
840000
4200000*0.2
11) Cash Payments Budget:
RM purchase costs $
5502500
Payments to suppliers
4952250
5502500*90%
Dir Manuf. Labour Costs $
1650000
Manuf Overhead costs $
2475000
Salary
150000
Sales commissions
175000
Sales supplies
25000
Rent
75000
Miscel exp
5000
Total Cash Payments
9507250
12) Proforma data :
Accounts Payable
550250
5502500*10%
Raw Material Inventory
2500
25*100
Acc Depreciation
6000
(35000-5000)/5
Finished Goods Inventory
875000
5000*175
Cost of Goods sold
8750000
50000*175
13) Cash Budget
Opening Cash ( of share issuance)
85000
Add: collections
5059200
Total Cash available
5144200
Less: Disbursements:
Operating Cash payments
9507250
Manuf. Equipment purchase
35000
Total disbursements
9542250
Cash over disbursements
-4398050
Financing:
Borrowings
4999150
Repayments
interest
Net Financing
Closing Cash
601100
14) Proforma Balance Sheet
Assets:
Amount
Cash
601100
Accounts Receivable
840000
Inventory:
Finished Goods
875000
5000*175
Raw materials
2500
Manuf Equipment
35000
Less: Acc Depreciation
-6000
total Assets
2347600
Liabilities & Share Capital:
Amount
Accounts Payable
550250
Borrowings
4999150
Total Liabilities
5549400
Share capital
85000
Retained Earnings
-3286800
total Liabilities & Share Capital
2347600
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