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IS 3315 term project tmatthews PMB




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


Paper#77621 | Written in 18-Jul-2015

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