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Eric Martinez

ACCT 2020

WASATCH MANUFACTURING
Master Budget
For The Quarter Ended March 31
Sales Budget
January
February

December
Unit Sales
Price Per Unit
Sales Revenue

$
$

8444
9 $
76,000 $

8,900
9
80,100

$
$

9,900
9
89,100

March
$
$

Cash Collections Budget


January
February
Cash Sales (25%)
Credit Sales (75%)
Total Cash Collections

Unit Sales
Plus: Desired Ending Inventory
Total needed
Less: Beginning Inventory
Units to Produce

Chapter 9: The Master Budget

$
$

20,025
57,000
77,025

$
$

22,275
60,075
82,350

Production Budget
January
February
8,900
9,900
1,485
1,380
10,385
11,280
1,335
1,485
9,050
9,795

9,200
9
82,800

April
$
$

March
$
$

20,700
66,825
87,525

March
9,200
1,425
10,625
1,380
9,245

9,500
9
85,500

Quarter
$
$

63,000
183,900
246,900

Quarter
28,000
1,425
29,425
1,335
28,090

Eric Martinez
ACCT 2020

Units to be Produced
Multiply by: Quantity of DM Needed per unit
(lbs.)
Quantity of DM needed for Production (lbs.)
Plus: Desired ending inventory of DM (lbs.)
Total quantity of DM needed (lbs.)
Less: Beginning inventory of DM (lbs.)
Quantity of DM to purchase (lbs.)
Multiply by: Cost per pound
Total cost of DM purchases

Direct Materials Budget


January
February
9,050
9,795

$
$

2
2
18,100
19,590
1,959
1,849
20,059
21,439
1,810
1,959
18,249
19,480
1.50 $
1.50 $
27,373.50 $ 29,220.00 $

March
9,245
2
18,490
1,873
20,363
1,849
18,514
1.50 $
27,771.00 $

Cash Payments for Direct Material Purchases Budget


January
February
March
December Purchases (from A/P)
$ 22,000.00
January Purchases
$
8,212.05 $ 19,161.45
February Purchases
$ 8,766.00 $ 20,454.00
March Purchases
$
8,331.30
Total Cash Payments
$ 30,212.05 $ 27,927.45 $ 28,785.30

Cash Payments for Direct Labor Budget


January
February
Units Produced
9,050
9,795
Multiply by: Hours Per Unit
0.03
0.03
Direct Labor Hours
271.50
293.85
Multiply by: Direct Labor Rate per Hour
$
13.00 $
13.00 $
Direct Labor Cost
$
3,529.50 $ 3,820.05 $

Chapter 9: The Master Budget

Quarter
28,090

$
$
$
$
$

March
9,245
0.03
277.35
13.00 $
3,605.55 $

2
56,180
1,873
58,053
1,810
56,243
1.50
84,364.50

Quarter
22,000.00
27,373.50
29,220.00
8,331.30
86,924.80

Quarter
28,090
0.03
842.70
13.00
10,955.10

Eric Martinez
ACCT 2020
Cash Payments for Manufacturing Overhead Budget
January
February
March
Rent (fixed)
$
6,500.00 $ 6,500.00 $
6,500.00 $
Other Manufacturing Overhead (fixed)
2100
2100
2100
Variable Manufacturing Overhead Costs ($1.40
Per Unit)
Cash Payments for Manufacturing Overhead

39326.00
65,126

Cash Payments for Operating Expenses Budget


January
February
March
Variable Operating Expenses ($1.20 per unit)
$
10,860 $
11,754 $
11,094 $
Fixed Operating Expenses
1400
1400
1400
Cash payments for Operating Expenses
$
12,260 $
13,154 $
12,494 $

Quarter
33,708
4200
37,908

Cash Balance, Beginning


Plus: Cash Collections
Total Cash Available
Less Cash Payments:
DM Purchases
Direct Labor
Manufacturing Overhead Costs
Operating Expenses
Tax Payment
Equipment Purchases
Total Cash Payments
Ending Cash before Financing
Financing:
Borrowings
Repayments
Interest Payments
Total Financing
Cash Balance, Ending

Chapter 9: The Master Budget

12,670
21,270

13,713
22,313

Combined Cash Budget


January
February
$
6,000 $
4,753
$
77,025 $
82,350
$ 83,025.00 $ 87,103.45
$

$
$

$
$
$

30,212.05 $ 27,927.45 $
3529.50
3820.05
21270
22313
12260
13154
0
10800
15000
6000
82,271.55 $ 84,014.50 $
753.45 $ 3,088.95 $
4000
0
0
4000
4,753.45 $

2000
0
60
1940
5,028.95 $

12,943
21,543

Quarter
19,500.00
6300.00

March
5,029
87,525
92,553.95

$
$
$

Quarter
6,000
246,900
252,900.00

28,785.30 $
3605.55
21543
12494
0
4000
70,427.85 $
22,126.10 $

86,924.80
10955.10
65126
37908
10800
25000
236,713.90
16,186.10

0
6000
30
-6030
16,096.10 $

6000
6000
90
-90
16,096.10

Eric Martinez
ACCT 2020

Chapter 9: The Master Budget

Eric Martinez
ACCT 2020

Budgeted Manufacturing Cost per Unit


$

Direct Materials Cost per Unit (2 lbs. per unit x $1.50 per pound)
Direct Labor Cost per Unit (0.03 hrs per case x $13 per hour)
Variable Manufacturing Costs per Unit
Fixed Manufacturing Overhead per Unit
Cost of manufacturing each unit

Budgeted Income Statement


For the Quarter Ended March 31
Sales Revenue
Less: Cost of Goods Sold
Gross Profit
Less: Operating Expenses
Less: Depreciation Expense
Operating Income
Less: Interest Expense
Less: Income Tax Expense
Net Income

Chapter 9: The Master Budget

$
$

252,000
150,920
101,080
37,908
5,200
57,972
90
10,800
47,082

3.00
0.39
1.40
0.60
5.39