LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL’s operations necessary for their master budget:
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1. Sales Budget | Working | ||||||
Jan | Feb | Mar | Total | Apr | May | ||
Budgeted Units | 7,727 | 8,273 | 8,727 | 24,727 | 10,182 | 10,909 | |
Budgeted Selling Price | $ 11 | $ 11 | $ 11 | $ 11 | $ 11 | $ 11 | |
Budgeted Sale | $ 85,000 | $ 91,000 | $ 96,000 | $ 24,738 | $ 112,000 | $ 120,000 | |
2. Production Budget | |||||||
Jan | Feb | Mar | Total | Apr | May | ||
Budgeted No of Units | 7,727 | 8,273 | 8,727 | 24,727 | 10,182 | 10,909 | |
Add: Desired ending inventory | 20% | 1,655 | 1,745 | 2,036 | 2,036 | 2,182 | |
Units available | 9,382 | 10,018 | 10,764 | 26,764 | 12,364 | ||
Less: Beginning Inventory | -1,545 | -1,655 | -1,745 | -1,545 | -2,036 | ||
Budgeted Production units | 7,836 | 8,364 | 9,018 | 25,218 | 10,327 | ||
3. Direct Material Budget | |||||||
Jan | Feb | Mar | Total | Apr | |||
Budgeted Production Units | 7,836 | 8,364 | 9,018 | 25,218 | 10,327 | ||
Material needed per unit | 3 | 3 | 3 | 3 | 3 | ||
Total Material needed | 23,509 | 25,091 | 27,055 | 75,655 | 30,982 | ||
Add: Desired ending inventory | 20% | 5,018 | 5,411 | 6,196 | 6,196 | ||
Units available | 28,527 | 30,502 | 33,251 | 81,851 | |||
Less: Beginning Inventory | -4,702 | -5,018 | -5,411 | -4,702 | |||
Budgeted Purchases Units | 23,825 | 25,484 | 27,840 | 77,149 | |||
Unit price of Material | $ 1.50 | $ 1.50 | $ 1.50 | $ 1.50 | |||
Total Budgeted Purchase | $ 35,738 | $ 38,225 | $ 41,760 | $ 115,724 | |||
4. Schedule of cash collection | |||||||
Jan | Feb | Mar | Total | ||||
Same month Sale 40% | $ 34,000 | $ 36,400 | $ 38,400 | $ 108,800 | |||
Following month 60% | $ 112,000 | $ 51,000 | $ 54,600 | $ 217,600 | |||
Total | $ 146,000 | $ 87,400 | $ 93,000 | $ 326,400 | |||
Cash Payment for Direct Material Purchase: | |||||||
Jan | Feb | Mar | Total | Payable | |||
December Purchase | $ 35,700 | $ 35,700 | |||||
January Pur | $ 35,738 | $ 35,738 | |||||
Feb Pur | $ 38,225 | $ 38,225 | |||||
Mar Pur | $ - | $ 41,760 | |||||
Total payment for Material | $ 35,700 | $ 35,738 | $ 38,225 | $ 109,664 | $ 41,760 | ||
Cash Payment for Direct Labor | $ 3,526 | $ 3,764 | $ 4,058 | $ 11,348 | |||
Cash Payment for Manufacturing overheads | $1.10per unit+$10,000 | $ 18,500 | $ 19,100 | $ 19,600 | $ 57,200 | ||
Cash Payment for Operating Expense | $1.25 per unit+$2,000 | $ 11,659 | $ 12,341 | $ 12,909 | $ 36,909 |
LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The...
LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL’s operations necessary for their master budget: Sales Information: Actual / Projected Sales are as follows: December (Prior Year; Actual): $75,000 January (Estimated): $85,000 February (Estimated): $91,000 March (Estimated): $96,000 April (Estimated): $112,000 May (Estimated): $120,000 Units are sold at $11 each Sales in a month are paid in cash for 40% and on credit for the remainder with credit...
LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL’s operations necessary for their master budget: •Sales Information: oActual / Projected Sales are as follows: ♣December (Prior Year; Actual): $75,000 ♣January (Estimated): $85,000 ♣February (Estimated): $91,000 ♣March (Estimated): $96,000 ♣April (Estimated): $112,000 ♣May (Estimated): $120,000 oUnits are sold at $11 each oSales in a month are paid in cash for 40% and on credit for the remainder with credit...
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LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL's operations necessary for their master budget: • Sales Information: o Actual / Projected Sales are as follows: : December (Prior Year; Actual): $75,000 January (Estimated): $85,000 February (Estimated): $91,000 March (Estimated): $96,000 . April (Estimated): $112,000 . May (Estimated): $120,000 o Units are sold at $11 each o Sales in a month are paid in...
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