This was from my other question that I posted, I want to post it again because t

Question

This was from my other question that I posted, I want to post it again because the answers wasn't complete. Please INCLUDE the both the answers AND the formulas(if applicable) on Excel. Please! Thank you!!!

C3 THREE-MONTH MASTER BUDGET The balance sheet of Thorny Corp. as of December 31 is as follows Thorny Corp Balance Sheet at December 31 Assets Cash Accounts receivable Raw materials Finished goods Land Plant and equipment Less: Accumulated depreciation $41,700 192,000 102,240 64,400 50,000 $500,000 112,000 388,000 Liabilities and Stockholders' Equity Accounts payable to suppliers Common stock Retained earnings $40,000 $100,000 698,340 798,340 $ 838,340 The following information has been extracted from Thorny's records 1. Thorny manufactures and sells Gizmos. The company has projected unit sales for its product for the next five months as follows Units 7,000 8,000 10,000 8,000 7,000 January February March ril May All sales are made on account. Gizmos sell for $60 each. Forty percent of all sales are collected in the month of sale. The remaining 60% are collected in the following month 2. Management desires to maintain the finished goods inventory for Gizmos at 20% of the following month's sales. Thorny's December 31 finished goods inventory consists of 1,400 Gizmos 3. In order to produce one Gizmo, the following units of raw materials are used Raw Material What Huh Units The price of What has recently risen and is now $4 per unit. The price of Huh is $2.80 p unit. Management desires to maintain the ending raw materials inventory for both What Huh at 25% of the following month's production needs. Thorny's December 31 raw material

Explanation / Answer

1. Sales Budget January February March Total April May Sales of Gizmos (units) 7000 8000 10000 25000 8000 7000 Selling Price 60 60 60 60 60 60 Sales of Gizmos (dollars) 420000 480000 600000 1500000 480000 420000 2. Production Budget January February March Total April May Estimate Sale Units 7000 8000 10000 25000 8000 7000 Desired Ending Inventory 1600 2000 1600 1600 1400 Total Units Needed 8600 10000 11600 26600 9400 Less: Beginning Inventory 1400 1600 2000 1400 1600 Production Needed 7200 8400 9600 25200 7800 3. Raw Material Purchase Budget What January February March Total April Production Needs (5*Production) 36000 42000 48000 126000 39000 Desired Ending Inventory (25%) 10500 12000 9750 9750 Subtotal 46500 54000 57750 135750 Less: Beginning Inventory 18000 10500 12000 18000 Purchases Required 28500 43500 45750 117750 Huh January February March Total April Production Needs (5*Production) 21600 25200 28800 75600 23400 Desired Ending Inventory (25%) 6300 7200 5850 5850 Subtotal 27900 32400 34650 81450 Less: Beginning Inventory 10800 6300 7200 10800 Purchases Required 17100 26100 27450 70650 Purchase Cost: January February March Total What 4 Per unit 114000 174000 183000 471000 Huh 2.8 Per unit 47880 73080 76860 197820 Purchases Required 161880 247080 259860 668820 4. Cash Budget January February March Total April Sales Collections: Previous Month 60% 192000 252000 288000 732000 360000 Current Month 40% 168000 192000 240000 600000 -Total Collection 360000 444000 528000 1332000 Disbursment: Previous Month purchase 30% 40000 48564 74124 162688 Curren Month Purchase 70% 113316 172956 181902 468174 Direct Labor 86400 100800 115200 302400 Factory Overhead 43200 50400 57600 151200 Selling and Administrative 52000 58000 70000 180000 -Total Disbursment 334916 430720 498826 1264462 Change in Cash 25084 13280 29174 67538 Beginning Balance 41700 66784 80064 41700 Ending Balance 66784 80064 109238 109238 Direct Labor Working: January February March Total One unit take Half an hour Production 7200 8400 9600 25200 Hours Needed Production/2 3600 4200 4800 12600 Per Hour Cost 24 24 24 24 Total Labor Cost 86400 100800 115200 302400 Factory Overhead Working: Per Hour Cost 12 12 12 12 Total Factory Overhead Cost 43200 50400 57600 151200 Selling Expense working: January February March Total Fixed 10000 10000 10000 30000 Variable 10% of sale 42000 48000 60000 150000 Total 52000 58000 70000 180000 5. Budgeted Product Cost for Quarter Quantity Cost/Rate Total Cost Raw Material -What 5 Units 4 20 -Huh 3 Units 2.8 8.4 Direct Labor 0.5 Hour 24 12 Factory Overhead 0.5 Hour 12 6 Budgeted cost to produce one Gizmo 46.4 6. Budgeted Income Statement January February March Total Sale 420000 480000 600000 1500000 Cost of Sales (46.4 Per unit*Sale Units) 324800 371200 464000 1160000 Gross Profit 95200 108800 136000 340000 Selling and Administrative 52000 58000 70000 180000 Net Income 43200 50800 66000 160000

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