VETTEL - On L Insert Draw Page Layout Formulas Data Review View Tell m PROTECTED
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VETTEL - On L Insert Draw Page Layout Formulas Data Review View Tell m PROTECTED VIEW Be careful.-files from the Internet can contain wirusts:UInles ou need to 120 4A 1REQUIREMENTS 3 Prepare, in good form, a Master Budget which includes the following: 41) Sales Budget 5-12) Production Budget 6 3) Direct Materials Purchases Budget 7 4) Direct Labour Cost Budget 8 5) Factory Overhead Cost Budget 6) Selling and Administrative Expenses Budget 107) Budgeted Income Statement 11 8) Schedule of Collections from Sales 12 9) Schedule of Payments for Manufacturing Costs 13 10) Cash Budget 14 15 All budgets should be for the individual three (3) months of the first quarter of 2017 16 Include a guarterly total column on the right side.(except for #Z and #101....-Explanation / Answer
VETTEL MANUFACTURING, INC.
Sales Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
Estimated sales - Units
7,450
7,090
8,320
22,860
Selling Price -per unit
$68.99
$68.99
$68.99
$68.99
Estimated Sales - in dollars
$5,13,975.50
$4,89,139.10
$5,73,996.80
$15,77,111.40
VETTEL MANUFACTURING, INC.
Production Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
April
May
Estimated sales - Units
7,450
7,090
8,320
22,860
9,070
10,120
Add: Ending Inventory - 23% of next month’s sales
1,631
1,914
2,086
2,086
2,328
Total Units required
9,081
9,004
10,406
24,946
11,398
Less: Beginning Inventory
1,714
1,631
1,914
1,714
2,086
Units to be manufactured
7,367
7,373
8,493
23,232
9,312
VETTEL MANUFACTURING, INC.
Direct Materials Purchases Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
April
Units to be manufactured
7,367
7,373
8,493
23,232
9,312
Material needed - per unit
2.83
2.83
2.83
2.83
2.83
Material needed for production
20,848
20,865
24,034
65,747
26,352
Add: Desired Ending Inventory - 25% of next month's requirement
5,216
6,008
6,588
6,588
Total Material needed for production
26,064
26,874
30,622
72,335
Less: Beginning Inventory
5,213
5,216
6,008
5,213
Material to be purchased
20,851
21,657
24,613
67,122
Material cost - per unit
$1.38
$1.38
$1.38
$1.38
Material cost for the month
$28,775
$29,887
$33,966
$92,628
VETTEL MANUFACTURING, INC.
Direct Labour Cost Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
Units to be manufactured
7,367
7,373
8,493
23,232
Labor hours needed per unit
1.75
1.75
1.75
1.75
Total Labor hours required
12,892
12,903
14,862
40,656
Labor cost - per hour
$12.25
$12.25
$12.25
$12.25
Total Labor cost for the month
$1,57,924
$1,58,057
$1,82,058
$4,98,038
VETTEL MANUFACTURING, INC.
Sales Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
Estimated sales - Units
7,450
7,090
8,320
22,860
Selling Price -per unit
$68.99
$68.99
$68.99
$68.99
Estimated Sales - in dollars
$5,13,975.50
$4,89,139.10
$5,73,996.80
$15,77,111.40
VETTEL MANUFACTURING, INC.
Production Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
April
May
Estimated sales - Units
7,450
7,090
8,320
22,860
9,070
10,120
Add: Ending Inventory - 23% of next month’s sales
1,631
1,914
2,086
2,086
2,328
Total Units required
9,081
9,004
10,406
24,946
11,398
Less: Beginning Inventory
1,714
1,631
1,914
1,714
2,086
Units to be manufactured
7,367
7,373
8,493
23,232
9,312
VETTEL MANUFACTURING, INC.
Direct Materials Purchases Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
April
Units to be manufactured
7,367
7,373
8,493
23,232
9,312
Material needed - per unit
2.83
2.83
2.83
2.83
2.83
Material needed for production
20,848
20,865
24,034
65,747
26,352
Add: Desired Ending Inventory - 25% of next month's requirement
5,216
6,008
6,588
6,588
Total Material needed for production
26,064
26,874
30,622
72,335
Less: Beginning Inventory
5,213
5,216
6,008
5,213
Material to be purchased
20,851
21,657
24,613
67,122
Material cost - per unit
$1.38
$1.38
$1.38
$1.38
Material cost for the month
$28,775
$29,887
$33,966
$92,628
VETTEL MANUFACTURING, INC.
Direct Labour Cost Budget
For the Quarter ended March 31, 2017
Jan
Feb
Mar
Quarter
Units to be manufactured
7,367
7,373
8,493
23,232
Labor hours needed per unit
1.75
1.75
1.75
1.75
Total Labor hours required
12,892
12,903
14,862
40,656
Labor cost - per hour
$12.25
$12.25
$12.25
$12.25
Total Labor cost for the month
$1,57,924
$1,58,057
$1,82,058
$4,98,038
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