Accounts-AW-Q10

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ACCT 201 SPRING 2016 BUDGET PROJECT

NAME:
SCHOLASTIC FURNITURE, INC.

July sales forecast (in sets) 8,000
August sales forecast (in sets) 12,000
September sales forecast (in sets) 9,000
October sales forecast (in sets) 7,500
November sales forecast (in sets) 6,000

Ending material inventory (% of next months production needs) 40%
Ending Finished Goods Inventory (% next months sales) 70%

Sales price per set $400.00
Raw material used per set (# of board feet) 20
Raw material cost per board foot $5.00
Direct labor hours per set 4.5
Direct labor rate $20.00
Variable manufacturing overhead per DLH $4.00
Fixed manufacturing overhead per month $300,000
Variable selling expense per set $15.00
Fixed selling expense per month $180,000

Sales Budget

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER
Sales (in sets) 8,000 12,000 9,000 7,500 6,000
Sales price per set $ 400 $400.00 $400.00 $400.00 $400.00
Sales revenue $ 3,200,000 $4,800,000.00 $3,600,000.00 $3,000,000.00 $2,400,000.00

Production Budget

Sales $ 8,000 $ 12,000.00 $9,000.00 $7,500.00 $6,000.00
Add: Desired ending inventory $8,400.00 $6,300.00 $2,100,000.00 $1,680,000.00
Total requirements $ 16,400 $18,300.00 $2,109,000.00 $1,687,500.00 $6,000.00
Less: Projected beginning inventory 5600 $8,400.00 $6,300.00 $2,100,000.00 $1,680,000.00
Planned production in sets $ 10,800 $9,900.00 $2,102,700.00 ($412,500.00) ($1,674,000.00)

Direct Materials Budget

Planned Production (sets) $ 10,800 $9,900.00 $2,102,700.00 ($412,500.00) ($1,674,000.00)
Raw Material required per set (board feet) 20 20 20 20 20
Raw Material required for production (board feet) $ 216,000 $198,000.00 ############# ($8,250,000.00) #############
Add: Desired ending inventory of Raw Material $79,200.00 $16,821,600.00 ($3,300,000.00) ############# assumed?
Total Requirements $ 295,200.00 $17,019,600.00 ############# ############# #VALUE!
Less: Budgeted beginning inventory of raw material $79,200.00 ############# ($3,300,000.00) #############
Planned Purchases of Raw Material (board feet) $ 295,200.00 $16,940,400.00 ############# ############# #VALUE!
Cost per board foot $5.00 $5.00 $5.00 $5.00 $5.00
Planned Purchases of Raw Material (dollars) 1,476,000.00 84,702,000.00 ############# ############# #VALUE!

Direct Labor Budget

Planned Production (sets) $ 10,800 $9,900.00 $2,102,700.00 ($412,500.00) ($1,674,000.00)
Direct Labor hours per set 4.5 4.5 4.5 4.5 4.5
Total Direct Labor hours required $ 48,600.00 $44,550.00 $9,462,150.00 ($1,856,250.00) ($7,533,000.00)
Labor rate per hour $20.00 $20.00 $20.00 $20.00 $20.00
Budgeted Direct Labor Cost 972,000.00 891,000.00 ############# ############# #############

Manufacturing Overhead Budget

Variable Manufacturing overhead 194,400.00 178,200.00 37,848,600.00 (7,425,000.00) (30,132,000.00)
Fixed Manufacturing overhead $300,000 $300,000 $300,000 $300,000 $300,000
Total Budgeted Manufacturing Overhead 494,400.00 478,200.00 38,148,600.00 (7,125,000.00) (29,832,000.00)

Selling and Administrative Budget
Variable Selling Expense 120,000.00 180,000.00 135,000.00 112,500.00 90,000.00
Fixed Selling Expense $180,000 $180,000 $180,000 $180,000 $180,000
Total Budgeted Selling Expense 300,000.00 360,000.00 315,000.00 292,500.00 270,000.00

Income Statement – Contribution Margin Format
July August

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Related Services

Ending material inventory (% of next months production needs) 40%
Ending Finished Goods Inventory (% next months sales) 70%

Sales Budget

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER
Sales (in sets) 8,000
Sales price per set $ 400
Sales revenue $ 3,200,000

Production Budget

Sales
Add: Desired ending inventory
Total requirements
Less: Projected beginning inventory
Planned production in sets

Direct Materials Budget

Planned Production (sets)
Raw Material required per set (board feet)
Raw Material required for production (board feet)
Add: Desired ending inventory of Raw Material
Total Requirements
Less: Budgeted beginning inventory of raw material
Planned Purchases of Raw Material (board feet)
Cost per board foot
Planned Purchases of Raw Material (dollars)

Direct Labor Budget

Planned Production (sets)
Direct Labor hours per set
Total Direct Labor hours required
Labor rate per hour
Budgeted Direct Labor Cost

Manufacturing Overhead Budget
Variable Manufacturing overhead
Fixed Manufacturing overhead
Total Budgeted Manufacturing Overhead

Selling and Administrative Budget
Variable Selling Expense
Fixed Selling Expense
Total Budgeted Selling Expense

Income Statement – Contribution Margin Format
July August

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