Sales Budget. Production Budget
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1 F2 - LECTURE EXAMPLE 9 Budgeted sales in units Selling Price Budgeted total sales Sales Budget April May June Q2 Totals Ref. 1,000 1,200 1,800 4,000 SB , , ,000 1,564,000 SB2 Production Budget Budgeted sales in units SB1 1,000 1,200 1,800 (10% of next month's sales) Total needed 1,120 1,380 2,000 Less: opening inventory Units to be produced 1,020 1,260 1,820 4,100 PB Direct Materials Budget Raw Material A Units to be produced PB 1,020 1,260 1,820 Raw material per finished product DMB1 Total units needed for production 4,080 5,040 5,460 Raw material cost per unit DMB2 Cost of units used in production 48,960 60,480 65, ,960 DMB3 (20% of next month's need) 1,008 1,092 1,600 Total needs 5,088 6,132 7,060 Less: opening inventory ,008-1,092 Raw material to be purchased 4,688 5,124 5,968 Raw material cost per unit Cost of raw material to be purchased 56,256 61,488 71,616 DMB4 Raw Material B Units to be produced PB Raw material per finished product DMB5 Total units needed for production Raw material cost per unit DMB6 Cost of units used in production DMB7 (20% of next month's need) Total needs Less: opening inventory Raw material to be purchased Raw material cost per unit Cost of raw material to be purchased DMB8
2 Direct Labour Budget Units to be produced PB 1,020 1,260 1,820 Direct labour hours per unit DLB1 Budgeted total direct labour hous 2,040 2,520 3,640 DLB2 Direct labour cost per hour Total budgeted direct labour cost 38,026 46,973 67, ,849 DLB3 Employee Benefits Budgetede direct labour wages DLB3 38,026 46,973 67, ,849 Employer FICA match (7.65%) 2,909 3,593 5,191 11,693 Health insurance (12.1%) 4,601 5,684 8,210 18,495 Life insurance (5%) 1,901 2,349 3,393 7,643 Pension matching (4%) 1,521 1,879 2,714 6,114 Total budgeted direct labour cost 48,958 60,478 87, ,794 DLB4 Total budgeted direct labour cost (June) Total budgeted direct labour hours (June) Full direct labour cost per hour Ref. 87,358 3, DLB5 Budgeted total direct labour hours DLB2 2,040 2,520 3,640 Variable OH rate per direct labour hour POB1 Budgeted variable overhead 4,080 5,040 7,280 16,400 POB2 Budgeted fixed overhead 9,000 9,000 9,000 27,000 POB3 Budgeted unit production PB 1,020 1,260 1,820 Fixed OH absorbed per unit POB4 Source Qty Source Input cost Cost per finished Production costs in closing inventory Direct Materials - raw material A DMB1 3 DMB Direct Materials - raw material B DMB5 2 DMB Direct labour DLB1 2 DLB Variable overhead DLB1 2 POB1 2 4 Fixed overhead - 1 POB4 5 5 Finished goods cost 109 Total FIFO cost per finished unit 109 Budgeted units at June Budgeted closing inventory 21,790 Ref. CFGIB Variable Overhead Fixed Overhead Closing Finished Goods Inventory Budget
3 Cost of Sale Budget Source Ref Opening finished goods inventory 16,200 Manufacturing costs: Direct materials used - A DMB3 174,960 Direct materials used - B DMB7 74,720 Direct labour employed DLB4 196,794 Variable overhead POB2 16,400 Fixed overhead POB3 27,000 Cost of goods manufactured 489,874 Cost of goods available for sale 506,074 Closing finished goods inventory CFGIB -21,790 Cost of sale 484,284 COSB Nonmanufacturing Budget Variable nonmanufacturing costs: Budgeted sales in units SB1 1,000 1,200 1,800 Variable S&A expenses ($3 per unit sold) Total variable nonmanufacturing costs 3,000 3,600 5,400 12,000 Fixed nonmanufacturing costs: Research and development 8,000 8,000 8,000 24,000 Design 4,000 4,000 4,000 12,000 Marketing 7,000 7,000 7,000 21,000 Distribution 10,000 10,000 10,000 30,000 Customer service 11,000 11,000 11,000 33,000 Administrative 50,000 50,000 50, ,000 Total fixed nonmanufacturing costs 90,000 90,000 90, ,000 Total nonmanufacturing costs 93,000 93,600 95, ,000 NMB
4 Cash Collections Schedule Budgeted February sales 180,000 Budgeted March sales 220,000 Source April May June Ref. Budgeted sales SB2 400, , ,000 Cash collections from sales: From 2nd prior month sales (30%) 54,000 66, ,000 From prior month sales (50%) 110, , ,000 From current month sales (15%) 60,000 72, ,600 Total cash collections from sales 224, , ,600 BCCS Cash Disbursements Schedule March raw materials purchases - A 45,000 March raw materials purchases - B 17,000 Source April May June Ref. Budgeted raw materials cost - A DMB4 56,256 61,488 71,616 Cash payments for purchases of A: For prior month purchases (40%) 18,000 22,502 24,595 For current month purchases (60%) 33,754 36,893 42,970 Total cash disbursements for A 51,754 59,395 67,565 BCDS1 Budgeted raw materials cost - B DMB4 23,440 27,440 30,496 Cash payments for purchases of B: For prior month purchases (40%) 6,800 9,376 10,976 For current month purchases (60%) 14,064 16,464 18,298 Total cash disbursements for B 20,864 25,840 29,274 BCDS2
5 Cash Budget Source April May June Opening cash balance 50, , ,767 Cash collection from sales BCCS 224, , ,600 Cash available for disbursement 274, , ,367 Cash disbursements: For raw material A BCDS1 51,754 59,395 67,565 For raw material B BCDS2 20,864 25,840 29,274 For direct labour DLB4 48,958 60,478 87,358 For variable overhead POB2 4,080 5,040 7,280 For fixed overhead POB3 9,000 9,000 9,000 For nonmanufacturing costs NMB 93,000 93,600 95,400 For equipment purchases ,000 Total disbursements 227, , ,877 Surplus of cash available over disbursements 46, , ,490 Desired closing cash balance 100, , ,000 Surplus (deficiency) of cash -53,656 84, ,490 Financing: Borrowings 53, Repayments: Principal - -53,656 - Interest Net financing 53,656-53,880 - Closing cash balance 100, , ,490 XX Manufacturing Company Pro Forma Statement of income - 2nd Quarter Sales Opening finished goods inventory Add: cost of goods manufactured Goods available for sale Less: clsing finished goods inventory Cost of sales Gross margin Less: selling and administrative expenses Operating income Add: other revenues and gains Less: other expenses and losses Profit before interest and taxes Less: interest expense Profit before tax Less: income taxes (40%) Profit for the period $ $ 1,564,000 16, , ,074 21, ,284 1,079, , ,716 15,000-10, , , , ,495
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