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Question:
Case: Portraits Unlimited Company Budgeting Project
Required: Prepare Portraits Unlimited Company Master Budget for Each Quarter Of 2014 and In Total for The Year by Completing the Following Schedules and Statements:
Answer:
(a) Sales budget (prepare 4th quarter of 2013 as well).
Sales Budget Of 4th Quarter Of 2013
|
Particulars
|
S Portrait
|
L Portrait
|
|
Units
|
50000
|
40000
|
|
Price
|
10$
|
15$
|
|
Budgeted Sales Of 4th Quarter
|
500000$ (50000x10$)
|
600000$ (40000 X 15$)
|
Sales Budget Of 2014
|
Particulars
|
S Portrait
|
L Portrait
|
|
Quarter 1
|
55000
|
40000
|
|
Quarter 2
|
60000
|
45000
|
|
Quarter 3
|
65000
|
50000
|
|
Quarter 4
|
70000
|
55000
|
|
Total Units Sales
|
250000
|
190000
|
|
Price
|
10$
|
15$
|
|
Total Budgeted Sales
|
2500000 $
|
2850000 $
|
(B) Schedule of Cash Collected from Customers Of 2014 (Budgeted Sales) S Portrait
|
Particulars
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
Total Sales
|
550000
|
600000
|
650000
|
700000
|
2500000
|
|
Cash Sales 40% (A)
|
220000
|
240000
|
260000
|
280000
|
1000000
|
|
Credit Sales 60% (B)
|
330000
|
360000
|
390000
|
420000
|
1500000
|
|
Realizationfrom Debtors 80 In Same Quarter ©
|
264000 (330000x080%)
|
288000
|
312000
|
336000
|
1200000
|
|
Balance 20% In Next Quarter (D)
|
72000(Last Quarter Sales X 60% X 20%)
|
66000 (33000 X 20%)
|
72000
|
78000
|
288000
|
|
Cash AvailableatEndof Quarter (A+C+D)
|
556000
|
594000
|
644000
|
694000
|
2488000
|
L Portrait
|
Particulars
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
Total Sales
|
600000
|
675000
|
750000
|
825000
|
2850000
|
|
Cash Sales 40% (A)
|
240000
|
270000
|
300000
|
330000
|
1140000
|
|
Credit Sales 60% (B)
|
360000
|
405000
|
450000
|
495000
|
1710000
|
|
Realizationfrom Debtors 80 % In Same Quarter ©
|
288000 (360000x080%)
|
324000
|
360000
|
396000
|
1368000
|
|
Balance 20% In Next Quarter (D)
|
60000(Last Quarter Sales X 60% X 20%)
|
72000 (360000 X 20%)
|
81000
|
90000
|
276000
|
|
Cash AvailableatEndof Quarter (A+C+D)
|
544000
|
594000
|
644000
|
694000
|
2476000
|
|
Particulars
|
S Portrait
|
L Portrait
|
|
Quarter 1
|
55000
|
40000
|
|
Quarter 2
|
60000
|
45000
|
|
Quarter 3
|
65000
|
50000
|
|
Quarter 4
|
70000
|
55000
|
|
Total Units Sales
|
250000
|
190000
|
|
Price
|
10$
|
15$
|
|
Total Budgeted Sales
|
2500000 $
|
2850000 $
|
HELPING STUDENTS TO WRITE QUALITY COMPANY BUDGETING PROJECT ASSIGNMENT AT LOW COST!
(c) Production budget (prepare 4th quarter of 2013 as well)
Production Budget Of 2014 S Portrait
|
Inventory to Be Maintained
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
20% Of Following Quarter Sales
|
12000
|
13000
|
14000
|
15000
|
54000
|
|
Units Sold
|
55000
|
60000
|
65000
|
70000
|
250000
|
|
Production (Inventory + Units Sold)
|
67000
|
73000
|
79000
|
85000
|
304000
|
Production Budget Of 2014 L Portrait
|
Inventory to Be Maintained
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
20% Of Following Quarter Sales
|
9000
|
10000
|
11000
|
12000
|
42000
|
|
Units Sold
|
40000
|
45000
|
50000
|
55000
|
190000
|
|
Production (Inventory + Units Sold)
|
49000
|
55000
|
61000
|
67000
|
232000
|
Production Budget Of 2013 as Well SPortrait
|
Inventory to Be Maintained
|
Quarter 4
|
|
20% Of Following Quarter Sales
|
11000
|
|
Units Sold
|
50000
|
|
Production (Inventory + Units Sold)
|
61000
|
L Portrait
|
Inventory to Be Maintained
|
Quarter 4
|
|
20% Of Following Quarter Sales
|
8000
|
|
Units Sold
|
40000
|
|
Production (Inventory + Units Sold)
|
48000
|
(d) Direct-material budget (prepare 4th quarter of 2013 as well)
Raw Material Budget S Portrait
|
Particulars
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
Production
|
67000
|
73000
|
79000
|
85000
|
304000
|
|
Raw Material Required
|
|
|
|
|
|
|
Flexible Metal Strips 2 Ft Metal Strip
|
134000
|
146000
|
158000
|
170000
|
608000
|
|
Glass Sheet 4 Units Out Of 1 Glass Sheet
|
16750 (67000/4)
|
18250
|
19750
|
21250
|
76000
|
Raw Material Budget L Portrait
|
Inventory to Be Maintained
|
Quarter1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
Production (Inventory + Units Sold)
|
49000
|
55000
|
61000
|
67000
|
232000
|
|
Raw Material Required
|
|
|
|
|
|
|
Flexible Metal Strips 2 Ft Metal Strip
|
98000
|
110000
|
122000
|
134000
|
464000
|
|
Glass Sheet 2 Units Out Of 1 Glass Sheet
|
24500
(49000/2)
|
27500
|
30500
|
33500
|
116000
|
(e) Schedule of cash disbursement to suppliers for direct material.
|
Particulars
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
S Portrait
|
|
Flexible Metal Strips 2 Ft Metal Strip
|
134000
|
146000
|
158000
|
170000
|
608000
|
|
Glass Sheet 4 Units Out Of 1 Glass Sheet
|
16750
|
18250
|
19750
|
21250
|
76000
|
|
Total Value
|
150750
|
164250
|
177750
|
191250
|
684000
|
|
|
|
|
|
|
|
|
Cash Required 80% Current Quarter
|
120600
|
131400
|
142200
|
153000
|
547200
|
|
Cash Required 20 % Previous Quarter
|
|
30150
|
32850
|
35550
|
98550
|
|
Total Value Required
|
120600
|
161550
|
175050
|
188550
|
645750
|
|
|
|
|
|
|
|
|
L Portrait
|
|
Flexible Metal Strips 2 Ft Metal Strip
|
98000
|
110000
|
122000
|
134000
|
464000
|
|
Glass Sheet 4 Units Out Of 1 Glass Sheet
|
24500
|
27500
|
30500
|
33500
|
116000
|
|
Total Value
|
122500
|
137500
|
152500
|
167500
|
580000
|
|
|
|
|
|
|
|
|
Cash Required 80% Current Quarter
|
98000
|
110000
|
122000
|
134000
|
464000
|
|
Cash Required 20 % Previous Quarter
|
|
24500
|
27500
|
30500
|
82500
|
|
Total Value Required
|
98000
|
134500
|
149500
|
164500
|
546500
|
ORDER NEW COMPANY BUDGETING PROJECT ASSIGNMENT & GET 100% ORIGINAL SOLUTION AND QUALITY WRITTEN CONTENTS IN WELL FORMATS AND PROPER REFERENCING.
(F) Direct Labour Budget
|
Particulars
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
S Portrait
|
|
Indirect Labour
|
40,800.00
|
44,800.00
|
48,800.00
|
52,800.00
|
187200
|
|
Rate Per Hour
|
2
|
2
|
2
|
2
|
2
|
|
Total Value
|
81600
|
89600
|
97600
|
105600
|
374400
|
|
Portrait
|
|
Indirect Labour
|
40,800.00
|
44,800.00
|
48,800.00
|
52,800.00
|
187200
|
|
Rate Per Hour
|
2
|
2
|
2
|
2
|
2
|
|
Total Value
|
81600
|
89600
|
97600
|
105600
|
374400
|
(G) Manufacturing Budget
|
Particulars
|
Quarter 1
|
Quarter 2
|
Quarter 3
|
Quarter 4
|
Total
|
|
S Portrait
|
|
Indirect Labour
|
40,800.00
|
44,800.00
|
48,800.00
|
52,800.00
|
187200
|
|
Rate Per Hour
|
1
|
1
|
1
|
1
|
1
|
|
Total Value
|
40800
|
44800
|
48800
|
52800
|
187200
|
|
L Portrait
|
|
Indirect Labour
|
40,800.00
|
44,800.00
|
48,800.00
|
52,800.00
|
187200
|
|
Rate Per Hour
|
1
|
1
|
1
|
1
|
1
|
|
Total Value
|
40800
|
44800
|
48800
|
52800
|
187200
|
(H) Selling and Administrative Budget
Applying Regression, The Cost Function Can Be Expressed as Follows: -
Y = $ 12075.47 + $ 2.3113 X
|
Year
|
Quarters
|
S & L Sales Units
|
S & L Sales Units
|
Selling and Admin Cost
|
Selling and Admin Cost
|
Total Selling and Admin Cost
|
|
|
|
S Portrait
|
L Portrait
|
S Portrait
|
L Portrait
|
|
|
2013
|
4
|
50000
|
40000
|
$1,27,625.00
|
$1,04,515.00
|
$2,32,140.00
|
|
2014
|
1
|
55000
|
40000
|
$1,39,180.00
|
$1,04,515.00
|
$2,43,695.00
|
|
|
2
|
60000
|
45000
|
$1,50,735.00
|
$1,16,070.00
|
$2,66,805.00
|
|
|
3
|
65000
|
50000
|
$1,62,290.00
|
$1,27,625.00
|
$2,89,915.00
|
|
|
4
|
70000
|
55000
|
$1,73,845.00
|
$1,39,180.00
|
$3,13,025.00
|
(I) CASH Budget
Total Cash Sales 4964000
Less Expense on cash disbursement to suppliers for direct material 1192250
Cash Budget 1169850
|
(J)
|
Portraits Unlimited Company Budgeted Cost of Goods Manufactured and Sold
|
|
|
|
|
|
|
|
|
|
Particulars
|
Amount
|
Amount
|
|
|
|
|
|
|
|
|
|
|
Add
|
Raw Material
|
|
2514000
|
|
|
|
Add
|
Direct Labour
|
|
936000
|
|
|
|
|
Indirect Material
|
46800
|
|
|
|
|
|
Indirect Labour
|
187200
|
|
|
|
|
|
Other Overhead
|
154000
|
|
|
|
|
|
Depreciation
|
80000
|
|
|
|
|
Add
|
Total Manufacturing Overhead
|
468000
|
|
|
|
|
|
Cost of Goods Manufactured
|
|
3918000
|
|
|
|
Add
|
Finished Goods Inventory
|
167000
|
|
|
|
|
|
Cost of Goods Available for Sale
|
|
4085000
|
|
|
|
Less
|
Finished Goods Inventory
|
235000
|
|
|
|
|
|
Cost of Goods Sold
|
|
3850000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Particulars
|
Amount
|
Amount
|
|
|
|
|
|
|
|
|
|
|
Raw Material Opening
|
59200
|
|
|
|
|
Add
|
Purchases
|
2538000
|
|
|
|
|
|
Raw Material Available for Use
|
|
2597200
|
|
|
|
Less
|
Raw Material Inventory
|
83200
|
|
|
|
|
|
Raw Material Available Used
|
|
2514000
|
|
|
ORDER NEW COPY OF COMPANY BUDGETING PROJECT ASSIGNMENT AND SECURE HIGHER MARKS!
(k) Portraits Unlimited Company Budgeted Income Statement for 2014. (Show budget for the entire year only).
|
Portraits Unlimited Company Net Income
|
|
|
Particulars
|
Amount
|
Amount
|
|
|
|
Sales - Total
|
|
5650000
|
|
|
Less
|
Cost of Goods
|
3850000
|
|
|
|
|
Gross Profit
|
|
1800000
|
|
|
Less
|
Selling and Administration
|
400000
|
|
|
|
Less
|
Interest Expense
|
62500
|
|
|
|
|
Net Income
|
|
1337500
|
|
(L) Portraits Unlimited Company Budgeted Statement of Retained Earnings For 2014.
|
|
Particulars
|
Amount
|
Amount
|
|
|
Retained Earning
|
|
3353800
|
|
Add
|
Net Income
|
1337500
|
|
|
Less
|
Dividends
|
50000
|
|
|
|
Retained Earning
|
|
4641300
|
(M) Portraits Unlimited Company Budgeted Balance Sheet as Of December 31, 2014.
|
|
Particulars
|
Amount
|
Amount
|
|
|
|
|
|
|
Current Assets
|
Cash
|
1169850
|
|
|
|
Account Receivable
|
305000
|
|
|
|
Raw Material
|
83200
|
|
|
|
Finished Goods Inventory
|
235000
|
1793050
|
|
Non-Current Assets
|
Plant and Equipment
|
7920000
|
7920000
|
|
|
Total Assets
|
|
9713050
|
|
|
|
|
|
|
Liabilities
|
Account Payable
|
71750
|
71750
|
|
Shareholder's Equity
|
Equity Shareholder
|
5000000
|
|
|
|
Retained Earning
|
4641300
|
9641300
|
|
|
Total Liabilities and Shareholder's Equity
|
|
9713050
|
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