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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

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(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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