ACC 311 Project Two Workbook Template v3 (2) (1)

xlsx

School

Southern New Hampshire University *

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Course

311

Subject

Accounting

Date

Apr 3, 2024

Type

xlsx

Pages

9

Uploaded by DoctorRook19165

Report
Posey's Pet Emporium Budget Data Budgeted selling price 4.99 Sales Volume Budgets June 33500 July 3200 August 35200 September 35000 October 34000 Percentage of Sales Cash sales 0.20 Credit collected in Month of sale 0.45 Following month 0.52 Uncollectable 0 FG (finished goods) inventory goal 0.15 Target ending inventory DM (direct materials) 0.20 Pounds per completed unit of DM 5 Expected cost per pound 0.25 Percentage of Purchase Payments Month of purchase 0.40 Month after purchase 0.60 Budgeted purchases - June $ 20,000.00 Other cash disbursements per month $ 80,000.00 Beginning cash balance - July $ 57,950.00 following month's sales volume
Posey's Pet Emporium Sales Forecast July August September Quarter 3200 35200 35000 73400 $ 4.99 $ 4.99 $ 4.99 $ 4.99 $ 15,968.00 $ 175,648.00 $ 174,650.00 $ 366,266.00 Cash Receipts Budget July August September Quarter $ 17,385.16 $ 17,385.16 July cash sales $ 3,193.60 $ 3,193.60 July credit sales $ 1,437.12 $ 1,660.67 $ 3,097.79 August cash sales $ 35,129.60 $ 35,129.60 August credit sales $ 15,808.32 $ 18,267.39 $ 34,075.71 September cash sales $ 34,930.00 $ 34,930.00 $ 15,718.50 $ 15,718.50 Total cash receipts $ 22,015.88 $ 52,598.59 $ 68,915.89 $ 143,530.36 Budgeted sales volume × Budgeted selling price Budgeted sales revenue Beginning A/R (June collections) September credit sales
Posey's Pet Emporium Production Budget July August September Budgeted sales volume 3,200 35,200 35,000 5,280 5,250 5,100 Total units needed 8,480 40,450 40,100 480 5,280 5,250 8,000 35,170 34,850 DM Purchases Budget July August September 8,000 35,170 34,850 × Pounds of DM per unit 5 5 5 40,000 175,850 174,250 35,170 34,850 35,000 75,170 210,700 209,250 8,000 35,170 34,850 67,170 175,530 174,400 × DM cost per pound $ 0.25 $ 0.25 $ 0.25 $ 16,792.50 $ 43,882.50 $ 43,600.00 Add: Target ending FG inventory Less: Beginning FG inventory Budgeted units to be produced Budgeted units to be produced Total production needs (pounds) Add:Target ending DM inventory (pounds) Total DM inventory needs (pounds) Less: Beginning DM inventory (pounds) Budgeted pounds of DM to be purchased Total budgeted cost of DM purchases
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Quarter 73,400 5,100 78,500 480 78,020 Quarter 78,020 5 390,100 35,000 425,100 8,000 417,100 $ 0.25 $ 104,275.00
Posey's Pet Emporium July August September Quarter A/P balance from June* $ 12,000.00 $ 12,000.00 July purchases $ 6,717.00 $ 10,075.50 $ 16,792.50 August purchases $ 17,553.00 $ 26,329.50 $ 43,882.50 September purchases $ 17,440.00 $ 17,440.00 $ 18,717.00 $ 27,628.50 $ 43,769.50 $ 90,115.00 $ 80,000.00 $ 80,000.00 $ 80,000.00 $ 80,000.00 $ 98,717.00 $ 107,628.50 $ 123,769.50 $ 170,115.00 DM Cash Disbursements Total DM Cash Disbursements Other Cash Disbursements Total Cash Disbursements
Posey's Pet Emporium Selling price 4.99 Less: Target gross margin percentage 2.50 target gross Cost of goods sold 2.50 Less: DM cost per unit 1.25 1.25 Additional cost per unit to cover DL and MOH
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s margin should be 50% of the selling prrice
Posey's Pet Emporium Cash Budget July August September Beginning Cash Balance $ 57,950.00 $ 141,248.88 $ 246,218.97 Plus: Cash Receipts Cash Sales $ 22,015.88 $ 52,598.59 $ 68,915.89 Cash Collections $ 80,000.00 $ 80,000.00 $ 80,000.00 Total Cash Receipts $ 102,015.88 $ 132,598.59 $ 148,915.89 Total Cash Available $ 159,965.88 $ 273,847.47 $ 395,134.86 Less: Cash Disbursements $ 18,717.00 $ 27,628.50 $ 43,769.50 Ending Cash Balance $ 141,248.88 $ 246,218.97 $ 351,365.36
Quarter $ 351,365.36 $ 143,530.36 $ 80,000.00 $ 223,530.36 $ 574,895.73 $ 90,115.00 $ 484,780.73
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