ACC 311 Project Two Workbook Finished

xlsx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

311

Subject

Accounting

Date

Jan 9, 2024

Type

xlsx

Pages

Uploaded by davisrich735

Posey's Pet Emporium Budget Data Budgeted selling price 4.99 Sales Volume Budgets June 33500 July 32000 August 35200 September 35000 October 34000 Percentage of Sales Cash sales 20 Credit collected in Month of sale 45 Following month 52 Uncollectable 3 FG (finished goods) inventory goal 15 Target ending inventory DM (direct materials) 20 Pounds per completed unit of DM 5 Expected cost per pound 0.25 Percentage of Purchase Payments Month of purchase 40 Month after purchase 60 Budgeted purchases - June 20000 Other cash disbursements per month 80000 Beginning cash balance - July 57950 following month's sales volume

Posey's Pet Emporium Sales Forecast July August September Quarter $ 32,000.00 $ 35,200.00 $ 35,000.00 $ 102,200.00 $ 4.99 $ 4.99 $ 4.99 $ 4.99 $ 159,680.00 $ 175,648.00 $ 174,650.00 $ 509,978.00 July August September Quarter $ 69,540.64 $ 69,540.64 July cash sales $ 31,936.00 $ 31,936.00 July credit sales $ 57,484.80 $ 66,426.88 $ 123,911.68 August cash sales $ 35,129.60 $ 35,129.60 August credit sales $ 63,233.28 $ 73,069.57 $ 136,302.85 $ 34,930.00 $ 34,930.00 $ 62,874.00 $ 62,874.00 Total cash receipts $ 158,961.44 $ 164,789.76 $ 170,873.57 $ 494,624.77 Budgeted sales volume × Budgeted selling price Budgeted sales revenue Cash Receipts Budget Beginning A/R (June collections) September cash sales September credit sales

Posey's Pet Emporium Production Budget July August September Budgeted sales volume 32,000 35,200 35,000 5,280 5,280 5,100 Total units needed 37,280 40,480 40,100 4,800 5,280 5,280 32,480 35,200 34,820 DM Purchases Budget July August September 32,480 35,200 34,820 × Pounds of DM per unit 5 5 5 162,400 176,000 174,100 35,200 34,820 34,000 197,600 210,820 208,100 32,480 35,200 34,820 165,120 175,620 173,280 × DM cost per pound $ 0.25 $ 0.25 $ 0.25 $ 41,280.00 $ 43,905.00 $ 43,320.00 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 102,200 5,100 107,300 4,800 102,500 Quarter 102,500 5 512,500 34,000 546,500 32,480 514,020 $ 0.25 $ 128,505.00

Posey's Pet Emporium July August September Quarter $ 12,000.00 $ 12,000.00 July purchases $ 16,509.00 $ 24,763.50 $ 41,272.50 August purchases $ 17,553.00 $ 26,329.50 $ 43,882.50 September purchases $ 17,340.00 $ 17,340.00 $ 28,509.00 $ 42,316.50 $ 43,669.50 $ 114,495.00 $ 80,000.00 $ 80,000.00 $ 80,000.00 $ 240,000.00 $ 108,509.00 $ 122,316.50 $ 123,669.50 $ 354,495.00 DM Cash Disbursements A/P balance from June* Total DM Cash Disbursements Other Cash Disbursements Total Cash Disbursements

Posey's Pet Emporium Selling price 4.99 50% Cost of goods sold 2.5 Less: DM cost per unit 1.25 1.25 Less: Target gross margin percentage Additional cost per unit to cover DL and MOH

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Posey's Pet Emporium Cash Budget July August September Beginning Cash Balance $ 57,950.00 $ 108,402.44 $ 150,875.70 Plus: Cash Receipts Cash Sales $ 31,936.00 $ 35,129.60 $ 34,930.00 Cash Collections $ 127,025.44 $ 129,660.16 $ 135,943.57 Total Cash Receipts $ 158,961.44 $ 164,789.76 $ 170,873.57 Total Cash Available $ 216,911.44 $ 273,192.20 $ 321,749.27 Less: Cash Disbursements $ 108,509.00 $ 122,316.50 $ 123,669.50 Ending Cash Balance $ 108,402.44 $ 150,875.70 $ 198,079.77