7° Similar Questions | bartleby × Master Budget Preparation × + ED C ChatGPT https://chatgpt.com/c/6718fea8-b460-8005-8972-35def9b0814a Q Search 1. Sales Forecast: The firm sells a single product at $60 per unit. The sales forecast for the upcoming months, starting from April, shows the projected number of units sold. For July to September, the sales are: . July: 31,200 units • August: 33,600 units • September: 33,600 units 2. Collections: Sales are collected as follows: 40% in the month of the sale, 40% in the following month, and 20% two months after the sale. 3. Inventories: On 1 July 2024, the company will have 10,800 units of finished goods inventory. The ending inventory for finished goods should be 20% of the sales for the next 3 months. The ending raw material inventory should be 40% of the next month's production. The company owes $196,800 for material purchases as of 1 July 2024. 4. Expenses: . . Variable selling expenses are 5% of sales. Administrative expenses are $126,000 per quarter ($20,000 of which is depreciation and $96,000 is wages). Fixed selling expenses amount to $36,000 per quarter. Direct materials cost $8 per kilogram, and each unit requires 1.1 kg. Direct labour costs $24 per hour, and each unit requires 0.5 hours of labour. • Factory overhead is $154,000 per month, with $28,000 of that as depreciation. 5. Cash Balance: The cash balance on 1 July 2024 is expected to be $40,320. Required Calculations: 1. Sales Budget: Prepare a monthly sales budget for July, August, and September. 2. Cash Collections: Determine the estimated cash collections from receivables for July to September. 3. Production Requirements: Calculate how many units need to be produced in July to September. 4. Direct Materials Budget: Prepare the budget for direct materials for the quarter (hint: desired ending inventory for materials is 16,512 units). 5. Cash Budget: Prepare a cash budget for July to September. 6. Budgeted Income Statement: Prepare anime statement for the same period (hint: cost of sales is $2,182,512). Message ChatGPT ChatGPT can make mistakes. Check important info. > 0 ☆ B ENG US 1:06 AM 10/26/2024 Share B ☑ ... Аклобане 202420 BAC104 Assignment Template... Search File Home Insert Draw Page Layout Formulas Data Review View Automate Developer Help Aptos Narrow 11 AA == Paste Clipboard font M18 Alignment D & General $ % 9 Conditional formatting Format as Table Cell Styles Insert Σ - Delete Format Number Styles Cells Budgeted Income Statement Cost of sales Cash Budget for July to September 2024 Sales Expected Beginning cash at bank balance Budget cash collection 54 Total cash available Excepted payments Acconts payable 1 July Purchases September quarter Selling expenses Variable Fixed Administration expenses 21 Factory overhead 23 Direct labour 24 Total payments Expected cash at bank balance as at 30 September 2024 Req (e) Req (0) Select destination and press ENTER or choose Pate Q Search Gross Profit Expenses Selling Administrative Profit Comments Share 288 Sort & Find & Filter Select Editing Add-ins Analyse Data Add-ins C N о C ENG US E ^ 12:54 AM 10/29/2024 69%