Need assistance with an accounting matter

Budgeted Sales in UnitsSelling Price per Unit
Total Budgeted Sales
January
February
March
Q1 Total
30,000
40,000
50,000
120,000
$
60 $
60 $
60 $
60
$ 1,800,000 $ 2,400,000 $ 3,000,000 $ 7,200,000
Budgeted Sales in Units
Selling Price per Unit
Total Budgeted Sales
November Sales
December Sales
January
February
March
Q1 Total
30,000
40,000
50,000
120,000
$
60 $
60 $
60 $
60
$ 1,800,000 $ 2,400,000 $ 3,000,000 $ 7,200,000
1500000
2100000
Expected Cash Collections
January
$
$
540,000
300,000 $
March
Q1 Total
$ 900,000 $ 1,440,000
720,000
$ 1,020,000
$
1,050,000 $
900,000 $ 1,200,000 $ 3,150,000
$
420,000 $ 360,000 $ 780,000
2040000 $ 2,460,000 $ 6,390,000
$
February
1,890,000
February 20 % due in april
March 50 % due in april
March 20 % due in may
Accounts Receivable
$ 480,000
$ 1,500,000
$ 600,000
$ 2,580,000
Budgeted Sales in Units
Add: Desired ending inventory
Total needs
Less beginning inventory
Required Production
Production
Budgeted Sales in Units
Add: Desired ending inventory
Total needs
Less beginning inventory
Required Production
January February
30,000
40,000
16,000
20,000
46,000
60,000
12,000
16,000
34,000
44,000
March
50,000
18,000
68,000
20,000
48,000
Q1
120,000
18,000
138,000
12,000
126,000
April
45000
Production
Materials per unit (KG)
Production needs
add: desired ending inventory
total needed
less beginning inventory
materials to be purchased
Production
Materials per unit (KG)
Production needs
add: desired ending inventory
total needed
less beginning inventory
materials to be purchased
January
34000
3
102000
26400
128400
20400
108000
February
44000
3
132000
28800
160800
26400
134400
March
48000
3
144000
27000
171000
28800
142200
Q1
126000
3
378000
27000
405000
20400
384600
april
45000
3
135000
Accounts Payable 12/31
571200
January
February
March
Materials to be purchased
108000
134400
142200
8 dollars * KG
January
February
March
864000
1075200
1137600
January
399,840
February
259200
604800
864000
322560
752640
322560
752640
341280
1093920
341280
2,680,320
.
659,040
927360
March
Q1
399,840
Units of production
Direct Labor time per unit
Labor Hours required
Hourly wage rate
Total Direct Labor costs
January
34000
2
68000
$6
$408,000
February
44000
2
88000
$6
$528,000
March
48000
2
96000
$6
$576,000
Q1
126000
2
252000
$6
$1,512,000
January
Budgeted Direct
Labor hours
Variable MFG OH
rate
Variable MfG OH
costs
Fixed MFG OH
Costs
February
68000
88000
$2.00
$2.00
$136,000.00
$176,000.00
200000
200000
TotAL mfg OH costs
336000
376000
Less: noncash costs
25000
25000
Cash disbursement
for mfg OH
$311,000.00
$351,000.00
March
Q1
96000
252000 .
$2.00
$2.00
$192,000.00
$504,000.00
200000
600000
392000
1104000 .
25000
75000
$367,000.00
$1,029,000.00
Production costs per unit
Direct Materials
Direct Labor
Manufacturing Overhead
Budgeted finished goods inven
Ending inventory in units
Unit product cost
Ending finished goods inventory
Production costs per unit
Quantity
3 KG
costs
total
$8.00
$24.00
t Labor
2 HRs
$6.00
$12.00
nufacturing Overhead
2 Hrs
4.380952
$8.76
$44.76
dgeted finished goods inventory
ng inventory in units
18000
product cost
$44.76
ng finished goods inventory
$805,714.29
Budgeted Sales
Variable S&A rate
Variable expenses
Fixed S&A expenses
Total S&A expenses
Less:noncash expenses
Cash S&A expenses
January
30000
2
$60,000.00
120000
180000
20000
$160,000.00
February
40000
2
$80,000.00
120000
200000
20000
$180,000.00
March
50000
2
$100,000.00
120000
220000
20000
$200,000.00
Q1
120000
2
$240,000.00
360000
$600,000.00
60000
$540,000.00
Beginning cash balance
add:cash collections
total cash available
less:cash disbursements
materials
direct labor
manufacturing overhead
selling and adminstrative
equipment purchase
dividend
total disbursements
excess (deficiency)
financing:
borrowing
repayment
interest
total financing
ending cash balance
January
50000
1890000
1940000
February
101960
2040000
2141960
March
155,600.00
2460000
2615600
Q1
155,600.00
6390000
6697560
659,040
$408,000
$311,000.00
160000
300000
927360
$528,000
$351,000.00
180000
0
1,838,040
101,960.00
1,986,360
155,600.00
1093920
$576,000
$367,000.00
200000
0
150000
2,386,920
228,680.00
2,680,320
1,512,000
1,029,000
540,000
300,000
150,000
6,211,320
486,240
$101,960.00
$155,600.00
$228,680.00
$228,680.00
Use Traditional Format
Sales
Less: Cost of Goods Sold
Gross Margin
Less: SG&A Expenses
Net Income
Albert Enterprises
Budgeted Income Statement
For the three months ended March 31st
Sales (120,000 units @ $60)
Cost of goods sold (120000 units @44.76)
Gross Margin
Selling and adminstrative expenses
operating income
interest expense
net income
rises
Statement
ded March 31st
7200000
5371200
1828800
600000
1228800
0
$1,228,800.00
Use Same Layout as December 31, 2022
as Provided in Project Problem
Albert Enterprises
Budgeted Balance Sheet
March 31st
Assets
Cash
Accounts receivable
Raw Materials inventory
Finished goods inventory
Land
Equipment
Total assets
Liabilities and Stockholders’ Equity
Accounts payable
Common Stock
Retained Earnings
Total Liabilities and stockholders’ equity
ert Enterprises
ted Balance Sheet
March 31st
228680
160076
1332600
1345714
0
1500000
4567070
796320
1500000
2790800
5087120
retained earning
net income
divedends
1712000
1228800
150000
2790800
0