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 Budgeting Part 2 (Q 5-9)
Dave’s Co. is a manufacturing firm of a computer hardware device. Its sales forecasts for the year 2020 is as follows:
Quarter
Sales in units
Price
Revenue
Q1, 2020
500
$              400
$     200,000
Q2, 2020
1000
                 400
         400,000
Q3, 2020
1000
                 400
         400,000
Q4, 2020
1000
                 400
         400,000
Q1, 2021
2000
                 400
         800,000
Q2, 2021
1500
                 400
         600,000
Q3, 2021
1000
$              400
$     400,000
The company will start its business this year with $30,000 of cash balance. As of Q4 of the fiscal year 2019, it does not have any material, work in progress, or finished goods inventories. The company currently has no debt and entirely owned by shareholders. The balance sheet of Andy’s Co. as of the end of the year 2019 is as follows:
Cash
30,000
Equity
30,000
Direct material costs per unit are $150. Each unit requires three direct labor hours to be completed. The hourly wage is $40. For the year 2020, the company expects the variable overhead to be $136,000. The company allocates variable overhead by direct labor hours. Fixed overhead is expected to be $204,000, including the depreciation of the equipment ($47,500). The company will evenly allocate the fixed overhead for each quarter.
At the beginning of the year 2020, the company will invest in $95,000 for the equipment.
The company supplies products with no material selling and administrative expenses. Their products are immediately picked up by other manufacturers in the complex for cash. Due to the highly efficient just-in-time inventory management system, the company does not hold materials inventories. All materials are purchased just enough to be used in production each quarter. The company also does not hold work in progress inventories. However, they keep 10% of next quarter’s sales as ending inventories of finished goods.
The company also engages in flexible cash management. They require a minimum balance of zero. Whenever they run short of cash, they can borrow from a partnered venture capital at the quarterly interest rate of 2%. They obtain the short-term loan at the beginning of the quarter, and they repay both principal and interest at the end of the quarter if they have enough cash.
The company will incur 20% of taxable income (operating income less interest expenses) as tax expenses but will pay the income taxes in the year 2021.
5) Complete the overhead budget including the cash disbursement for Dave’s Co. for the fiscal year 2020
6) Complete the cost of goods manufactured budget for Dave’s Co. for the fiscal year 2020
7) Complete the cost of goods sold budget for Dave’s Co. for the fiscal year 2020
8) Complete the cash budget for Dave’s Co. for the fiscal year 2020
9) Complete the income statement for Dave’s Co. for the fiscal year 2020