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Given: Budgeted Unit Price = Ending Finished Goods = Beg. Finished Goods = Material per unit Price for unit of material Ending Materials Beginning Materials $40 per pair 5% Next Q Sales 1,300 units 2 yards per unit $1.50 per yard 3% of next Q production needs 3% of current production needs labor per unit Labor Rate V MOH Applied Rate F MOH 0.25 labor hours $14.00 per labor hour 40% of DL costs ($) $264,600 annual Financial Budgets 1. Create the Cash Receipts Budget 01 02 03 04 Annual 40% 40% 40% Budgeted Sales Revenue Cash Sales (56) Cash Sales (S1 Credit Sales (5) % Collected in Sameo $ Collected in Same Q % Collected in Next Q $ Collected in Next Q Budgeted Cash Receipts 75% 25% 25% 25% $125,000 2. Create the Cash Payments Budget 01 02 03 04 2019 Annual Budgeted DM Purchases (S) 20% 20% 20% 20% 20% 80% 80% 30% 30% 80% $70,000 Cash paid in Q of Purchase % Paid $ Paid Cash paid in Next Q % Paid $ Paid 1 Cash paid for Direct Materials 2 Cash paid for Direct Labor Manufacturing Overhead MOH Expenses Less Depreciation (non-cash) 3 Cash paid for MOH 4 Cash paid for SGA Expenses 5 Equipment Purchases Budgeted Cash Payments $50,000 $50,000 $50,000 $50,000 $200,000 3. Create a Cash Budget 02 03 04 Annual $108,000 Beginning Cash Balance +Cash Receipts - Cash Payments Cash before Financing Cash Borrowed (or Repaid) Min Balance: $100,000 Ending Cash Balance increments of $1,000 4. Create Budgeted Balance Sheet

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