ACC 331 Group Project Mod 4

ACC 331 Group Project Mod 4 - Project 1 Harrison Company...

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Project 1 Harrison Company 1st Quarter 20XY Budget Prepared By: Anthony Francel James Martens
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January February March Total Budgeted sales in units 5,250 5,513 5,788 16,551 Selling price per unit $225.00 $225.00 $225.00 $225.00 Total sales $1,181,250 $1,240,313 $1,302,329 $3,723,892 SALES COLLECTED IN THE MONTH OF SALE (70%) 70% SALES COLLECTED IN THE MONTH FOLLOWING (30%) 30% Schedule of Expected Cash Collections Accounts receivable, beginning balance $337,500 $337,500 January sales $826,875 $354,375 $1,181,250 February sales $868,219 $372,094 $1,240,313 March sales $911,630 $911,630 Total cash collections $1,164,375 $1,222,594 $1,283,724 $3,670,693 Accounts receivable, ending balance $390,699 Harrison Company Sales Budget For the Period Ending March 31, 20XY (in Units)
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January February March Q1 Period Total April May Budgeted sales in units 5,250 5,513 5,788 16,551 6,078 6,381 Add: desired ending inventory of finished goods* 1,103 1,158 1,216 3,476 1,276 Total needs 6,353 6,670 7,004 20,026 7,354 Less: beginning inventory of finished goods 1000 1,103 1,158 3,260 1,216 Required production 5,353 5,568 5,846 16,766 6,138 *DESIRED ENDING INVENTORY OF NEXT MONTH'S SALE 20% OF UNITS Harrison Company Production Budget For the Period Ending March 31, 20XY (in Units)
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January February March Total REQUIRED PRODUCTION IN UNITS 5,353 5,568 5,846 16,766 Wood, In Square Feet per table = 3 16,058 16,703 17,538 # Add: Ending inventory desired 1,670 1,754 1,841 17,728 18,457 19,380 55,564 Less: Beginning inventory 2,000 1,670 1,754 Total wood needed to purchase 15,728 16,786 17,626 50,140 Legs, In Units per table = 4 21,410 22,271 23,384 # Add: Ending inventory desired 2,227 2,338 2,455 23,637 24,609 25,839 74,085 Less: Beginning inventory 200 2,227 2,338 Total legs needed to purchase 23,437 22,382 23,501 69,320 Cost of wood $20 Cost of legs $2 Raw materials purchases, wood $314,556 $335,728 $352,514 $1,002,798 Raw materials purchases, legs $46,874 $44,764 $47,002 $138,640 Total, raw materials to be purchased $361,430 $380,492 $399,516 # $1,141,438 RAW MATERIALS ARE PAID IN THE MONTH FOLLOWING PURCHASE Schedule of Expected Cash Disbursements For Materials Accounts payable, beginning balance $300,000 January purchases $361,430 February purchases $380,492 March purchases Total cash disbursements, materials $300,000 $361,430 $380,492 # $1,041,922 Accounts payable, period ending $399,516 Raw materials inventory, ending period Wood $36,830 Legs $4,911 Total raw materials inventory $41,740 Harrison Company Direct Materials Budget For the Period Ending March 31, 20XY (in Units)
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January February March Q1 Period Total Budgeted table sales in units 5,353 5,568 5,846 16,766 Direct labor-hours per unit, finishing = 3.00 16,058 16,703 17,538 50,298 Direct labor-hours per unit, assembly = 0.20 1,071 1,114 1,169 3,353 Total Direct Labor Hours 3.20 17,128 17,816 18,707 53,652 Direct labor cost per hour, finishing = $15 $240,863 $250,543 $263,070 $754,476 Direct labor cost per hour, assembly =
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This note was uploaded on 09/29/2011 for the course ACC 311 taught by Professor Hiles during the Spring '11 term at University of Phoenix.

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ACC 331 Group Project Mod 4 - Project 1 Harrison Company...

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