1Good Day Sunshine Company4th Quarter 2010 Master Operating BudgetGood Day Sunshine CompanyBalance Sheetat September 30, 2010Assets:Liabilities & Owners' Equity:Cash$225,000 Accounts payable$61,680 Accounts receivable432,000 Short-term note payable40,000 Inventory:Income tax payable85,000 Raw materials46,800 Owners' EquityFinished goods150,000 Capital stock (no par)350,000 Property, buildings & equipment (net)395,200 Retained earnings712,320 Total Assets$1,249,000 Total Liabilities & O.E.$1,249,000 Budgeted Sales in units (shades):SeptemberOctoberNovemberDecemberJanuaryFebruary30,000 50,000 60,000 80,000 20,000 20,000 Budgeted Sales Price per shade:$20.00 Production cost per shade:$15.00 Monthly Budgeted Expenses:Depreciation expense$2,000 monthly (not included in $50,000 below)Fixed selling, gen. & admin. expense$50,000 paid in cash each monthVariable selling expense4% of total sales revenueProduct Specifications:Amt required per shade Cost Cost per shade Yards of cling fabric 1.5 yards$2.00 per yard $3.00 Hours of direct labor 0.25 hours$20.00 per hour 5.00 Manufacturing overhead $7.00 per shade 7.00 $15.00 Inventory Policy:
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Generally Accepted Accounting Principles, Sunshine Company, Day Sunshine Company, Good Day Sunshine