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Master Budget Case: ToyWorks
Ltd. (F)
ToyWorks Ltd. is a company that
manufactures and sells a single product, which they call a Toodle. For planning and control purposes they
utilize a quarterly master budget,
which is usually developed at least six months in advance of the budget period.
Their fiscal year end is December 31.
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During the summer of 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap, Chris Leigh,theToyWorks controller, spent considerable time with Pat
Frazer, the Get research paper samples and course-specific study resources under homework for you course hero writing service - Manage r of Marketing, putting together a sales forecast for the first
quarter of next year (January to March, 2013).
Unfortunately, their collaboration worked so well they eloped to Las
Vegas, were married by an Elvis impersonator, and settled down somewhere in the
desert. Prior to their departure they
e-mailed letters of resignation and a cryptic sales forecast to the President
of ToyWorks.
Their sales forecast consisted of these few lines:
For the year
ended December 31, 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap: 475,000 units at $10.00 each*
For the year
ended December 31, 2013: 500,000 units at $10.00 each
For the year
ended December 31, 2014: 2024 - Essay Writing Service | Write My Essay For Me Without Delay: 500,000 units at $10.00 each
*Expected sales
for the year ended December 31, 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap are based on actual sales to date and
budgeted sales for the duration of the year.
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ToyWorksâs
Presidentfelt
certain that the marriage wouldnât last, and expected Chris would be back any
day. But the end of the year is quickly approaching,
and there is still no word from the desert.
The President, desperately needing the budget completed, has approached you,
a management accounting student, for help in preparing the budget for the first
quarter. Your conversations with the President
and your investigations of the companyâs records have revealed the following
information:
1.
Sales of toodles are seasonal. History shows that January, April and June each
generate 6% of the yearâs sales. Sales in
March, July and August each contribute 5% and September contributes 7% to the
total. Valentines Day in February boosts
sales to 11%, and Motherâs Day in May accounts for 8%. As Christmas shopping picks up momentum,
winter sales start at 11% in October, move to 14% in November and then peak at 16%
in December. This pattern of sales is
not expected to change in the next two years.
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2.
From previous experience, management has determined that an
ending inventory equal to 25% of the next monthâs sales is required to fit the
buyerâs demands.
3.
There is only one type of raw material used
in the production of toodles. Space-age
acrylic (SAA) is a very compact material that is purchased in powder form. Each toodle requires 5 kilograms of SAA, at a
cost of $0.45 per kilogram. The supplier of SAA tends to be somewhat erratic so
ToyWorksfinds
it necessary to maintain an inventory balance equal to 40% of the following
monthâs production needs as a precaution against stock-outs. ToyWorks pays for 20% of a monthâs purchases
in the month of purchase, 45% in the following month and the remaining 35% two
months after the month of purchase. There is no early payment discount.
4.
Beginning accounts payable will
consist of $148,621 arising from the following estimated direct material
purchases for November and December of 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap:
SAA purchases in November 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap: $151,031
SAA purchases in December 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap $119,700
5.
ToyWorksâs manufacturing
process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their
total pay each month is, therefore, dependent on production volumes and
averages $9.20 per hour. This rate
already includes the employerâs portion of employee benefits. All payroll costs are paid in the period in
which they are incurred.
Each unit
spends a total of 18 minutes in production.
6.
Due to the similarity of the
equipment in each of the production stages and the companyâs concentration on a
single product, manufacturing overhead is allocated based on volume (i.e. the
units produced). The unit variable overhead
manufacturing rate is $1.30, consisting of:
Utilities--$0.60; Indirect Materials--$0.20; Plant maintenance--$0.30; environmental
fee--$0.14; and Other--$0.06.
7.
The fixed manufacturing
overhead costs for the entire year
are as follows:
Training and development $ 43,200
Repairs and maintenance 39,000
Supervisorsâ salaries 149,400
Amortization on equipment 178,800
Plant Insurance 84,000
Other 117,600
$ 612,000
·
The annual insurance premium of $84,000 will be paid at the beginning
of January. There is no change in the premium from last year.
·
All other âcash-relatedâ fixed
manufacturing overhead costs are incurred evenly over the year and paid as incurred.
·
ToyWorks uses the straight line
method of amortization.
8.
Selling and administrative
expenses are known to be a mixed cost; however, there is a lot of uncertainty
about the portion that is fixed.
Previous yearâs experience has provided the following information:
Lowest level of sales: 375,000
units Total Operating Expenses:
$778,710
Highest level of sales: 750,000
units Total Operating Expenses:
$1,022,460
These costs
are paid in the month in which they occur.
Not included in the above expenses is bad debt expense.
9.
Sales are on a cash and credit
basis, with 55% collected during the month of the sale, 35% the following
month, and 9.5% the month thereafter. ½
of 1% of sales are considered uncollectible (bad debt expense).
10. Sales in November and December 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap are expected to be $665,000 and
$760,000 respectively. Based on the
above collection pattern that applies to all years, this will result in total Accounts
Receivable of $401,375 at December 31, 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap.
11. During the fiscal year ended December 31, 2013, ToyWorks will be
required to make monthly income tax installment payments of $1,500. Outstanding income taxes from the year ended
December 31, 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap must be paid in March 2013. Income tax expense is estimated
to be 25% of net income. Income taxes
for the year ended December 31, 2013, in excess of installment payments, will
be paid in March, 2014: 2024 - Essay Writing Service | Write My Essay For Me Without Delay.
12. ToyWorks is planning to acquire additional manufacturing equipment
for $304,200 cash. 40% of this amount is to be paid in January 2013, the rest,
in February 2013. The manufacturing
overhead costs shown above already include the amortization on this equipment.
13. An arrangement has been made with the local bank that if ToyWorks
maintains a minimum balance of $20,000 in their bank account, they will be given
a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the
first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank
should be in multiples of $1,000 and interest
must be paid at the end of each month.
Interest is calculated on the balance at the beginning of the month,
which includes any amounts borrowed that month.
14. ToyWorks Ltd. has a policy of paying dividends at the end of each
quarter. The President tells you that
the board of directors is planning on continuing their policy of declaring
dividends of $50,000 per quarter.
15. A listing of the estimated balances in the companyâs ledger accounts
as of December 31, 2014: 2024 - Essay Writing Service. Custom Essay Services Cheap is given below:
Cash
$ 64,165
Accounts
receivable
401,375
Inventory-raw
materials
32,625
Inventory-finished
goods
54,750
Capital
assets (net)
724,000
$ 1,276,915
Accounts
payable
$ 148,621
Income
tax payable
21,500
Capital
stock
1,000,000
Retained
earnings
106,794
$ 1,276,915
Required:
1.
Prepare a master budget for ToyWorks
for the first quarter (January,
February and March) of the year ending December 31, 2013, including the
following schedules:
Sales Budget
& Schedule of Cash Receipts
Production
Budget
Direct
Materials Budget & Schedule of Cash Disbursements
Direct Labour
Budget
Manufacturing
Overhead Budget
Ending
Finished Goods Inventory Budget
Selling and Administrative
Expense Budget
Cash Budget
2.
Prepare a budgeted income
statement for the quarter ended March 31, 2013.
3.
Prepare a budgeted balance
sheet at March 31, 2013.
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