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6) Regional Laboratories SA, is a company dedicated to the manufacture of drugs and takes directly to pharmacies. This 2001 and currently manufactures three products: Dimetilxosalena (D), diyodohidroxiquinolena (Di) and zenofendicloropo
The general manager was hired as an expert advisor to prepare the master budget 2002. To this end it provides the followi
BALANCE
At December 31, 2001 ASSETS circulating cash customers Material inventory Finished Goods Inventory TOTAL CIRCULATING NO CIRCULANTING ground Plant and Equipment Accumulated Depreciation TOTAL NO CIRCULATING LIABILITIES SHORT TERM suppliers Notes payable Income tax payable LONG TERM Obligations payable
$ $ $ $ $
ASSETS TOTAL
$ 1,830,005
The labor hour cost $ 10 the first half and $ 11 the second. The manufacturing overhead applied based on labor hours COST 1 semester 2semester Labor $ 10.00 $ 11.00
INFORMACIN DE INVENTARIOS Inv. Inicitial Inv. Final 1 Semester 2 Semester 10000 8000 15000 4000 5000 3000 10000 7000 5000 3000 5000 2000 Cost 1 Semester $ 2.00 $ 2.70 $ 4.00 -
Suppose that the initial inventories are equal at the end of the first half. No items in process inventory PRODUCTS Di 200.00 $ 220.00 $ 10000 uni 5000 uni 100.00 120.00 6000 uni 4000 uni
D Sale price 1st Semester Sale price of the 2nd Semester Planned Sales 1st Semester Planned Sales 2nd semester $ $
SELLING AND ADMINISTRATIVE EXPENSES depreciation Salaries and Wages Commissions several several Interest on obligations GASTOS DE FABRICACIN INDIRECTOS depreciation insurance maintenance maintenance energy energy several
$ $ $ $ $
10,000 200,000 5% projected Sales 6,000 1 semester 7,000 2 semester 30,000 annual
$ $ $ $ $ $ $
additional data a)In 2002 it will acquire a new machine, valued at $ 50,000 and depreciation is not recognized 200 new vehicles = b) The rate of income tax is 35% $ 50,000
35%
10%
d) In 2002 he charged all accounts receivable of 2001 ACCOUNTS RECEIVABLE 2001 customers e) In 2002 he paid all payables 2001 ACCOUNTS PAYABLE 2001 LIABILITIES SHORT TERM suppliers Notes payable LONG-TERM Obligations payable
50,000
$ $ $
f) In 2002 he paid only 60% of the value of purchased materials Payment purchased materials = 60% Payment purchased materials 2003 =
g) 90% of the 2002 sales will be charged in that period, the rest in 2003 SALES 2002 = SALES 2003 = h)It will pay the tax payable 2002 to 2001 ACCOUNTS PAYABLE 2001 BY income tax payable i) Suppose annual inflation of 10% annual inflation = 10% 90% 10% SALES total 2002 SALES total 2002
50,000
Arm the Sales Budget Arming the Production Budget Arm Budget Direct Depletion Arm Budget Raw Material Purchasing Direct Arm Budget Direct Labor Arm GIF Budget Arming the Operating Expense Budget Inventories Arm Budget
SALES BUDGET
Laboratorios Regionales S.A
I SEMESTER II SEMESTER D Di Z D 10000 uni 6000 uni 5000 uni 5000 uni $ 200.00 $ 100.00 $ 150.00 $ 220.00 $ 2,000,000 $ 600,000 $ 750,000 $ 1,100,000 $ 3,350,000 $ 5,680,000
SALES BUDGETED (*) SALE PRICE TOTAL TOTAL SEMESTER TOTAL ANNUAL
PRODUCTION BUDGET
Laboratorios Regionales S.A
I SEMESTER II SEMESTER
PRODUCTION ANNUAL
D 12000 uni
MATERIAL REQUIREMENT FINAL INVENTORY WANTED NEC TO BUY INITIAL INVENTORY TOTAL TO BUY COST PER KG COST OF PROCUREMENT
LABOR BUDGET
Laboratorios Regionales S.A
I SEMESTER D DI Z 10000 uni 6000 uni 5000 uni 3 hrs 1 hrs 2 hrs 30000 hrs 6000 hrs 10000 hrs $ 10.00 $ 10.00 $ 10.00 $ 300,000 $ 60,000 $ 100,000
REQUEST FOR PRODUCTION HRS REQUIRED BY PRODUCT TOTAL HOURS COST PER HOUR COST OF MOD TOTAL ANNUAL
RATE OF APPLICATION =
$ $
30,000 537,000
Commissions = Commissions =$
(+) OD HAND (+) EXPENSES IF (=) COST OF PRODUCTION (+) INV ART ORIGINAL ENDING (=) ENDED ART AVAILABLE (-) ART FINAL INVENTORY TERMIN (=) COST OF SALES BUDGETED
$ $ $
STATEMENT BUDGETED
Laboratorios Regionales S.A
to December 31, 2002
SALES (-) Cost of sales (=) GROSS PROFIT (-) OPERATING EXPENSES (=) OPERATING INCOME (-) 15% JOB SHARING (=) TAXABLE (-) 22% INCOME TAX (=) NET INCOME
$ $ $ $ $ $ $ $ $
BALANCE
Laboratorios Regionales S.A
At December 31, 2001
ASSETS CURRENT cash customers Material inventory Term Art Inventory TOTAL CURRENT
LONG-TERM
TOTAL ASSETS
$ 5,332,576
d takes directly to pharmacies. This company began operations in uinolena (Di) and zenofendicloropotasio (Z).
$ $ $ $ $ $
$ $ $ $
ocess inventory
ognized 200
40%
es S.A
II SEMESTER Di Z 4000 uni 5000 uni $ 120.00 $ 150.00 $ 480,000 $ 750,000 $ 2,330,000
GET
II SEMESTER
es S.A
REQUIREMENT
II SEMESTER RAW MATERIAL RAW A MATERIAL RAW B MATERIAL C 30000 uni 12000 uni 18000 uni 26000 uni 14000 uni 8000 uni 20000 uni 12000 uni 10000 uni 76000 uni 38000 uni 36000 uni $ 2.10 $ 3.00 $ 4.40 $ 159,600 $ 114,000 $ 158,400
es S.A
BUDGET
II SEMESTER RAW MATERIAL RAW A MATERIAL RAW B MATERIALC 76000 uni 38000 uni 36000 uni 8000 4000 3000 84000 uni 42000 uni 39000 uni -10000 -15000 -5000 74000 uni 27000 uni 34000 uni $ 2.10 $ 3.00 $ 4.40 $ 155,400 $ 81,000 $ 149,600
es S.A
T
II SEMESTER D DI 2000 uni 2000 uni 3 hrs 1 hrs 6000 hrs 2000 hrs 11.00 $ 11.00 $ 66,000 $ 22,000 $ $
es S.A
$ $
DUCTION
es S.A
IVE EXPENSES
es S.A
UDGET
COST UNIT $ $ $ $ $ $ Z 21.00 18.00 22.00 22.00 8.00 91.00
es S.A
ND FINISHED PRODUCTS
TOTAL INVENTORY
es S.A
Inventario $ 42,000 Final Mate prima Inventario $ 1,363,400 Final Prod Termi $ 1,405,400
ALES
II SEMESTRE TOTAL
es S.A
$ $ $ $ $
ETED
es S.A
BUDGETED
es S.A
2 $ $ 5,112,000 $ 50,000 $ $ $ 50,000 $ 150,000 $ 50,000 $ 679,184 $ 592,000 $ 132,000 $ 527,000 $ 1,112,640 $ $ (3,292,824) 1,919,176 5,162,000 5,212,000 50,000
es S.A
$ $ $
$ 150,000 $
1,436,560
pital contributed
$ $ $ $ $