Louise's Bathworks

Financial Information - Jacob Hetu

Input Area:
Selling price per unit $ 7.50
Quarter 1 2
Sales in units 4,700 3,900

Desired units of ending finished goods inventory = 15%

Desired units of beginning finished goods inventory = 15%
Sales for the first quarter of 2024 6,000
Ounces of material needed per unit 3
Desired ounces of ending direct materials inventory = 20%
Desired ounces of beginning direct materials inventory = 20%
Budgeted production needs for the first quarter of 2023
Cost per ounce
Direct Labor hours per unit
Direct labor cost per hour

Variable overhead costs per unit produced

Factory supplies
Employee benefits
Inspection
Maintenance and repair
Utilities

Fixed overhead costs

Depreciation, building
Depreciation, machinery
Supervision
Maintenance and repair
Other overhead expenses

Variable selling and administrative expenses per unit sold

Delivery expenses
Sales commissions
Accounting
Other administrative expenses

Fixed selling and administrative expenses

Sales salaries
Depreciation, office equipment
Taxes and insurance

Beginning Work in Process Inventory

Ending Work in Process Inventory
Finished goods inventory December 31, 2023
Finished goods inventory December 31, 2024

Income taxes rate

Impact Area:
Louise's Bathworks
Financial Information
For the Year Ended December 31, 2024

Sales Budget
Quarter
1 2
Sales in units 4,700 3,900
X selling price per unit $ 7.50 $ 7.50
Total sales $ 35,250 $ 29,250

Production Budget
Quarter
1 2
Sales in units 4,700 3,900
Plus desired units of ending
Finished goods inventory 585 578
Desired total units 5,285 4,478
Less desired units of beginning
Finished goods inventory 705 585
Total production units 4,580 3,893

Direct Materials Purchase Budget

Quarter
1 2
Total production units (Budget 2) 4,580 3,893
X 3 Ounces per unit 3 3
Total production needs in ounces 13,740 11,678
Plus desired ounces of ending
direct materials inventory 2,336 2,299
16,076 13,976
Less desired ounces of beginning
direct materials inventory 2,748 2,336
Total ounces of direct materials
to be purchased 13,328 11,641
x cost per ounce $ 0.10 $ 0.10
Total cost of direct materials purchases 1,333 1,164
 Direct Labor Budget
Quarter
1 2
Total production units (Budget 2) 4,580 3,893
X direct labor hours per unit 0.10 0.10
Total direct Labor hours 458 389
X direct labor cost per hour $ 15.50 $ 15.50
Total direct labor cost $ 7,099 $ 6,033

Overhead Budget
Quarter
Variable overhead cost 1 2
Factory supplies $ 412 $ 350
Employee benefits 1,466 1,246
Inspection 550 467
Maintenance and repair 321 273
Utilities 229 195
Total variable overhead costs $ 2,977 $ 2,530

Fixed overhead costs

Depreciation, building 500 500
Depreciation, machinery 700 700
Supervision 1,800 1,800
Maintenance and repair 400 400
Other overhead expenses 600 600
Total fixed overhead costs 4,000 4,000
Total overhead costs $ 6,977 $ 6,530

Administrative & Selling Expense Budget

Quarter
Variable selling and administrative expenses 1 2
Delivery expenses $ 470 $ 390
Sales commissions 705 585
Accounting 235 195
Other admirative expenses 940 780
Total variable selling & admin. Expenses 2,350 1,950

Fixed selling and administrative expenses

Sales salaries 5,000 5,000
Depreciation, office equipment 1,200 1,200
Taxes and insurance 1,150 1,150
Total fixed selling and admin. expenses 7,350 7,350
Total selling and administrative expenses $ 9,700 $ 9,300
Direct materials used
Direct materials inventory December 31, 2023
Purchases for current year
Cost of direct materials available for use
Less direct materials inventory, December 31, 2024
Cost of direct materials used
Direct labor costs
Overhead costs
Total manufacturing costs
Work in process inventory, December 31, 2023
Less work in process inventory, December 31, 2024
Cost of goods manufactured

Manufactured Cost per Unit = $ 56,940.00 /

Budgeted Income Statement

Sales
Cost of goods sold
Finished goods inventory, December 31, 2023
Cost of goods manufactured
Cost of finished goods available for sale
Less finished goods inventory, December 31, 2024
Cost of goods sold
Gross margin
Selling and administrative expenses
Income from operations
Income taxes expense
Net income

Created by Jacob J. Hetu

4/20/2023 19:09
'file:///conversion/tmp/activity_task_scratch/659191075.xlsx'#$Sheet1
ob Hetu

3 4
3,850 3,725 16,175

of next quarter's budgeted sales.

of current quarter's budgeted sales.

of next quarter's production needs in ounces.

of current quarter's production needs in ounces
18,000
$ 0.10
0.10
$ 15.50

$ 0.09
0.32
0.12
0.07
0.05

$ 500.00
700.00
1,800.00
400.00
600.00

$ 0.10
0.15
0.05
0.20

$ 5,000
1,200
1,150

$ 85
 70
1,150
1,450

35%

n
r 31, 2024

Quarter
3 4 Year
3,850 3,725 16,175
$ 7.50 $ 7.50 $ 7.50
$ 28,875 $ 27,938 $ 121,313

Quarter
3 4 Year
3,850 3,725 16,175

559 900 900

4,409 4,625 17,075

578 559 705

3,831 4,066 16,370

Budget
Quarter
3 4 Year
3,831 4,066 16,370
3 3 3
11,494 12,199 49,110

2,440 3,600 3,600

13,934 15,799 52,710

2,299 2,440 2,748

11,635 13,359 49,962

$ 0.10 $ 0.10 $ 0.10
1,164 1,336 4,996
t
Quarter
3 4 Year
3,831 4,066 16,370
0.10 0.10 0.10
383 407 1,637
$ 15.50 $ 15.50 $ 15.50
$ 5,938 $ 6,303 $ 25,374

Quarter
3 4 Year
$ 345 $ 366 $ 1,473
1,226 1,301 5,238
460 488 1,964
268 285 1,146
192 203 819
$ 2,490 $ 2,643 $ 10,641

500 500 2,000

700 700 2,800
1,800 1,800 7,200
400 400 1,600
600 600 2,400
4,000 4,000 16,000
$ 6,490 $ 6,643 $ 26,641

nse Budget
Quarter
3 4 Year
$ 385 $ 373 $ 1,618
578 559 2,426
193 186 809
770 745 3,235
1,925 1,863 8,088

5,000 5,000 20,000

1,200 1,200 4,800
1,150 1,150 4,600
7,350 7,350 29,400
$ 9,275 $ 9,213 $ 37,488
 $ 274.80
4,996.20
$ 5,271.00
360.00
$ 4,911.00
25,373.50
26,640.50
56,925.00
85.00
(70.00)
$ 56,940.00

16,370 units = $ 3.48

ment
$ 121,312.50

$ 1,150.00
56,940.00
58,090.00
1,450.00
56,640.00
$ 64,672.50
37,487.50
$ 27,185.00
9,514.75
$ 17,670.25