Data collection Vintage Clothing Corporation Estimated Sales (in units) April May June July Sweaters

Data collection Vintage Clothing Corporation

Estimated Sales (in units)

April
May
June
July

Sweaters
25,000
55,000
65,000
60,000

Actual Sales (in units)

Feb
Mar

Sweaters
30,000
45,000

Sales price (per unit)
$ 65.00

Beginning
Inventory (In Units)
7,500

Ending
Inventory (in Units)

Desired
Ending inventory
5,000

Add: Next
months projected sales percentage
10%

Collection of Sales Schedule

% Collection of sale within
the month of sale
40%

% Collection
of sale in month following the month of sale
30%

% Collection
of sale in second month following the month of sale
28%

Raw
Material Requirement of production of one unit sweater:

Material X (Per unit of
Sweater)
1

Material Y
(Per unit of Sweater)
5

Material Z
(Per unit of Sweater)
3

Raw Material Ending Inventory
Requirement:

Material X (Desired Ending
inventory)
20%
(Of following Months Production requirement)

Material Y
(Desired Ending inventory)
5%
(Of following Months
Production requirement)

Material Z
(Desired Ending inventory)
5%
(Of following Months
Production requirement)

Raw Material Beginning
Inventory:

Material X (Desired Ending
inventory)
5,600.00

Material Y
(Desired Ending inventory)
28,000.00

Material Z
(Desired Ending inventory)
6,800.00

Cost of Raw material per
unit:

Material X
$ 1.60

Material Y
$ 1.80

Material Z
$ 3.00

Payment for material Schedule

% Payment of the purchases
within the month of sale
60%

% Payment of
the purchases in month following the month of sale
40%

Total Purchases during the
month of March
350,000.00

Direct labor

Department
Direct Labor
Hours per unit of sweater
Cost per Direct
Labor hour

Winding
0.12
$ 20.00

Knitting
0.08
$ 25.00

Variable production overhead
rate (per hour of direct labor)
$ 8.00

Fixed
production overhead (Including $80,000 Depreciation)
$
250,000.00

Fixed
production overhead – Depreciation
$ 80,000.00

Variable
selling and admin cost (per sweater sold)
$ 1.50

Fixed Selling
& Admin cost (Including $1,80,000 Depreciation)
$
350,000.00

Fixed Selling
& Admin cost – Depreciation
$
180,000.00

Sales Budget

Feb
Mar
April
May
June
July

Actual Sale
(in Units)
30,000
45,000
–
–
–
–

Estimated
Sales Sweaters (in units)
–
–
25,000
55,000
65,000
60,000

Sale price per
Sweater (per unit)
$ 65
$ 65
$ 65
$ 65
$ 65
$ 65

Net Sales
Revenue (in $) – Estimated
$ 1,950,000
$ 2,925,000
–
–
–
–

Net Sales
Revenue (in $) – Actual
–
–
$ 1,625,000
$ 3,575,000
$ 4,225,000
$ 3,900,000

Collection
During the month of sale 40%
$ 780,000
$ 1,170,000
$ 650,000
$ 1,430,000
$ 1,690,000
$ 1,560,000

Collection
During Month following the month of sale 30%

$ 585,000
$ 877,500
$ 487,500
$ 1,072,500
$ 1,267,500

Collection
During Second month following the month of sale 28%

$ 546,000
$ 819,000
$ 455,000
$ 1,001,000

TOTAL
COLLECTION
$ 780,000
$ 1,755,000
$ 2,073,500
$ 2,736,500
$ 3,217,500
$ 3,828,500

Production Budget

April
May
June
July

Ending
Inventory Balance
10,500
11,500
11,000
5,000

Add: Sales
during the month
25,000
55,000
65,000
60,000

Less:
Beginning Invntory
7,500
10,500
11,500
11,000

Production
During the month
28,000
56,000
64,500
54,000

Material Budget

April
May
June
July

Monthly
Requirement

Product X
28,000
56,000
64,500
54,000

Product Y
140,000
280,000
322,500
270,000

Product Z
84,000
168,000
193,500
162,000

Add: Ending
Inventory:

Product X
11,200
12,900
10,800
0

Product Y
14000
16125
13500
0

Product Z
8,400
9,675
8,100
0

Less:
Beginning Inventory

Product X
5,600
11,200
12,900
10,800

Product Y
28,000
14,000
16,125
13,500

Product Z
6,800
8,400
9,675
8,100

Purchase
Requirement

Product X
33,600
57,700
62,400
43,200

Product Y
126,000
282,125
319,875
256,500

Product Z
85,600
169,275
191,925
153,900

Purchase Budget

Feb
Mar
April
May
June
July

Purchase
Requirement (A)

Product X

33,600
57,700
62,400
43,200

Product Y

126,000
282,125
319,875
256,500

Product Z

85,600
169,275
191,925
153,900

Cost of
material Per unit (B)

Product X

$ 2
$ 2
$ 2
$ 2

Product Y

$ 2
$ 2
$ 2
$ 2

Product Z

$ 3
$ 3
$ 3
$ 3

Cost of
Purchasing (A*B)

Product X

$ 53,760
$ 92,320
$ 99,840
$ 69,120

Product Y

$ 226,800
$ 507,825
$ 575,775
$ 461,700

Product Z

$ 256,800
$ 507,825
$ 575,775
$ 461,700

Total Purchase

$ 350,000
$ 537,360
$ 1,107,970
$ 1,251,390
$ 992,520

Payment During
the month of sale 60%

$ 322,416
$ 664,782
$ 750,834
$ 595,512

Payment During
Month following the month of sale 40%

$ 140,000
$ 214,944
$ 443,188
$ 500,556

TOTAL PAYMENT
DURING THE MONTH

$ 462,416
$ 879,726
$ 1,194,022
$ 1,096,068

Labor cost Budget

April
May
June
July

Direct Labor
Hours per unit of sweater:

Winding
0.12
0.12
0.12
0.12

Knitting
0.08
0.08
0.08
0.08

Cost per
Direct Labor hour:

Winding
$ 20
$ 20
$ 20
$ 20

Knitting
$ 25
$ 25
$ 25
$ 25

TOTAL DIRECT
LABOR COST (PAID IN CASH)
$ 123,200
$ 246,400
$ 283,800
$ 237,600

Manufacturing
Overhead Budget

April
May
June
July

Total Direct
Labor Hours:

Winding
3,360
6,720
7,740
6,480

Knitting
2,240
4,480
5,160
4,320

Total Direct
Labor Hours
5,600
11,200
12,900
10,800

*Variable
Overhead Rate per hour
$ 8
$ 8
$ 8
$ 8

Total Variable
overheads (Paid in Cash)
$ 44,800
$ 89,600
$ 103,200
$ 86,400

Total Fixed
Overheads, Excluding Dep (Paid in cash)
$ 170,000
$ 170,000
$ 170,000
$ 170,000

TOTAL
MANUFACTURING OVERHEAD (PAID IN CASH)
$ 214,800
$ 259,600
$ 273,200
$ 256,400

Selling & Admin
Cost Budget

April
May
June
July

Total Units
sold
25,000
55,000
65,000
60,000

*Variable
selling & Adming cost (per sweater sold)
$ 1.50
$ 1.50
$ 1.50
$ 1.50

Total Variable
selling & Admin cost (Paid in Cash)
$ 37,500
$ 82,500
$ 97,500
$ 90,000

Total Fixed
selling & Admin cost, Excluding Dep
(Paid in Cash)
$ 170,000
$ 170,000
$ 170,000
$ 170,000

TOTAL SELLING
& ADMIN COST (PAID IN CASH)
$ 207,500
$ 252,500
$ 267,500
$ 260,000

 

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