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PART 1: Consider the following data in preparing Ballarat Furniture Company's budget for 2013: Product specification for each table for 2013 Direct Materials Particle Board (PB) 9 board feet (bf) per table Red Oak (RO) 10 board feet (bf) per table Direct Manufacturing Labour Laminating labour 0.25 hours per table Machining labour 3.75 hours per table Inventory information for 2013 Beginning Inventory Target Ending Inventory PB 20,000 bf 18,000 bf RO 25,000 bf 22,000 bf Finished goods - tables (units) 5,000 3,000 Sales forecast for 2013 Sales volume 52,000 tables Sales price $392 per table Cost information: 2012 2013 PB per board feet $3.90 $4.00 RO per board feet $5.80 $6.00 Laminating labour per hour $24.00 $25.00 Machining labour per hour $29.00 $30.00 Variable manufacturing overhead costs $1,900,000 Fixed manufacturing overhead costs $1,600,000 Manufacturing overhead application base Expected Direct Labour hours Inventoriable (manufacturing) cost per table $275 In addition to the above, the following selling and administrative expenses are expected for 2013: Salaries of Sales personnel $555,760 Marketing $1, 920,720 Distribution $729,600 Customer service $504,992 Administrative $440,768 Required: Prepare an annual budget for Ballarat Furniture Company for 2013. Assume an income tax rate of 40 percent. Include the following schedules: a. Sales budget b. Production budget (in units) c. Direct materials usage budget (in units and in dollars) d. Direct labour budget e. Budgeted income stateme
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