Exquisite Bedding Ltd. The company uses a rolling budgetary control system and is in the process of preparing the budget for the four months’ period from September to December 2020. During a preliminary review, you established that the company intends to sell each bed produced for $219 to Ultimate Care Ltd. in addition to individual customers on the same credit terms. Exquisite Bedding Ltd secured a cash loan of $120,000 (from Barclays Bank) that was secured on the land and buildings at an interest rate of 7 ½ % and this is due to be received in November 2020. Also, machinery costing $112,000 will be received in November and paid for in December 2020. You have been provided with the following budgeted balance sheet information for Exquisite Bedding Ltd as at September 1, 2020 well as estimates and other operating data (PLEASE SEE BALANCE SHEET ATTACHED AS PHOTO) Other information: Stock valuation was done using FIFO method and the closing stock of raw materials is for 100 units and 110 finished beds (valued at marginal costs). Receivables of $18,080 represent $7,680 for July and $10,400 for August 2020. Estimates for the four months’ period are as follows: September October November December Sales (units) 80 84 96 94 Production (units) 70 75 90 90 Purchases of raw materials (units) 80 80 85 85 Wages and Variable overheads $4,550 $4,875 $5,850 $5,850 Other Information Wages and variable overheads was valued at $65 per bed. Fixed overheads were estimated at $1,200 per month. The company estimated that it will have to pay $45 per unit for raw materials. One unit of raw material is required to produce one bed. All sales and purchases of raw materials are on credit and customers are allowed two months’ credit and suppliers of raw materials are paid after one month’s credit. Wages, variable overheads and fixed overheads are paid in the month in which they are incurred. Loan interest is payable half yearly from March onwards. An interim dividend to 30 September 2020 of $12,500 will be paid in December 2020. Depreciation for the four months, including the new machinery, was calculated to be: Machinery and equipment $15,733 Motor vehicles $ 3,500 QUESTIONS 1. Construct a FINISHED GOODS BUDGET in units for each of the four months September to December 2020
Exquisite Bedding Ltd. The company uses a rolling budgetary control system and is in the process of preparing the budget for the four months’ period
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