Question Description The Rizza Pizza Inc’s forecasted sales forecast for Pizza’s in Units for the next 12 months see below: Date Units Date Units APR,

Question Description The Rizza Pizza Inc’s forecasted sales forecast for Pizza’s in Units for the next 12 months see below: Date Units Date Units APR, 2021 500,000 OCT, 2021 500,000 MAY, 2021 520,000 NOV, 2021 515,000 JUNE, 2021 515,000 DEC, 2022 530,000 JULY, 2021 520,000 JAN, 2022 520,000 AUG, 2021 500,000 FEB, 2022 530,000 SEP, 2021 520,000 MAR, 2022 540,000 *APR, 2022 sales forecast is expected to be 530,000 units. Each Pizza is sold to the retailer at $3. To meet its monthly sales, the company has mandated that monthly ending finished goods inventories are supposed to be equal to 25% of the next month’s sales in units. Rizza Pizza Inc currently does its own assembly production in house. Each pizza consists of 2 pounds of flour and the cost of each pound is $0.10. Each unit needs 0.10 labor hour from raw material preparation to finished package. The hourly pay rate to the assembling workers is $12 per hour. The production manager also required desired direct material ending inventory, which is enough for 30% of the next month production. The production units in April 2022 are estimated to be 780,000 units. The Pizza’s are sold to retailers for $3 each. Manufacture Overhead Cost and Selling and Administrative Expenses sheet below Manufacture Overhead Variable Costs: Indirect Labour $           0.10 per hour Indirect Materials $           0.20 per hour Fixed Costs Salaries $       22,000 Utility $       10,000 Insurance $         1,200 Depreciation $         2,000 Selling and Administrative Variable Expenses: Shipping $           0.50 per unit Fixed Expenses: Wages $       25,000 Utilities $       14,000 Insurance $         2,000 Depreciation $         1,500 Miscellaneous $         5,000 Cash Budget After a meeting with your current controller and treasurer, you have informed that the company desires a minimum ending cash balance each month on $1,000,000. The controller stated that only 60% of a month’s sales are collected by the end of the month and the remaining 40% are collected in the following month. Bad debts have been negligible, supporting the credit terms as favorable. In April 2021, Rizza Pizza will sell its short term investment for $200,000 and the company has no plan to reinvest. All purchases are paid for in the following manner: 50% in the month of the purchase and the remaining 50% paid in the month following the purchase. All sales to the distributors are made on credit terms with no discount (for now), and payable within 15 days. Labour, Manufacture Overhead, and Selling and Administrative expenses are all paid during the month, in cash, except for depreciation (of course). Rizza Pizza will make a purchase of a parcel of land during the month of May 2020 for $1,000,000 in cash. Rizza Pizza’s balance sheet at the end of the March 2021 is shown below Assets Cash $         600,000 Accounts Receivable $       560,000 Uncollectable credit sales in March Liabilities Accounts Payable $         85,000 Unpaid in March An agreement with First Capital Bank allows Rizza Pizza to borrow up to a total loan amount of $750,000. The interest rate on these loans is 12% annually (high considering market rates). Rizza Pizza is estimating its income tax as 35% of its taxable income. Required: Prepare a master budget for twelve months from April 1, 2021 to March 31st, 2022. Include the following budget schedules and financial statements: Master Budget Cash Budget. Budgeted Income statement Skill Required: Corporate Finance Posted: 1 day ago Lock & Answer Now

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