Reference no: EM13300987

Beta Limited has asked you, the management accountant, to prepare an annual master budget for the year ending 31 December 2013.

Beta produces a product called Treen, presently sold only in the North Island of New Zealand. The production process involves the input of two components of materials - Wood and Stain.

After comprehensive consultation, you are provided with the following information to prepare the master budget.

Projected Balance Sheet as at 31 December 2012
Current Assets	$	$	$
Cash at Bank		15,000
Debtors (net)		10,000
Inventory:
Material: Wood	1,350
Material: Stain	960
Finished goods: Treen	19,425	21,735	46,735
Non-Current Assets
Plant and Machinery		500,000
less accumulated depreciation (SL)	10%	100,000	400,000
Total Assets			$446,735
Liabilities
Creditors		7,000
Short term Loan - repayable on 31 March 2013		5,000	12,000
Shareholders Equity
Paid up Capital		250,000
Retained Earnings		184,735	434,735
Total Liabilities and Equity			$446,735

Prepare a Master Budget for Beta Manufacturing Ltd for each quarter (with a yearly total column) for the year ended 31 December 2012.
 
Your master budget must include the following and there should be a yearly total column for each budget except the Balance Sheet:
 
Data (Input) Section
Sales Budget and Schedule of Expected Cash Collections
Production Budget
Raw Materials Budget and Schedule of Expected Cash Disbursements for Materials
Direct Labour Budget
Manufacturing Overhead Budget
Selling and Administrative Expenses Budget
Ending Finished Goods Inventory Budget
Cost of Goods Sold Budget
Cash Budget
Budgeted Income Statement (quarterly)
Budgeted Statement of Changes in Equity (quarterly)
Budgeted Balance Sheet (quarterly)
 
Round all budget calculations to the nearest dollar. The sales and raw materials purchases budgets should be expressed in both units and dollars.

Attachment:- Assignment.rar