Budgeting (Group Project) Must Complete An Annual Sales Budget For Project

Arrowdale Manufacturing

Budget Information

Arrowdale Manufacturing is a family owned business that has been in operation for over 50 years.  Although the actual manufacturing process has greatly changed due to huge advances in technology, the chief product produced by Arrowdale remains the same ─ a high-quality stainless steel thermos bottle that is popular with construction workers and others needing a product with a high level of durability. The company is considering opening a second shift and hiring a number of new employees. Before this decision is finalized, the board of directors would like to have a sense of what they can expect in terms of sales for the upcoming year. In preparation for the next board meeting, you, as the group of managers over sales, have been asked to prepare an annual sales budget, a production budget, a direct materials budget, a direct labor budget, and a budgeted income statement for next year. Your group must be able to answer questions that board members might have concerning your calculations and how they impact the decision making. Your assistants have provided the following data:              

Sales budget 
   Anticipated volume in units       600,000
   Unit selling price $22.50
Production budget 
   Desired ending inventory         40,000
   Beginning inventory         35,000
Direct materials budget 
   Direct materials per unit (pounds)2.5
   Desired ending direct materials in pounds         45,000
   Beginning direct materials in pounds         50,000
   Cost per pound (unit price) $3.50
Direct labor budget 
   Direct labor hours per unit0.5
   Direct labor cost per hour $12.00
Budgeted income statement 
    Total Cost of Goods Manufactured per unit $18.00
    Selling expenses       660,000
    Administrative expenses       540,000
    Interest expense           5,000
    Income tax rate30%
Balance sheet – current year 
    Finished goods inventory         25,000
Budgeted balance sheet – next year 
    Finished goods inventory 20,000 

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