Adiel Soto Cost Accounting I input: Selling price: table chair selling quantity: table chair material price:

lumber paint material quantity: table bd ft gal/unit hourly rate: cutting asssembly painting hours required cutting assembly painting Sales budget table 0.25 0.2 0.15

150 50

30000 100000

bd ft gal

2 20

10 0.2

chair bd ft gal/unit

15 12 10

Outdoor Living Inc For the year ended Decemb Product Table Chair Total Production budget Volume 30,000.00 100,000.00 Price 150.00 50.00

Outd For the year ended Decemb Tables Units Chair

Sales Plus desired ending Inv. Dec. 31 Total Less estimated beg. Inv. Jan 1 Total Production Direct Material Budget

30,000.00 1,500.00 31,500.00 1,000.00 30,500.00

100,000.00 4,500.00 104,500.00 2,500.00 102,000.00

Outdoor Living In For the year ended Decemb Direct Materials lumber bd/ft Quantities required for production Table Chair Plus desired ending inventory, Dec 31 Total Less estimated beginning inventory, Jan 1 Total quantity to be purchased Unit Price Total direct material purchased Direct Labor Budget Outdoor Living Inc For the year ended December 31, 2013 Assembly 7,625.00 10,200.00 17,825.00 15.00 $ 267,375.00 $ 6,100.00 15,300.00 21,400.00 12.00 256,800.00 305,000.00 510,000.00 40,000.00 855,000.00 30,000.00 825,000.00 2.00 $ 1,650,000.00 $ Paint gal 6,100.00 10,200.00 800.00 17,100.00 1,000.00 16,100.00 20.00 322,000.00

$ $

Cutting Hours required Table Chair Total hourly rate Total direct cost Factory Overhead budget

$ $

Outdoor Living Inc For the year ended December 31, 2013 Indirect Materials Indirect labor Depreciation on building Depreciation of machinery Insurance and property Power & light Total factory overhead Cost of Good Sold Budget Outdoor Living Inc

For the year ended December 31, 2013 Finished goods inventory, Jan 1 Work in process inventory. Jan 1 Direct materials inventory, Jan 1 Direct materials purchased Direct materials available Less direct materials used, Dec 31. Direct Labor Factory overhead Total manufacturing Total work in process Less work in process, Dec 31. cost of goods manufactured cost of goods available less finished goods inventory, Dec 31. Cost of goods sold Selling and Adminastrative Outdoor Living Inc For the year ended December 31, 2013 Selling Expenses: Advertising Expense Sales salaries expense Travel expense Total selling expensess Adminastrative expense: Officers salaries expense Office salaries expense Office rent expense Office supplies expense Telephone and fax expense total administrative expense Total selling and administrative expense Budgeted Income Statement Outdoor Living Inc For the year ended December 31, 2013 Net sales Cost of goods sold Gross profit Selling and administrative Income from operations income tax (40%) Net income $ 730,300.00 688,500.00 398,000.00 $ $ 655,000.00 511,500.00 65,000.00 32,500.00 14,500.00 $ $ 1,278,500.00 3,095,300.00 1,816,800.00 $ $ $ 80,000.00 1,972,000.00 2,052,000.00 96,000.00 1,956,000.00 671,925.00 831,300.00 $ 3,459,225.00 3,481,825.00 18,000.00 22,600.00

$ $

inflation factor: 1 1

1 1

5 0.1

1 1 1 chair 0.1 0.15 0.1

Outdoor Living Inc For the year ended December 31, 2013 Total Sales 4,500,000.00 5,000,000.00 $ 9,500,000.00

Outdoor Living Inc For the year ended December 31, 2013

Outdoor Living Inc For the year ended December 31, 2013 Total

1,972,000.00

Outdoor Living Inc year ended December 31, 2013 Painting

Total

$ $

4,575.00 10,200.00 14,775.00 10.00 147,750.00 $

671,925.00

Outdoor Living Inc year ended December 31, 2013 $ 225,000.00 $ 375,250.00 $ 85,000.00 $ 67,500.00 $ 48,750.00 $ 29,800.00 $ 831,300.00

Outdoor Living Inc

year ended December 31, 2013 $ 72,400.00

$ $

3,463,825.00 3,536,225.00 120,825.00 3,415,400.00

Outdoor Living Inc year ended December 31, 2013

Outdoor Living Inc year ended December 31, 2013 $ 9,500,000.00 $ 3,415,400.00 $ 6,084,600.00 $ 3,095,300.00 $ 2,989,300.00 1,195,720.00 $ 1,793,580.00