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High End Lifts Inc. I need to complete Balance Sheet and Unit Cost and Flow Sheet. Please help.

DIRECTIONS: COMPLETE ALL YELLOW CELLS Save the cash account for the end (the formula and a check figure are given below). Projected Balance Sheet Assets Current Assets Manufacturin ASSETS: A/R, Supplies and Prepaid Insurance remain the same. Raw materials inventory is estimated at $110,000, work-in-process inventory is estimated at $96,250, and finished goods inventory is estimated at $275,000. All prior merchandise inventory balances have been sold to customers (the balance in the merchandising inventory account, manufacturing column E10, is zero). Enter these amounts in the yellow cells. sourcin 1,901,749 #### AIR 564,000 #### 564,000 85.2% 26,000 09% 400,000 26,000 3.9% ory Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Prepaid Insurance FotalLument Assets PP&E ISG&A) Computers & Network (5 yr. life) Furniture &Fitures (10 ur. life) Office Equipment [5 yr. life] Vehicles (5 yr. life) PP&E (Production) Land PP&E (Selling, General & Administrative ) remain same. 6,300 0.2% 2,898,049 #### 6,300 10% 596,300 90.1% PP&E (Production Assets) include the following new purchases at the beginning of the year in the manufacturing column only: Land, $125,000; Buildings, $750,000 (50 year life) Furniture & Fixtures, $15,000 (10 year useful life); CAD, Computers and Network, $50,000 (5 year useful life); Machinery, $350,000 (15 year useful life); and a Forklift, $75,000 (10 year useful life). Include the amounts in the manufacturing balance sheet and compute the DepreciatiTotal Deprec 25,000 3.8% 35,000 1.2% 35,000 5.3% 12,000 1.8% 65,000 2.2% 65,000 9.8% 5,000 13,000 23,900annual depreciation amounts in cells H22 through H27 in yellow. Assume straight-line depreciation method (Cost/Life), zero residual value Furniture & Fixtures (10 yr. life) CAD Computers, Network 〔5 yr. life) Machinery (15 yr. life) Forklift(10 yr. life) LIABILITIES & EQUITY: Accounts payable equals $130,000. Wages payable equals $48,000. Interest payable remains unchanged. Income Taxes Payable is done for you (25% of the amount of income tax expense on the income statement (quarterly payments). Unearned Revenue, and Current Portion of Notes Payable account balances are unchanged. atal PPSE Total Assets 65.300 2,2% 65,300 9.9% Notes Payable and Common Stock account balances are unchanged. Current Liabilities Accounts Payable Wages Payable Interest Payable Income Taes Payable Unearned Revenue Current Portion of LT Notes Payab Fatal Lurrent Liabdies Notes Payable CASH: Create the following formula for cell E7-C7 + (Task #1 is E23-Task #1 IS C23) 8,278 1.3% 111,736 16.9% 60,000 9.1. 17,393 2.6% 408,809#### 197,406 29.8% 282.341 35% 15,000 0.5% 8,278 0.3% 25,798 09% (E11+E12+E13-C10) (E22+E23+E24+E25+E26+E27-127) (C39 E39) Check: Cash should be $1,510,679 Check: Total Assets 53,961,196. 17,393 0.6% 1383 3491171946 177.1/2 otalLiabiities Stockholders Equit Common Stock 1,000,000 #### 1,000,000 151.1%DIRECTIONS Complete the sections in yellow. Assume that direct material is 40% of the product cost, direct labor is 50% of the product cost, and manufacturing overhead is 10% of the product cost. Assume that 30 units of raw materials were acquired, 28 units were put into production (100% complete as to materials, 50% complete as to conversion), 27 units were finished, and 25 units were sold during the year. Unit Cost Information Flow of Manufacturing Costs COGS Details Per Unit 25 units Raw Materials Work-in-Process Finished Goods COGS 5 3,437,500 25 units@ $137,500 DM, 40% DL, 50% Applied MOH, 10% DM Applied MOH Total On Average Assume that 30 units worth of raw materials are purchased during the year. Assume 28 units worth of raw materials are requisitioned to WIP during the year Cell 18: = H8. Cell」9 Cell M9 = K9 (27 units completed). There were25 units sold during the year The 25 units are sold during the year. Directions for cells above: Directions for cells above: (27 x D9)+0.5 x D9) B8 B7 x.40 D8 B8/25 Cell J10 is the same format as J9. The 28 units are 100% complete as to materials. The one unit left in process is 50% complete as to conversion. The 27 HINT: the ending balance in the account will match the ending balance on the balance sheet for the year HINT: the ending HINT: the ending balance in the account will match the ending balance on the balance sheet for the year HINT: the ending balance in the account balance in the will match the endingaccount will match the balance on the balance ending balance on the sheet for the year income statement for

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