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Budgeting Worksheets for Fantastic, Inc.

1. Prepare the following budgets for the fiscal year ending December 31, 2006 using the provided spreadsheets. Note: it is required to use the provided worksheets using Excel formulas.

1. Direct labor budget
2. Manufacturing overhead budget
3. Projected Cost of Goods Manufactured (absorption costing)

The attached excel spreadsheet must be used for the budgets above. There is a worksheet for each budget above.

The following budgets have already been completed and no need to do anything with these:

a. A sales projection in units using the methods suggested.
b. Sales budget
c. Production budget
d. Direct materials budget

Complete instructions are attached.

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Solution Summary

The solution explains how to prepare the various required budgets. To calculate manufacturing depreciation I also prepare a capital expenditure budget. The solution is included in two attached Excel files.