# Group Project – Budgeting Universal Electronics is a small, rapidly growing wholesaler of consumer electronic products. The firm’s main product…

Some Hints:

1) In order to ensure you are clear with respect to the production budget, the desired ending inventory is given in the balance sheet above (referring to the project worksheet), so use the \$154k for December’s desired ending inventory. For the months going forward you’ll use the 50% of the following month’s COGS to determine desired ending inventory. Ergo the desired ending inventory is NOT \$161k. And, as always, the ending inventory for one month becomes the beginning inventory for the following month. Here’s a check figure: Required purchases for December 2000 are \$294,000.

That should keep you on the right track!

Ok, here’s another clarification tid-bit: When the problem talks about a minimum cash balance requirement, this is only to be taken into consideration when computing the short-term financing needs. This does not apply to the rest of the problem and here’s why. So at 1/1/XX (whatever year it is), the president says, “We’re buying a machine. And since we’ve yet to receive money from sales or pay any bills let’s make sure we keep at LEAST \$25,000 in the bank to cover bills and such.” We (the accountants) say, Ok sure. So we go back to our desk and crunch the numbers in order to determine our short-term financing needs. And we say, alright on 12/31 we had a cash balance of \$45K, we have to maintain a cash balance of \$25K so we’ve only got \$20K to put towards this purchase and we’re gonna need a WHOLE lot more than that to buy this machine. So we rangle up some more money by selling stocks and then decide to take out a loan for the rest.

2) The cash minimum is only for the very first part of January, before cash receipts come and and cash disbursements go out. So please don’t freak out if your cash balance as of 3/31/XX is less than \$25K. That’s OK!

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