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- The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional information follows: Materials used in production: Direct labor hours required in production: Prepare the following: a. A production budget for May. b. A direct materials budget for May. c. A direct labor budget for May.Operating Budget, Comprehensive Analysis Allison Manufacturing produces a subassembly used in the production of jet aircraft engines. The assembly is sold to engine manufacturers and aircraft maintenance facilities. Projected sales in units for the coming 5 months follow: The following data pertain to production policies and manufacturing specifications followed by Allison Manufacturing: a. Finished goods inventory on January 1 is 32,000 units, each costing 166.06. The desired ending inventory for each month is 80% of the next months sales. b. The data on materials used are as follows: Inventory policy dictates that sufficient materials be on hand at the end of the month to produce 50% of the next months production needs. This is exactly the amount of material on hand on December 31 of the prior year. c. The direct labor used per unit of output is 3 hours. The average direct labor cost per hour is 14.25. d. Overhead each month is estimated using a flexible budget formula. (Note: Activity is measured in direct labor hours.) e. Monthly selling and administrative expenses are also estimated using a flexible budgeting formula. (Note: Activity is measured in units sold.) f. The unit selling price of the subassembly is 205. g. All sales and purchases are for cash. The cash balance on January 1 equals 400,000. The firm requires a minimum ending balance of 50,000. If the firm develops a cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage. Any cash borrowed is repaid at the end of the quarter, as is the interest due (cash borrowed at the end of the quarter is repaid at the end of the following quarter). The interest rate is 12% per annum. No money is owed at the beginning of January. Required: 1. Prepare a monthly operating budget for the first quarter with the following schedules. (Note: Assume that there is no change in work-in-process inventories.) a. Sales budget b. Production budget c. Direct materials purchases budget d. Direct labor budget e. Overhead budget f. Selling and administrative expenses budget g. Ending finished goods inventory budget h. Cost of goods sold budget i. Budgeted income statement j. Cash budget 2. CONCEPTUAL CONNECTION Form a group with two or three other students. Locate a manufacturing plant in your community that has headquarters elsewhere. Interview the controller for the plant regarding the master budgeting process. Ask when the process starts each year, what schedules and budgets are prepared at the plant level, how the controller forecasts the amounts, and how those schedules and budgets fit in with the overall corporate budget. Is the budgetary process participative? Also, find out how budgets are used for performance analysis. Write a summary of the interview.A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
- Ay 1 mcqs Bushman Ltd is preparing its manufacturing overhead budget for 2022. Relevant data are as follows: 1. Units to be produced (by quarters): 10,000, 12,000, 15,000, 18,000 2. Direct labour: 1.5 hours per unit 3. Variable overhead costs per direct labour hour Indirect materials $0.70 Indirect labour $1.20 Maintenance $0.50 4. Fixed overhead costs per quarter Supervisory salaries $35,000 Depreciation $16,000 Maintenance $15,000 1.) The total manufacturing overhead costs for the year is a. $130,800 b. $462,000 c. $500,000 d. $264,000 2.) The total fixed costs for quarter 3 is a. $55,000 b. $57,750 c. $64,000 d. $66,000 3.)How much is the total direct labour hours for quarter 4? a. 27,000 b. 22,500 c. 18,000 d. 15,000 4.)How much is the total direct labour hours for the year? a. 55,000 b. 82,500 c. 198,000 d. 140,000 5.)The total manufacturing overhead costs for quarter 1 is a. $109,200 b. $102,000 c. $120,000 d. $130,800 6.)How much is the total direct labour hours for…Shalom Company's Manufacturing Overhead budget for the second quarter of 2023 includes: Budgeted variable overhead rate per direct labor hour P5 Budgeted monthly fixed overhead per month 191,000 Upon further review, you found the following details of the company's fixed overhead: Depreciation of factory equipment Factory taxes Depreciation of factory machines Factory supplies Factory rent Salaries of factory maintenance Salaries of plant managers 5,000 6,000 10,000 20,000 30,000 45,000 75,000 Amounts must be in whole numbers. Example: 88,000 or (88,000) What is the total budgeted cash payment in June if the budgeted direct labor hours were 12,000?Question 1 Shiashi Ltd is preparing its manufacturing overhead budget for 2024. Relevant data consist of the following: - Units to be produced (by quarters): 20,000, 24,000, 34,000 and 36,000. Direct labour: Time is 1.5 hours per unit. Variable overhead costs per direct labour hour: Indirect materials GH¢1.40; indirect labour GH 2.40 and maintenance $1.50. Fixed overhead costs per quarter: Supervisory salaries GH 55,000; depreciation GH 27,000 and maintenance GH¢25,000. a) You are required to prepare the manufacturing overhead budget for the year, showing quarterly data. b) What does an organisation stand to gain by preparing annual budgets for its operations? c) Describe the budgeting process of any business entity that you are familiar with.
- A. Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $18 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods Direct materials: silicon 4,500 8,500 11,200 4,900 9.100 12.000 5,000 9.200 13,000 Direct materials: solution Prepare a sales budget, production budget, direct materials budget for silicon and solution, and a direct labor budget. B. The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $560,000 Sales Purchases 567.923 294,823 10 50,320 Ending inventory Administrative salaries Marketing expense Sales commissions Rent expense Depreciation expense Utilities Sales are expected to increase each month by 10%. Prepare a budgeted income statement. 7,500 1,100 2,500…4.4 Prepare a direct labor budget for each of the upcoming five years. Direct Labor Budget To determine how many labor hours will be required to create the items listed in the cost of production, the direct labor budget is used. A more intricate direct labor budget will compute both the overall number of hours required and the breakdown of those hours by labor type. Years Required production in 4200 units 2023 Direct labor hours per 0,25 unit Total direct labor- 1,050 hours needed Direct labor cost per hour Total Direct Labor Cost $32 $33600 2024 5200 0,25 1,300 $32 $41600 2025 6200 0,25 1,550 $32 $49600 2026 7200 0,25 1,800 $32 2027 8200 0,25 2,050 $32 $57600 $65600 Total 31000 0,25 7,750 $32 $248000View Policies Current Attempt in Progress Culver Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter 1 2 4 Units 63.000 30,000 30.000 76,000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1 Prepare a direct labor budget for 2022 First Quarter CULVER COMPANY Direct Labor Budget Second Quarter Third Quarter
- Sheffield Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter 1 2 3 4 Units 57,000 27,000 49,000 75.000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1. Prepare a direct labor budget for 2022. $ First Quarter $ SHEFFIELD COMPANY Direct Labor Budget Second Quarter $ Third Quarter $ Fourth Quarter $ TotalQuestion 1 Green Co. has three production departments Fern, Forest, and Moss and one service department Shade. Green Co. is preparing its annual budget for the final quarter of 2021. Planned overhead costs for the quarter are as follows: Overheads Allocated overheads 40,500 Supervision Plant Depreciation 14,400 20,000 6,000 46,000 Machine Insurance Rates and Rent The following information is available for each department: Departmental details Fern Forest Moss Shade Allocated overhead 11,000 16,500 2,500 9,500 3,500 3,500 1,500 Machine Value (£) Budgeted Direct Labour hours Floor Area Occupied (Sq.metres) Number of employees Plant at cost (£000) 5,000 1,200 600 1,800 1000 3,000 800 200 700 400 40 80 1,845 852 61 142 Of the total overhead costs allocated to the service department Shade, 20% is charged to Forest and the remainder is charged equally to the other two production department. a) Prepare an overhead analysis sheet showing the total overhead cost budgeted for all four…Sunland Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022. Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour January 11,280 $40 2.0 $7.0 February March April 13,160 12,220 10,340 $37.5 $37.5 2.0 $7.0 1.5 $7.0 $37.5 1.5 $8.0 May 10,340 $37.5 1.5 $8.0 Sunland has a labor contract that calls for a wage increase to $8.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Sunland expects to begin the year with 16,544 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales. SUP