Direct manufacturing labour budgetManufacturing overhead budgetEnding inventories budget (direct materials and finished goods)Cost of goods sold budgetFor each budget, prepare by product (Premium and De Luxe) and in total. Messi Ltd manufactures wardrobes. You work in the accounting department and have been taskedwith preparing the Budget for the next month.Messi makes two products:Premium wardrobes - large wardrobes with mirrorsDe Luxe wardrobes - medium sized wardrobes with an innovative shelving solution and mirrorsDirect manufacturing labour is 3 hours for the Premium wardrobe and 5 hours for the De Luxe.The budgeted direct material usage for each product in 2021 is:Square metresMirrorsPremiumDe Luxe23Softwood1Opening direct materials inventory for January 2021 is:Square metresMirrorsSoftwoodPremiumDe Luxe40101530 Target ending direct materials inventory (January 31) is:Square metresMirrorsSoftwoodPremiumDe Luxe2462040Unit cost data is expected to be the same for January as it was in December 2020 for labour and allmaterials as below:December 2020 (actual)$160January 2021 (budgeted)$160125Mirrors per square metreSoftwood per square metreManufacturing labour cost per hour1253030Manufacturing overhead (both variable and fixed) is allocated to each wardrobe on the basis of budgeteddirect manufacturing labour hours.The budgeted variable manufacturing overhead rate for January 2021 is $35 per direct manufacturinglabour-hour.The budgeted fixed manufacturing overhead for the month is $42,500. Both variable and fixedmanufacturing overhead costs are allocated to each unit of finished goods on the basis of directmanufacturing labour-hours.Data relating to finished goods inventory for January 2021 are:PremiumOpening Inventory (units)Opening Inventory (dollars)Target Ending InventoryDe Luxe5$4,85020$10,8403015Budgeted sales for January 2021 are 740 units of the premium and 390 units of the De Luxe. Thebudgeted selling prices per unit in January 2021 are $1,020 for the Premium and $1,600 for the DeLuxe.

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Data relating to finished goods inventory for January 2021 are: Premium De Luxe 5 Opening Inventory (units) Opening Inventory (dollars) Target Ending Inventory 20 $10,840 30 $4,850 15 Budgeted sales for January 2021 are 740 units of the premium and 390 units of the De Luxe. The budgeted selling prices per unit in January 2021 are $1,020 for the Premium and $1,600 for the De Luxe.

Data relating to finished goods inventory for January 2021 are: Premium De Luxe 5 Opening Inventory (units) Opening Inventory (dollars) Target Ending Inventory 20 $10,840 30 $4,850 15 Budgeted sales for January 2021 are 740 units of the premium and 390 units of the De Luxe. The budgeted selling prices per unit in January 2021 are $1,020 for the Premium and $1,600 for the De Luxe.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 1
Subject: accounting
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