Question

256 Chapter 6 Budgeting MyLife Chronicles Inc. badgeted production of 238,900 diaries in 2016. Each dOn1. assembly, Assume that six minutes are required to assemble each diary. If as costs $1200 per hour, determine the direct labor cost budget for 2016. PE 6-4A Direct labor cost budget EEG4 Magnolia Candle Inc. budgeted production of 74,200 candles in 2016. Each molding. Assume that 12 minutes are required to mold each candle, if Total sell administras Direct labor cost budget PE 6-48 If molding labor coss EE64 βλ42 sales, $33:2 $14.00 per hour, determine the direct labor cost budget for 2016 Prepare a cost of goods sold budget foer Mylife Chronicles Inc. using the informu in Practice Exercises 6-3A and 6-4A. Assume the estimated inventories 2016, for finished goods and work in process were $25,000 and $19,000 Also assume the desired iventories on December 31, 2016, for finished goods and wrk in process were $31,500 and $16,700, respectively. Factory overhead was budgeted : EEGS 4 PE&SA Cost of goods sold budget $197,100 PE 6-58 Cost of goods sold budget Prepare a cost of goods sold bodget for Magnolia Candle Inc, using the informatioe in vb. Excess over budg March, $25 EEGS p Assume the estimated inventories on January 1, 2016 Practice Exercises 6-3 for finished goods and work in process were $9,800 and $3,600, respectively. Also assume B and 6-4B. inventories on December 31, 2016, for finished goods and work in were $12,900 and $3,500, respectively. Factory overhead was budgeted at $109.600 E&-&P24 PE 6-6A Cash budget My Life Chronicles Inc. collects 30% of its sales on account in the month ofthe sale and 70% in the month following the sale. If sales on account are budgeted to be $17000 for June and $200,000 for July, what are the budgeted cash receipts from sales n account for July? Pt 6-68 Magnolia Candle Inc. pays 10% of its purchases on account in the mont and 90% in the month following the purchase. If purchases are budgeted to be for March and $12.700 for April, what are the budgeted cash payments for parchases account for April? EE64 P24, Cash budget to be $11,90 Exercises EX 6-1 Personal budget a. December 31 cash At the beginning balance, $3,000 ng of the 2016 school year, Katherine Malloy decided to P months of September, October, November, and December 2016 scho osu. 2.s budget for the must plan for enough cash on December 31 to pay the spring semester tu the same as the fall tuition. The following information relates to the budget tuition, which is Purchase season football tickets, September. . … … Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month.. Pay for food each mone Pay aparoment depesit on September 2 to be returned December 15) Part-time job earningi each month (net of taxes) $5,750 210 275 3,700 600 235 1.400

Answer 1

• Solution:

  1)
  
  Diaries   238,900     
  Convert minutes to hours   23,890     
  Assembly hours         
  Hourly rate   $12.00     
  Total direct labor costs   $2866.80