Question

r6 Budgeting PE 6-4A MyLife Chronicles Inc. budgeted production of 238,900 diaries in 2016. Each di01 assembly. Assume that six minutes are required to assemble each diary.uin Direct labor cost budget f assembly laber 64 p242 costs $12.00 per hour, determine the direct labor cost budget for 2016. 081.4 Magnolia Candle Inc. budgeted production of 74,200 candles in 2016. Each candle molding. Assume that 12 minutes are required to mold each candle. If moldnrq $14.00 per hour, determine the direct labor cost budget for 2016. 6-4 p 242 PE 6-4B Direct labor cost budget labor costs 0B1.4 PE 6-5A Prepare a cost of goods sold budget for MyLife Chronicles Inc. using the information in Practice Exercises 6-3A and 6-4A. Assume the estimated inventories on lar 2016, for finished goods and work in process were $25,000 and $19,000, Also assume the desired inventories on December 31, 2016, for finished goods and work in process were $31,500 and $16,700, respectively. Factory overhead was budgeted a $197,100. Cost of goods sold budget 6-5 p243 anuary 1, OBJ.4 6-5 p243 PE 6-5B Cost of goods sold budget Prepare a cost of goods sold budget for Magnolia Candle Inc. using the information in Practice Exercises 6-3B and 6-4B. Assume the estimated inventories on January 1, 2016, for finished goods and work in process were $9,800 and $3,600, respectively. Also assume the desired inventories on December 31, 2016, for finished goods and work in process were $12,900 and $3,500, respectively. Factory overhead was budgeted at $109,600. 6-6 p.249 Cash budget PE 6-6A MyLife Chronicles Inc. collects 30% of its sales on account in the month the sale and 70% in the month following the sale. If sales on account are budgeted to be $170 a for June and $200,000 for July, what are account for July? the budgeted cash receipts from sales on 6-6 p 249 PE 6-6B Cash budget OBJ.5 Magnolia Candle Inc. pays 10% of its purchases on account in the month ofthe p and 90% in the month following the purchase. If purchases are budgeted to for March and $12,700 for April, what are the budgeted cash payments for pu account for April? purchases on ses EX 6-1 Personal budget

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