Question

Please help, I am not certain I this is correct and now I am stuck. Thank you in advance.

Oliver, Inc. manufactures model airplane kits and projects production at 300, 330, 350, and 400 kits for the next four quarters. A (Click the icon to view the manufacturing information.) Prepare Oliver's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Budgeted kits to be produced 300 330 350 400| 1380 20 15001 1650 1750 6900 495 280 1900 Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce 1995 2175 2280 8800 Budgeted cost of direct materials purchases

Answer 1

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1. Direct Material Purchase Budget
			Q1	Q2	Q3	Q4	Total
Budgeted units to be produced			300	330	350	400	1,380
Raw material needed per unit			5	5	5	5	5
Total Mat Required			1,500	1,650	1,750	2,000	6,900
Add: Desired Ending Inventory	30%		495	525	600	280	280
Total Need			1,995	2,175	2,350	2,280	7,180
Less: Beginning Inventory			-860	-495	-525	-600	-860
Budgeted Purchase of Raw Mat			1,135	1,680	1,825	1,680	6,320
Cost per Unit of RM			$         2.00	$       2.00	$       2.00	$       2.00	$         2.00
Budgeted Purchase of Raw Mat $			$       2,270	$    3,360	$    3,650	$     3,360	$    12,640
2. Direct Labor Budget
			Q1	Q2	Q3	Q4	Total
Budgeted units to be produced			300	330	350	400	1,380
Labor hours per unit			0.75	0.75	0.75	0.75	0.75
Total HOurs Required			225.00	247.50	262.50	300.00	1035.00
Per Hour Price			$             35	$          35	$          35	$           35	$             35
Budgeted Direct Labor Cost			$       7,875	$    8,663	$    9,188	$   10,500	$    36,225
3. Manufacturing overhead budget
			Q1	Q2	Q3	Q4	Total
Budgeted Production			300	330	350	400	1,380
Variable Overhead cost per kit			$         0.75	$       0.75	$       0.75	$       0.75	$         0.75
Budgeted VOH			$          225	$        248	$        263	$         300	$       1,035
Budget FOH			$          155	$        155	$        155	$         155	$          620
Budgeted manufacturing overhead cost			$          380	$        403	$        418	$         455	$       1,655
Direct Labor Hours			225.00	247.50	262.50	300.00	1,035.00
Budgeted manufacturing overhead cost							$       1,655
Predetermined overhead rate							1.60