Question

GOOD MORNING LADIES AND GENTLEMEN, PLS I NEED HELP WITH THIS HOMEWORK BEFORE I CAN POST IT, THAT MEANS I'M STUCK, HAIF OF MY CLASS AS WELL, PLS HELP US, I WILL LEAVE A COMMENT AND THUMBS UP AS I ALWAYS DO, I KNOW OTHER WILL DO 2. THANKS

Kelvin​, Inc. manufactures model airplane kits. Direct materials are 2 ounces of plastic per kit and the plastic costs ​$5 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.25 hours of direct labor at an average cost of $30 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following​ budgets:

LOADING...

​(Click the icon to view the​ budgets.)

Kelvin projects sales of 200​, 400​, 700​,and 500 kits for the next four quarters. Kelvin has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places.

Determine the cost per kit to manufacture the model airplane kits. ​(Round your answers to two decimal​ places, $X.XX.)

Kelvin, Inc.
Direct Materials Budget
For the Year Ended December 31
		First	Second	Third	Fourth
		Quarter	Quarter	Quarter	Quarter	Total
Budgeted kits to be produced		500	680	350	400	1,930
Direct materials (ounces) per kit		2	2	2	2	2
Direct materials needed for production		1,000	1,360	700	800	3,860
Plus:	Desired direct materials in ending inventory	136	70	80	300	300
Total direct materials needed		1,136	1,430	780	1,100	4,160
Less:	Direct materials in beginning inventory	910	136	70	80	910
Budgeted purchases of direct materials		226	1,294	710	1,020	3,250
Direct materials cost per ounce		$5	$5	$5	$5	$5
Budgeted cost of direct materials purchases		$1,130	$6,470	$3,550	$5,100	$16,250

Kelvin, Inc.
Direct Labor Budget
For the Year Ended December 31
		First	Second	Third	Fourth
		Quarter	Quarter	Quarter	Quarter	Total
Budgeted kits to be produced		500	680	350	400	1,930
Direct labor hours per unit		0.25	0.25	0.25	0.25	0.25
Direct labor hours needed for production		125.00	170.00	87.50	100.00	482.50
Direct labor cost per hour		$30	$30	$30	$30	$30
Budgeted direct labor cost		$3,750	$5,100	$2,625	$3,000	$14,475

Kelvin, Inc.
Manufacturing Overhead Budget
For the Year Ended December 31
		First	Second	Third	Fourth
		Quarter	Quarter	Quarter	Quarter	Total
Budgeted kits to be produced		500	680	350	400	1,930
VOH cost per kit		$0.25	$0.25	$0.25	$0.25	$0.25
Budgeted VOH		$125.00	$170.00	$87.50	$100.00	$482.50
Budgeted FOH		175.00	175.00	175.00	175.00	700.00
Budgeted manufacturing overhead costs		$300.00	$345.00	$262.50	$275.00	$1,182.50
Direct labor hours		125.00	170.00	87.50	100.00	482.50
Budgeted manufacturing overhead costs						$1,182.50
Predetermined overhead allocation rate						$2.45

2...........

​,

Inc. sells tire rims. Its sales budget for the nine months ended

September ​30, 2018​, and additional information​ follow:

LOADING...

​(Click the icon to view the​ budget.)             

LOADING...

​(Click the icon to view additional​ information.)

Prepare an​ inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire​ nine-month period.

In the​ past, the cost of goods sold has been​ 40% of total sales. The director of marketing and the financial vice president agree that each​ quarter's ending inventory should not be below

$30,000 plus​ 10% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $19,000.

	Quarter Ended			Nine-Month
	March 31	June 30	September 30	Total
Cash sales, 30%	$39,000	$54,000	$46,500	$139,500
Credit sales, 70%	91,000	126,000	108,500	325,500
Total sales	$130,000	$180,000	$155,000	$465,000

Jezaret, Inc.

Inventory, Purchases, and Cost of Goods Sold Budget

Nine Months Ended September 30, 2018

		Quarter Ended
		March 31
Plus:
Less:

Answer 1

1	Cost of Goods Sold Budget
		Qurter
		First	Second	Third	Fourth	Total
	Budgeted Sales (Units)	200	400	700	500	1800
	Direct materials (ounces) per kit	2	2	2	2	8
	Direct materials needed for production	$           400	$           800	$        1,400	$        1,000	$        3,600
	Direct material Cost per ounce	$                5	$                5	$                5	$                5	$              20
A	Direct material Cost	$        2,000	$        4,000	$        7,000	$        5,000	$     18,000
	Direct labor hours per unit	0.25	0.25	0.25	0.25	1.00
	Direct labor hours needed for production	50	100	175	125	450
	Direct labor cost per hour	$              30	$              30	$              30	$              30	$           120
B	Budgeted direct labor cost	$        1,500	$        3,000	$        5,250	$        3,750	$     13,500
	VOH cost per kit	$          0.25	$          0.25	$          0.25	$          0.25	$          1.00
	Budgeted VOH	$              50	$           100	$            175	$            125	$           450
	Budgeted FOH	$           175	$           175	$            175	$            175	$           700
C	Budgeted Overhead Manufacturing Cost	$           225	$           275	$            350	$            300	$        1,150
	Direct Labour Hours	50	100	175	125	450
	Budgeted Overhead Manufacturing Cost					$        1,150
	Predetermined overhead allocation rate					$          2.56
C	Total Budgeted cost of goods sold (A+B+C)	$        3,725	$        7,275	$      12,600	$        9,050	$     32,650

2	Cost of Goods Sold Budget
		Qurter
		First	Second	Third	Fourth	Nine Months
	Total Sales	$        130,000	$ 180,000	$ 155,000	$ 230,000	$           465,000
	Cost of Goods Sold 40% of Total Sales	$          52,000	$    72,000	$    62,000	$    92,000	$           186,000
	Inventory	$          37,200	$    36,200	$    39,200	$    19,000	$           112,600