Homework Answers
1.
| Jan | Feb | Mar | 1st Quarter | |
| Budgeted production units | 295 | 298 | 342 | 935 |
| Labor time per unit | 3 | 3 | 3 | 3 |
| Total Direct labor hours required | 885 | 894 | 1026 | 2805 |
| Rate per direct labor hour | $15 | $15 | $15 | $15 |
| Direct Labor Budget | $13,275 | $13,410 | $15,390 | $42,075 |
2.
| Jan | Feb | Mar | 1st Quarter | |
| Budgeted production units | 295 | 298 | 342 | 935 |
| Variable overhead per unit | $4 | $4 | $4 | $4 |
| Total Variable overhead cost | $1180 | $1192 | $1368 | $3740 |
| Add: Fixed Overhead | $5500 | $5500 | $5500 | $16500 |
| Budgeted Manufacturing Overhead | $6680 | $6692 | $6868 | $20240 |
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E8-22 (Static) Preparing the Direct Labor and Manufacturing Overhead Budgets [LO 8-3d, e Galactic Inc. manufactures...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets (LO 8-3b] Galactic Inc. manufactures flying drone...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets (LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 540, 520, 592,552, and 620 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 540, 520, 592, 552, and 620 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 380, 360, 432, 392, and 460 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent...
E8-23 (Algo) Cost of Goods Sold Budget (LO 8-3f] Galactic Inc. manufactures flying drone toys. Sales...
E8-23 (Algo) Cost of Goods Sold Budget (LO 8-3f] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 400, 380, 452, 412, and 480 respectively. Each unit requires 3 direct labor hours and Galactic's hourly labor rate is $20 per hour. The company's variable overhead is $9 per unit produced and its fixed overhead is $6,000 per month. Use the information presented to complete the requirements. The drone toy includes 4 LED lights,...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co. budgets production of...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co. budgets production of 2,850 units during the second quarter. Other information is as follows: Direct labor Variable overhead Fixed overhead Each finished unit requires 6 direct labor hours, at a cost of $9 per hour. Applied at the rate of $11 per direct labor hour. Budgeted at $640,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co budgets production of...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co budgets production of 2.770 units during the second quarter. Other information is as follows: cost of $9 per hour. Direct labor Variable overhead Fixed overhead Each finished unit requires 4 direct labor hours at Applied at the rate of $11 per direct labor hour. Budgeted at $560,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget Complete this question by entering your...
Need help on the second part Galactic Inc. manufactures flying drone toys. Sales units for January,...
Need help on the second part
Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 460, 440, 512, 472, and 540 respectively. ints Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next quarter's materials...
E8-6 Preparing Raw Materials Purchases and Manufacturing Overhead Budgets (LO 8-3c, e] Each visor requires a...
E8-6 Preparing Raw Materials Purchases and Manufacturing Overhead Budgets (LO 8-3c, e] Each visor requires a total of $4.50 in direct materials that includes an adjustable sosure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 31 closures on hand on May 1. 18 closures on May 31, and 26 closures on June 30. Additionally, Shadee's fixed manufacturing overhead is $1,300 per month, and variable manufacturing Overhead is $2.25 per unit produced...
Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 MCO Leather Goods manufactures...
Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 MCO Leather Goods manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $5 per pound and 0.7 direct labor hours at a rate of $13 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $18,000 per month. The company's policy is to end each month with direct materials inventory equal to...
Check my work 2 Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1...
Check my work 2 Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 10 points MCO Leather manufactures leather purses. Each purse requires 3 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $15 per hour. Variable manufacturing overhead is charged at a rate of $2 per direct labor hour. Fixed manufacturing overhead is $14,000 per month. The company's policy is to end each month with...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets (LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 540, 520, 592,552, and 620 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 540, 520, 592, 552, and 620 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent...
E8-21 (Algo) Preparing Production and Direct Materials Purchases Budgets [LO 8-3b] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 380, 360, 432, 392, and 460 respectively. Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent...
E8-23 (Algo) Cost of Goods Sold Budget (LO 8-3f] Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 400, 380, 452, 412, and 480 respectively. Each unit requires 3 direct labor hours and Galactic's hourly labor rate is $20 per hour. The company's variable overhead is $9 per unit produced and its fixed overhead is $6,000 per month. Use the information presented to complete the requirements. The drone toy includes 4 LED lights,...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co. budgets production of 2,850 units during the second quarter. Other information is as follows: Direct labor Variable overhead Fixed overhead Each finished unit requires 6 direct labor hours, at a cost of $9 per hour. Applied at the rate of $11 per direct labor hour. Budgeted at $640,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering...
Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co budgets production of 2.770 units during the second quarter. Other information is as follows: cost of $9 per hour. Direct labor Variable overhead Fixed overhead Each finished unit requires 4 direct labor hours at Applied at the rate of $11 per direct labor hour. Budgeted at $560,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget Complete this question by entering your...
Need help on the second part
Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 460, 440, 512, 472, and 540 respectively. ints Required: 1. The company's policy for ending finished goods is 25 percent of next quarter's sales. Prepare a production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next quarter's materials...
E8-6 Preparing Raw Materials Purchases and Manufacturing Overhead Budgets (LO 8-3c, e] Each visor requires a total of $4.50 in direct materials that includes an adjustable sosure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 31 closures on hand on May 1. 18 closures on May 31, and 26 closures on June 30. Additionally, Shadee's fixed manufacturing overhead is $1,300 per month, and variable manufacturing Overhead is $2.25 per unit produced...
Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 MCO Leather Goods manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $5 per pound and 0.7 direct labor hours at a rate of $13 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $18,000 per month. The company's policy is to end each month with direct materials inventory equal to...
Check my work 2 Exercise 20-15 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 10 points MCO Leather manufactures leather purses. Each purse requires 3 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $15 per hour. Variable manufacturing overhead is charged at a rate of $2 per direct labor hour. Fixed manufacturing overhead is $14,000 per month. The company's policy is to end each month with...
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