04. Skulas, Inc. manufactures and sells a single model of snowboard called Pipex. In the summer of 2014, kulas' management accountant gathered the following data to prepare budgets for 2015: IT Requirements Per Pipex 2014 Input Unit Cost Direct materials 2015 Inpat Unit Cost Wood (board feet) Fiberglass (yards) Direct labor (hours) $32.00 $8.00 $34.00 $9.00 10 5 $28.00 $29.00 Overhead Manufacturing (applied using a single combined rate based on DMLHs.) Variable per DMLH for 2015 $7 Fixed $81,000 Marketing costs Variable Sales visits expected Nonmanufacturing fixed costs $250 38 per sales visit during 2015 for 2015 $35,000 Expected unit sales Expected sales price Snowboards 2,900 $650 per snowboards Inventories Units (FIFO valuation) Pipex (Finished Goods) Wood (Raw Materials, b.f.) Fiberglass (Raw Materials, yds.) WIP EI-12/31/15 200 1,540 2,040 BI-1/1/15 500 2,040 1,040 per unit $374.80 FIFO valuation of EFG inventory at 12/31/14 Budgeted 12/31/2015 balances Cash Net Plant, Property, and Equipment Current Liabilities $14,000 $854,000 1,000 $182,000 $656,100 Long-term Liabilities Stockholders' Equity (12/31/2014) 1. Prepare the 2015 revenues budget (in $). 2. Prepare the 2015 production budget (in units) 3. Prepare the direct materials usage and purchases budgets for 2015. 4. Prepare the direct mfg. labor budget for 2015. 5. Prepare a manufacturing overhead budget for 2015 6. Calculate the cost of a Pipex manufactured in 2015. (Started & Completed) 7. Prepare an El budget for both DM and FG. 8. Prepare a COGS budget (for Sales of 2,900 units)