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Corbett Company manufactures drinking glasses. One unit is a package of eight glasses, which sells for $24. Corbett projects sales for April will be 4,500 packages, with sales increasing by 250 packages per month for May, June, and July. On April 1, Corbett has 400 packages on hand but desires to maintain an ending inventory of 20% of the next month's sales. Prepare a sales budget and a production budget for Corbett for April, May, and June. Corbett Company Sales Budget April, May, and June April May June Total Budgeted packages to be sold 4500 4750 5000 14250 Sales price per package 24 24 24 24 4476 114000 4976 Total sales 342000 Now prepare a production budget for April, May, and June. HINT: Remember that the sales budget flows into the production budget when deciding where to begin in the production budget. Corbett Company May June Total Production Budget April, May, and June April Budgeted packages to be sold 4500 Plus: Desired packages in ending inventory Total packages needed Less: Packages in beginning inventory 4750 5000 14250 Budgeted packages to be produced Choose from any list or enter any number in the input fields and then continue to the next question. i More Info X Direct materials are 4 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 910 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Cameron desires a balance of 210 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $155 per quarter. Cameron, Inc. manufactures model airplane kits and projects production at 600, 360, 300, and 350 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Cameron'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. Begin by preparing Cameron's direct materials budget. Cameron, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Cameron, Inc. manufactures model airplane kits and projects production at 600, 360, 300, and 350 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Cameron'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. Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.) Cameron, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct labor hours needed for production Budgeted direct labor cost Cameron, Inc. manufactures model airplane kits and projects production at 600, 360, 300, and 350 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Cameron'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. Prepare the manufacturing overhead budget. (Enter all costs and hours as a decimal to two places, X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Cameron, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate