1 of 1 (1 compiete) HW Score: 15.25 %, 7.63 of 50 pts Comp24-1 (similar to EQuestion Help The Trton Toy Company maufactures loy tulding block sets for children Triton is planning for 2019 by develcping a master budget by quarters Triton's balance sheet for December 31, 2018, follows (Click the icon to view the balance sheet) Other budget data for Trton Toy Company (Click the icon to view the ofther daja ) Data Table Read the requirements Prepare the drect labor budget (Enter any hours per unt amounts to two decimal places, XxX and ound all other anounts Review the prduction budget you prepared above Titon Toy Companys Balance Sheet Triton Toy Conpany December 31, 2018 Direct Labor Budget Assets For the Year Ended December 31, 2019 Cument Assats First Second Third Fourth Cash 20 000 Quarter Quarter Quarter Quarter Total 50000 Accounts Receivable Raw Matenals Inventory 3,000 15 500 Finished Goods Inventory Direct labor hours needed for producticn 88 500 Total Cument Asse Property, Pant, and Equipment 206.000 (68.000) Equipment Budgeted direct labor cosl 138 000 Less: Accumdaed Deprecwone s 226.500 Choose from any list or enter any number in the input fielcs and then cick Check Answer Total Asse LUabilities 31 parts maing Clear Al et.) or Dece (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) Budgeted sales are 800 sets for the first quarter and expected to increase by 100 sets per quarter. Cash sales are expected to be 40 % of total sales, with the remaining 60 % of sales on account. Sets are budgeted to sell for $80 per set. b. Finished Goods Inventory on December 31, 2018, consists of 500 sets at $31 each. a. y hou ed ab Toy Com c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2020 are expected to be 1,200 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 3,000 pounds. Direct materials requirement is 6 pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019, is 3,000 pounds; indirect materials are insignificant and not considered for budgeting purposes f. Each set requires 0.30 hours of direct labor; direct labor costs average $10 per hour g. Variable manufacturing overhead is $3.00 per set. h. Fixed manufacturing overhead includes $3,500 per quarter in depreciation and $3,088 per quarter for other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $2,400 per quarter for rent; $750 per quarter for insurance; and $500 per quarter for depreciation. ance Shee hber 31, 2 Assets or the n i. j. Variable selling and administrative expenses include supplies at 1% of sales. k. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid for in the first quarter bn mber in Print Done Jabilities UL dwveloping a master budget by quarters. Triton's balance sheet for December 31, 2018, follows e sheet.) pany Production Budget data. ter any Triton Toy Company prepare ompany Production Budget Sheet For the Year Ended December 31, 2019 31, 2018 First Second Third Fourth Its Fd Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 800 1,000 900 1,100 3,800 $ 20,000 Plus Desired sets in ending inventory 270 300 330 360 360 50,000 Total sets needed 1,070 1,330 1,200 1,460 3,000 4,160 500 Less: Sets in beginning inventory 270 300 330 15,500 500 oduction 930 1,030 570 Budgeted sets to be produced 1,130 3,660 88,5 206,000 Print Done (68,000) 138,00 any number in the input fields and then click Check Answer 226,50 Total Assets Liabilities Clear All