1) Please define the following terms: Variable Costs Fixed Costs Manufacturing Costs 2) Tom's Famous Bar-B-Q Sauce Company is in the process of preparing a production budget for October 2023. Actual results for September 2023 are as follows: September 2019 Actual: Total jars of sauce produced Ingredient Costs Labor Costs Rent Depreciation Other fixed costs Total Production Costs a) What costs are fixed and what costs are variable? b) Prepare the October Production Budget assuming the sales forecast is 48,000 jars of sauce. c) Calculate the actual cost per unit in September and the budgeted cost per unit in October. 32 3) Carl's Custom Car Company had the following year end financial information: Beginning balance in Raw Material Inventory Ending balance in Raw Material Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Good Inventory Sales Purchases of raw material G\&A Expenses Selling Expenses Direct Labor Cost Manufacturing overhead applied Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory a) Prepare a schedule of cost of goods manufactured b) Prepare and Income Statement c) Extra Credit - Please prepare the applicable journal entries for the above activity \begin{tabular}{lr} $ & 120,000 \\ $ & 80,000 \\ $ & 50,000 \\ $ & 75,000 \\ $ & 2,700,000 \\ $ & 300,000 \\ $ & 750,000 \\ $ & 250,000 \\ $ & 1,200,000 \\ $ & 400,000 \\ $ & 25,000 \\ $ & 65,000 \\ \hline \end{tabular} 4) The New Company utilizes process cost accounting. Direct materials are added at the beginning of the production process and labor and overhead are added evenly throughout the production process. Below is the information relating to June 2019. Unit Information: Work In Process June 1 Units started during June Units completed and move to FG Ending Inventory ( 100% complete material, 60% complete labor &O/H) Cost Information: Beginning Costs Costs Incurred during June Direct Material $ Direct Labor \begin{tabular}{r|r|} 23,000 & $ \\ 120,000 & $ \end{tabular} ?????? 18,000 1) Compute the units started during June 2) Compute the units completed during June including EUP (Equivalent Units of Production) 3) Compute the cost per unit of material, labor and overhead 5) The Dave Company has an estimated overhead pool of $400,000 for 2023 and wishes to allocate this overhead by job based on labor hours, dollars and machine hours. Calculate the rate that will be assigned to each job based an estimated $1,200,000 in wages paid, 50,000 hours worked and 45,000 machine hours of production