3. PREPARE A DIRECT MATERIALS PURCHASES BUDGET FOR MARCH

4. PREPARE A DIRECT LABOR COST BUDGET FOR MARCH

6. PREPARE A COST OF GOODS SOLD BUDGET FOR MARCH, WORK IN PROCESS AT THE BEGGINNING OF MARCH IS ESTIMATED TO BE $15,300, AND WORK IN PROCESS AT THE END OF MARCH IS DESIRED TO BE $14,800

INFORMATION:

43 3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Plastic lbs.) Required units for production: Batting helmet Football helmet Total Total units to be purchased Unit price Total direct materials to be purchased 65 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 Molding Department Assembly Department Total 3.240 Hours required for production: Batting helmet Football helmet Total Hourly rate Total direct labor cost $ 241.406 96 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, 97 and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a 98 minus sign. 99 Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31 Direct materials: Direct materials purchases Cost of direct materials available for use Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period Cost of goods manufactured Cost of finished goods available for sale A B G H I J C D Total manufacturing costs Total work in process during period K L M N 531 798 Cost of goods manufactured Cost of finished goods available for sale Cost of goods sold 5 533,368 Supporting calculations: liniano PNMINS Units Cost Total Finished goods inventory, March 1: Batting helmet Football helmet Total Finished goods inventory, March 31: Batting helmet Football helmet Total Direct materials inventory, March 1 Plastic Foam lining Total Direct materials inventory, March 31 Plastic TIT 36 A BC Cost of goods sold $ 533 368 Supporting calculations: Units Total Finished goods inventory, March 1: Batting helmet Football helmet Total Finished goods inventory, March 31: Batting helmet Football helmet Total Direct materials inventory, March 1 Plastic Foam lining Total Direct materials inventory, March 31 Plastic Foam lining Total 2 Budgeted Income Statement and Supporting Budgets The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: 6a. Estimated sales for March: 7 Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per 10 b. Estimated inventories at March 1: 11 Direct materials: 12 Plastic 90 lbs. 13 Foam lining 80 lbs. 14 Finished products: 15 Batting helmet 40 units at $25 per unit 16 Football helmet 240 units at $77 per unit 18 C. Desired inventories at March 31: 19 Direct materials: Plastic 50 lbs. Foam lining 65 lbs. 22 Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit 26 d. Direct materials used in production: bz In manufacture of batting helmet: Plastic 1.2 lbs. per unit of product Foam lining 0.5 lb. per unit of product In manufacture of football helmet: Plastic 3.5 lbs. per unit of product Foam lining 1.5 lbs. per unit of product B2 33 34 e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Tab 1- Assigment Instructions Tab 2. Assignment Data Tab 3 Budget Templates T CDEFG 34 e. Anticipated cost of purchases and beginning and ending inventory of direct materials: 35 Plastic $6 per lb. 36 Foam lining $4 per lb. 38 f. Direct labor requirements: 20 Batting helmet: Molding Department 0.2 hr. at $20 per hr. Assembly Department 0.5 hr. at $14 per hr. Football helmet: Molding Department 0.5 hr. at $20 per hr. Assembly Department 1.8 hrs. at $14 per hr. 45 46 9. Estimated factory overhead costs for March: 47 Indirect factory wages $86,000 Depreciation of plant and 12,000 48 equipment 49 Power and light 4,000 2,300 so Insurance and property tax Tab 7. Assigment Instructions Tab 2. Assignment Data Tab 3 Budget Templates Tab 4 06 x for h. Estimated operating expenses for March: Sales salaries expense $184,300 54 Advertising expense 87,200 32,400 55 Office salaries expense Depreciation expense-office 56 equipment 3,800 Telephone expense-selling 5,800 1,200 Telephone 58 expense-administrative 59 Travel expense-selling 9,000 60 Office supplies expense 1,100 Miscellaneous administrative 61 expense 1,000 63 I. Estimated other income and expense for March: 64 Interest revenue $940 65 Interest expense Tab 1- Assigment Instructions ab 2. Assignmer O Type here to search E X IcoTEL FIGHTIK $940 Interest revenue 5 Interest expense 872 7 i. Estimated tax rate: 30% 59 Requirements: 1. Prepare a sales budget for March 21 2. Prepare a production budget for March. 22 3. Prepare a direct materials purchases budget for March. 23 4. Prepare a direct labor cost budget for March. 34 5. Prepare a factory overhead cost budget for March. 35 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at 376 the end of March is desired to be $14,800. 77 7. Prepare a selling and administrative expenses budget for March. 78 8. Prepare a budgeted income statement for March