Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ALL I NEED IS FOR THE COLUMNS TO BE FILLED IN PLEASE HELP Requirement 4. Prepare Langley's cost of goods sold budget for the first

ALL I NEED IS FOR THE COLUMNS TO BE FILLED IN PLEASE HELP image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Requirement 4. Prepare Langley's cost of goods sold budget for the first quarter of 2019. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2019. Youth Bats Adult Bats Direct materials cost per bat Direct labor cost per bat Manufacturing overhead cost per bat a. Budgeted sales are 1,200 youth bats and 2,600 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 300 youth bats at $14 each and 950 adult bats at $18 each. c. Desired ending Finished Goods Inventory is 350 youth bats and 300 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 48 ounces of wood per youth bat and 56 ounces of wood per adult bat. The cost of wood is $0.25 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 24,000 ounces of wood at $0.25 per ounce. Total projected manufacturing cost per bat for 2019 f. Desired ending Raw Materials Inventory is 24,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.7 hours of direct labor; direct labor costs average $18 per hour. h. Variable manufacturing overhead is $0.30 per bat. i. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $20,140 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $2,500 per quarter for rent; $1,000 per quarter for insurance; and $200 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Undergraduates

Authors: Wallace

4th Edition

1618533088, 9781618533081

More Books

Students also viewed these Accounting questions