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all thr information provided to asnwer the question is in the picture Oliver, Inc. manufacturos model airplane kits and projects production at 600, 330, 400,
all thr information provided to asnwer the question is in the picture
Oliver, Inc. manufacturos model airplane kits and projects production at 600, 330, 400, and 350 kits for the next four quarters Click the icon to view the manufacturing information.) Prepare Oliver'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 em Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Direct materials (ounces) per kit Direct materiais needed for production Plus Total direct materials needed Lone Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Oliver, Inc. manufactures model airplane kits and projects production at 600, 330, 400, and 350 kits for the next four quarters Click the icon to view the manufacturing Information) Prepare Oliver'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, Bogin by preparing Oliver direct materiais budget. Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Quarter Fourth Quarter Total Direct materials (ounces) per kit Direct materiais needed for production Plus Tot direct materials needed Le Budgeted purchases of direct materia Direct materials are 5 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 870 ounces, and the company desires to end each quarter with 20% of the naterials needed for the next quarter's production. Oliver desires a balance of 230 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.25 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 $0.70 per kit, and fixed overhead is $175 per quarter Step by Step Solution
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