Black Diamond Company produces snow skls. Each ski requires 1 pounds of carbon fiber. The company's management predicts that 5,700 skls and 6,700 pounds of carbon fiber will be in inventory on June 30 of the current year and that 157000 skis will be sold during the next (third quarter A set of two skis sells for $370. Management wants to end the third quarter with 4,200 skis and 4700 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $22 per pound Each ski requires 0.5 hours of direct labor at $27 per hour. Varlable overhead is applied at the rate of $15 per direct labor hour. The company budgets fixed overhead of $1789,000 for the quarter 2. Prepare the third quarter direct materials (carbon fiber) budget Include the dollar cost of purchases. BLACK DIAMOND COMPANY Direct Materials Budget Third Quarter Budgeted production Materials requirements per unit (bs) Materials needed for production (lbs) Budgeted ending inventory (tos) Total materials requirements (lbs) Budgoed beginning inventory (lbs) Direct materials to be purchased (lbs) Direct materials price per pound Budgeted cost of direct materials purchases The following information applies to the questions displayed below.) Black Diamond Company produces snow skis. Each ski requires 1 pounds of carbon fiber. The company's management predicts that 5,700 skis and 6,700 pounds of carbon fiber will be in inventory on June 30 of the current year and that 157.000 skis will be sold during the next (third) quarter. A set of two skis sells for $370. Management wants to end the third quarter with 4.200 skis and 4,700 pounds of carbon fiber in inventory, Carbon fiber can be purchased for $22 per pound. Each skl requires 0.5 hours of direct labor at $27 per hour. Varlable overhead is applied at the rate of $15 per direct labor hour. The company budgets fixed overhead of $1789,000 for the quarter 3. Prepare the direct labor budget for the third quarter. BLACK DIAMOND COMPANY Direct Labor Budget Third Quarter Units to be produced Labor requirements per unit (hours) Total labor hours needed Direct labor rate (per hour) Budgetod direct labor cost applies lo the questions displayed below! Black Diamond Company produces snow skis. Each ski requires 1 pounds of carbon fiber. The company's management predicts that 5,700 skis and 6700 pounds of carbon fiber will be in inventory on June 30 of the current year and that 157.000 skis will be sold during the next (third quarter. A set of two skis sells for $370. Management wants to end the third quarter with 4.200 skis and 4,700 pounds of carbon fiber in Inventory, Carbon fiber can be purchased for $22 per pound. Each ski requires 0.5 hours of direct labor at $27 per hour Variable overhead is applied at the rate of $15 per direct labor hour. The company budgets fixed overhead of $1.789,000 for the quarter, 4. Prepare the factory overhead budget for the third quarter. BLACK DIAMOND COMPANY Factory Overhead Budget Third Quarter Total labor hours needed Vanable overhead rate per DL hour Kayak Cobudgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year, January February March Cash Receipts $522,600 401,500 453,000 Cash payments $469,900 349,400 533,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month end. In return, the bank has agreed that the company can borrow up to $160,000 at a monthly interest rate of 1%, pald on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1 Prepare monthly cash budgets for January February, and March. (Negative balonces and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget For January, February, and March January February S 40.000 March Beginning cash balance Total cash available Preliminary cash balance Prepare monthly cash budgets for January, February, and March. (Negative balances ar be indicated with minus sign.) KAYAK COMPANY Cash Budget For January, February, and March January February $ 40,000 March Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 80,000 $ $ 0 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month