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Exercise 7 Henderson Company has developed the following standards for the production of one finished unit: Direct Materials, 4 pounds per unit @ $5 per pound Direct Labor, 3 hours per unit @ 59 per labor hour Variable Overhead, 5 machine hours per unit @ 58 per machine hour Fixed Overhead costs are expected to be $174,750 per quarter. The expected selling price per unit is $160. Budgeted variable selling and administrative costs are $2 per unit and budgeted fixed selling and administrative costs are $138,000 per quarter. Quarterly sales for 2020 are expected to be as follows: Quarter 15,000 units: Quarter 2 8,000 units: Quarter 36,000 units; and Quarter 4 4,000 units. The sales in the first quarter of the year 2021 are expected to be 6.000 units. Management would like to maintain a finished goods inventory equal to 30% of the next quarter's sales. The beginning finished goods inventory on January 1, 2020 is expected to follow this same pattern Management would like to maintain a raw materials inventory equal to 40% of the next quarter's direct material requirements. The beginning raw materials inventory on January 1, 2020 is expected to follow the same pattern. REQUIRED: A. Prepare a production budget by quarters for the year 2020. B. Prepare a direct materials purchase budget by quarters for the year 2020. Expected production in the first quarter of 2021 is 6.000 units. C. Answer the following questions: 1. What is the total budgeted production for the year 2020? 2. How many machine hours are required to produce those units? 3. What is the total budgeted fixed overhead cost for 2020? 4. What is the pre-determined fixed overhead rate for 2020? 5. What is the standard production cost of one unit? D. For the First Quarter Only of 2020, 1. What is the budgeted direct labor cost? 2. What is the budgeted variable overhead cost? 3. What is the budgeted fixed overhead cost? 4. How much fixed overhead cost will be applied? 5. What are the budgeted sales (in dollars)? 6. What is the budgeted cost of goods sold? 7. What are the budgeted selling and administrative costs? 8. What is budgeted net income? 9. What is the budgeted cost of the ending raw materials inventory? 10. What is the budgeted cost of the ending finished goods inventory? E. How much fixed overhead cost will be applied during 2020? A. PRODUCTION BUDGET Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Quarter 1 B. MATERIALS PURCHASES BUDGET Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Quarter 1