Cost Accounting Master Budget Assignment Spring 2022 Slopes Inc. manufactures and sells snowboards. Slopes manufactures a single model, the Pipes. In the summer of 2011, Slopes' management accountant gathered the following data to prepare budgets for 2012 Materiale and Labor Requirements Direct materials Wood Fibergla Dect manufacturing labor 5 board feet per snowboard 5 hours per snowb Slopes CEO expects to sell 1,000 snowboards during 2012 at an estimated retail price of $450 per board Further, the CEO expects 2012 beginning inventory of 100 snowboards and would the to end 2012 with 200 snowboards in stock Direct Materials Inventories Wood Beginning laventory 1/1/2012 2000 67 1,000 yards Ending Inventory 12/21/2012 Fiberglass 150067 1.000 yards Variable manufacturing overhead is $7 per direct manufacturing labor-hour. There are also 56,000 in fixed manufacturing overhead costs budgeted for 2012. Slopes combines both variable and fixed man- ufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $250 per sales visit. The marketing plan calls for 30 sales visits during 2012. Finally, there are $30,000 in fixed nonmanufacturing costs budgeted for 2012. Other data include the following: 2011 Unit Price Wood $28.00 per b.f. 2012 Unit Price $30.00 per bf. Fiberglass $ 4.80 per yard $5.00 per yard Direct manufacturing labor $24.00 per hour $25.00 per hour The inventoriable unit cost for ending finished goods inventory on December 31, 2011, is $374.80. Assume Slopes uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted balances at December 31, 2012, in the selected accounts are as follows: Cash Property, plant, and equipment (net) Current liabilities Long-term liabilities Stockholders' equity 1. Prepare the 2012 revenues budget (in dollars). 2. Prepare the 2012 production budget (in units). $10,000 850.000 17,000 178,000 800,000 3. Prepare the direct material usage and purchases budgets for 2012. 4. Propare a direct manufacturing labor budget for 2012 5. Prepare a manufacturing overhead budget for 2012 6. What is the budgeted manufacturing overhead rate for 2012? 7. What is the budgeted manufacturing overhead cost per output unit in 2012? 8. Calculate the cost of a snowboard manufactured in 2012 9. Prepare an ending inventory budget for both direct materials and finished goods for 2012 10. Prepare a cost of goods sold budget for 2012 11. Prepare the budgeted income statement for Slopes, Inc., for the year ending December 31, 2012 12. Prepare the budgeted balance sheet for Slopes, Inc., as of December 31, 2012