Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget, production budget, and direct materials purchases budget you prepared. When required, round your answers to the nearest dollar Direct Labor Data Table Gluing Assembly Hours required per unit: Basic abacus 0.10 0.10 Deluxe abacus 0.10 0.20 Labor hourly rate: Gluing $11 Assembly $18 Units to be produced (from Production Budget): Basic abacus 35,950 Deluxe abacus 36,900 LearnCo Direct Labor Cost Budget For the Year Ending December 31, 2012 Gluing Assembly Total SISUS Deluxe abacus 36,900 LearnCo Direct Labor Cost Budget For the Year Ending December 31, 2012 Gluing Assembly Hours required for production: Basic abacus 3,595 3,595 Total Deluxe abacus 3,690 7,380 Total 7,285 10,975 Hourly rate 11 18 Total direct labor cost 80,135 197,550 $277,685 Food Check My Wik Review an example of the direct labor cost budget, and the computations for each part of the budget. You will need to use the information on the Direct Labor Data Table in your computations. Factory Overhead Cost Budget The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearnCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that LeamCo has completed the budget with the exception of one amount. Fill in the missing Check My Work more Check My Work uses remaining Calculator The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that Learnco has completed the budget with the exception of one amount. Fill in the missing amount. LearnCo Factory Overhead Cost Budget For the Year Ending December 31, 2012 Indirect factory wages $5,400 Power and light 11,250 Depreciation of plant and equipment 1,450 Total factory overhead cost $18,100 Foods Check My W You can "back into the missing number by computing from the total along with the other two values. Cost of Gande at A budget of the estimated direct materials, direct labor, and factory overhead consumed by sold products, The cost of goods sold budget integrates the direct materials purchases budget, direct labor cost budget, and factory overhead cost budget Estimated and desired Inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget Complete the preparation of the cost of goods sold budget for Learnco, using information that follows provided by the controtter, and using the previous budgets you have prepared LearnCo Cost of Goods Sold Budget Check My Work 4 more Check My Work uses remaining SA Submit Assignment for Grading $9,870 $2,010 LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 2012 Finished goods inventory, January 1, 2012 Work in process inventory, January 1, 2012 Direct materials: Direct materials inventory, January 1, 2012 Direct materials purchases 72,888 X Cost of direct materials available for use 74,488 X Direct materials inventory, December 31, 2012 (1,440) Cost of direct materials placed in production 73,048 X 273,995 X $1,600 Direct labor Factory overhead 18,100 Total manufacturing costs 365,143 X 367,153 X (1,250) Total work in process during period Work in process inventory, December 31, 2012 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2012 Cost of goods sold 365,903 X 375,773 x (1,500) 374,273 x Feedback Calculator Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1,500 LeamCo's income tax rate 40% LearnCo Budgeted Income Statement For the Year Ending December 31, 2012 Revenue from sales 720,000 381,598 X 338,402 X Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses Administrative expenses 65,400 154,000 Total selling and administrative expenses Operating income Other revenue and expense: Interest revenue 219,400 119,002 x 2,000 Interest expense 1,500 500 Income before income tax 119,502 X Income tax 47,800.8 X Net income 71,701.2 X 4. Learn Co's controller believes that the company can decrease its selling expenses by 10% and its administrative expenses by 15%. How much would income before income tax increase if these expense cuts are implemented? Round your answer to the nearest dollar 17,784 X Foedback Direct Labor Cost Budget Direct labor needs from the direct labor cost budget should be coordinated between the production and personnel departments so that there will be enough labor available for production Before you make any changes to the budget, you review the information on the following Direct Labor Data Table and enter the units to be produced from the Production Budget. After scanning the Direct Labor Cost Budget (which follows the Direct Labor Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Labor Data Table, or from the sales budget, production budget, and direct materials purchases budget you prepared. When required, round your answers to the nearest dollar Direct Labor Data Table Gluing Assembly Hours required per unit: Basic abacus 0.10 0.10 Deluxe abacus 0.10 0.20 Labor hourly rate: Gluing $11 Assembly $18 Units to be produced (from Production Budget): Basic abacus 35,950 Deluxe abacus 36,900 LearnCo Direct Labor Cost Budget For the Year Ending December 31, 2012 Gluing Assembly Total SISUS Deluxe abacus 36,900 LearnCo Direct Labor Cost Budget For the Year Ending December 31, 2012 Gluing Assembly Hours required for production: Basic abacus 3,595 3,595 Total Deluxe abacus 3,690 7,380 Total 7,285 10,975 Hourly rate 11 18 Total direct labor cost 80,135 197,550 $277,685 Food Check My Wik Review an example of the direct labor cost budget, and the computations for each part of the budget. You will need to use the information on the Direct Labor Data Table in your computations. Factory Overhead Cost Budget The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearnCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that LeamCo has completed the budget with the exception of one amount. Fill in the missing Check My Work more Check My Work uses remaining Calculator The factory overhead cost budget should be integrated with the production budget to ensure that production is not interrupted during the year. This budget may be supported by departmental schedules, which normally separate factory overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that Learnco has completed the budget with the exception of one amount. Fill in the missing amount. LearnCo Factory Overhead Cost Budget For the Year Ending December 31, 2012 Indirect factory wages $5,400 Power and light 11,250 Depreciation of plant and equipment 1,450 Total factory overhead cost $18,100 Foods Check My W You can "back into the missing number by computing from the total along with the other two values. Cost of Gande at A budget of the estimated direct materials, direct labor, and factory overhead consumed by sold products, The cost of goods sold budget integrates the direct materials purchases budget, direct labor cost budget, and factory overhead cost budget Estimated and desired Inventories for direct materials, work in process, and finished goods must also be integrated into the cost of goods sold budget Complete the preparation of the cost of goods sold budget for Learnco, using information that follows provided by the controtter, and using the previous budgets you have prepared LearnCo Cost of Goods Sold Budget Check My Work 4 more Check My Work uses remaining SA Submit Assignment for Grading $9,870 $2,010 LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 2012 Finished goods inventory, January 1, 2012 Work in process inventory, January 1, 2012 Direct materials: Direct materials inventory, January 1, 2012 Direct materials purchases 72,888 X Cost of direct materials available for use 74,488 X Direct materials inventory, December 31, 2012 (1,440) Cost of direct materials placed in production 73,048 X 273,995 X $1,600 Direct labor Factory overhead 18,100 Total manufacturing costs 365,143 X 367,153 X (1,250) Total work in process during period Work in process inventory, December 31, 2012 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2012 Cost of goods sold 365,903 X 375,773 x (1,500) 374,273 x Feedback Calculator Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1,500 LeamCo's income tax rate 40% LearnCo Budgeted Income Statement For the Year Ending December 31, 2012 Revenue from sales 720,000 381,598 X 338,402 X Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses Administrative expenses 65,400 154,000 Total selling and administrative expenses Operating income Other revenue and expense: Interest revenue 219,400 119,002 x 2,000 Interest expense 1,500 500 Income before income tax 119,502 X Income tax 47,800.8 X Net income 71,701.2 X 4. Learn Co's controller believes that the company can decrease its selling expenses by 10% and its administrative expenses by 15%. How much would income before income tax increase if these expense cuts are implemented? Round your answer to the nearest dollar 17,784 X Foedback