Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Firelight Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon

image text in transcribedimage text in transcribed

Firelight Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (a) the budgeted unit costs of ending finished-goods inventory on December 31, 2020 (label it Schedule 6A) and (b) the ending inventories budget on December 31, 2020 (label it Schedule 6B). (a). Calculate the budgeted unit costs of ending finished-goods inventory on December 31,2020 (label it Schedule 6A). (Round all dollar amounts to the nearest cent. Enter all input per unit of output amounts for direct manufacturing labor to two decimal places, and machine setup overhead to three decimal places.) Schedule 6A: Unit Costs of Ending Finished Goods-Inventory \begin{tabular}{lcc} \cline { 2 - 3 } & \multicolumn{2}{c}{ Product } \\ \cline { 2 - 3 } Target ending inventory in units & 2,200 & Ayer \\ \hline \end{tabular} Metal $2 per pound (same as in 2019) Fabric 3. 3 per yard (same as in 2019) Direct manufacturing labor 518 per hour Machine setup overhead $140 per hour \begin{tabular}{lcc} & \multicolumn{2}{c}{ Content of Each Product Unit } \\ \cline { 2 - 3 } & \multicolumn{1}{c}{ Knoox } & Ayer \\ \hline Metal & 6 pounds & 7 pounds \\ Fabric & 1.00 yard & 3.00 yards \\ Direct manufacturing labor & 0.10 hours & 0.20 hours \\ Machine setup overhead & 0.01 hours & 0.015 hours \\ & Direct Materials \\ \cline { 2 - 3 } & Metal & Fabric \\ \hline Target ending inventory & 8,000 pounds & 1.000 yards \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Letter Of Credit Learners Guide To Letter Of Credit

Authors: Nisha S Koshal

1946822078, 978-1946822079

More Books

Students also viewed these Accounting questions

Question

Discuss communication challenges in a global environment.

Answered: 1 week ago