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Additional Blanket Information The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. Budgeted Direct-Cost Inputs Direct Materials Direct-Cost Inputs Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: Manufacturing Overhead Information The budgeted variable manufacturing overhead rate for March 2017 is $19 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $25,250. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Finished Goods Inventory Data relating to finished goods inventory for March 2017 are as follows: Sales and Other Information Budgeted sales for March 2017 are 160 units of the Broncos blankets and 205 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $505 for the Broncos blankets and $597 for the Rams blankets. Assume the following in your answer: - Work-in-process inventories are negligible and ignored. - Direct materials inventory and finished goods inventory are costed using the FIFO method. - Unit costs of direct materials purchased and finished goods are constant in March 2017. Requirements 1. Prepare the following budgets for March 2017: a. Revenues budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget e. Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget 2. Suppose Lame Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 . Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. b. Prepare the production budget in units. Production Budget For the Month of March Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure Now prepare March's direct material purchases budget. d. Prepare the direct manufacturing labor costs budget. (Abbreviation used: DMLH = Direct manufacturing labor hours) Direct Manufacturing Labor Costs Budget e. Prepare the manufacturing overhead costs budget. Start by selecing the formula, and calculating the budgeted variable manufacturing overhead costs for March. f. Prepare the ending inventories budget (direct materials and finished goods). labor hours. g. Prepare the cost of goods sold budget. By increasing the target ending finished goods inventory, Lame Specialties will reduce the production budget therefore continually improve the direct material purchases budget. Only by reducing the budget on a monthly basis for the amounts of fixed overhead can Lame Specialties continually improve fixed manufacturing overhead. Direct manufacturing labor can incorporate continuous improvement by revising the budgeted usage of 6 hours and 7 hours on a monthly basis. Lame Specialties can continually improve variable manufacturing overhead by budgeting more efficient use of the allocation base. To continually improve the direct material usage budget, the company should verify that the beginning inventory is as low as possible to decrease the materials used during production