Help please! I am not sure how to do either part, even though the answers are already present. Help with explanation maybe? Thanks!
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Homework: Chapter M:7 Homework Save Score: 0.03 of 1 pt 2 of 7 (7 complete) HW Score: 56.32%, 3.94 of 7 pts EM7-24 (similar to) Question Help . Wilber, Inc. manufactures model airplane kits and projects production at 200, 420, 350, and 500 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Wilber's direct materials budget. More Info X Wilber, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Quarter Fourth Quarter Total Budgeted kits to be produced 200 420 350 500 1,470 5. Direct materials are five ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 900 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Wilber desires a balance of 260 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.25 hours of direct labor at an average cost of $20 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.75 per kit, and fixed overhead is $130 per quarter. 5 5 5 1,000 630 2,100 525 1.750 750 2,500 260 7.350 260 Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Print 7,610 900 Done 1,630 900 730 2 2,625 630 1,995 2 2,500 525 1,975 2,760 750 2,010 6,710 S $ $ 1,460 3.990 S 3.950 S 4.020 S 13.420 Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All Check Answer Type here to search a 5:53 PM 3/24/2021 Homework: Chapter M:7 Homework Save Score: 0.03 of 1 pt 2 of 7 (7 complete) HW Score: 56.32%, 3.94 of 7 pts EM7-24 (similar to) Question Help Wilber, Inc. manufactures model airplane kits and projects production at 200, 420, 350, and 500 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. More Info x Budgeted purchases of direct materials 730 1,995 1,975 2,010 6,710 Direct materials cost per ounce $ 2 s 2 $ 1,460 $ 3.990 s 3,950 S 4,020 S Budgeted cost of direct materials purchases 13,420 Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.) Wilber, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Direct materials are five ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 900 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Wilber desires a balance of 260 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.25 hours of direct labor at an average cost of $20 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.75 per kit, and fixed overhead is $130 per quarter. Print Done Budgeted direct labor cost Choose from any list or enter any number in the input fields and then click Check Answer. 1 part Clear All Check Answer remaining 5:53 PM Type here to search 8 a 3/24/2021
