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Other data include: |(Click the icon to view the other data.) Skubas, Inc., manufactures and sells snowboards. Skubas manufactures a single model, the Pipex. In late 2020, Skubas's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the materials and labor requirements) i (Click the icon to view the additional information.) |(Click the icon to view the direct materials inventories) (Click the icon to view the additional information.) The inventoriable unit cost for ending finished goods inventory on December 31, 2020, is $240.00. Assume Skubas uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Read the requirements. i Data Table Materials and Labor Requirements Direct materials Wood Fiberglass Direct manufacturing labor 8 board feet (b.f.) per snowboard 6 yards per snowboard 6 hours per snowboard Print Done More Info Skubas's CEO expects to sell 1,800 snowboards during January 2021 at an estimated retail price of $550 per board. Further, the CEO expects 2021 beginning inventory of 500 snowboards and would like to end January 2021 with 700 snowboards in stock. Print Done X Data Table Direct Materials Inventories Beginning Inventory January 1, 2021 Ending Inventory January 31, 2021 Wood 2,010 b.f. 1,510 b.f. Fiberglass 1,010 yards 2,500 yards Print Done More Info Variable manufacturing overhead is $10 per direct manufacturing labor-hour. There are also $24,000 in fixed manufacturing overhead costs budgeted for January 2021. Skubas combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $260 per sales visit. The marketing plan calls for 35 sales visits during January 2021. Finally, there are $32,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Print Done i Data Table 2020 Unit Price 2021 Unit Price Wood 29.00 per b.f. Fiberglass $ 5.00 per yard 31.00 per b.f. 10.00 per yard 26.00 per hour Direct manufacturing labor 25.00 per hour Print Done Requirement 3. Prepare the direct material usage and purchases budgets for January 2021. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget. Direct Material Usage Budget in Quantity and Dollars For January 2021 Material Wood Fiberglass Total Physical Units Budget Direct materials required for Snowboards b.f. yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wood Fiberglass Total Physical Units Budget Direct materials required for Snowboards b.f. yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wood Fiberglass To be purchased this period ULI Wood Fiberglass Direct materials to be used this period Now prepare the direct material purchases budget for January 2021. Now prepare the direct material purchases budget for January 2021. Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Total b.f. yards Physical Units Budget To be used in production Add target ending inventory Total requirement Deduct beginning inventory 1,510 2,500 yards b.f. b.f. yards 2,010 1,010 yards b.f. Purchases to be made b.f. yards Cost Budget Purchases Requirement 4. Prepare a direct manufacturing labor budget for January 2021. (Abbreviation used: DMLH = Direct manufacturing labor hours.) Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Produced Hours Wage Rate per Unit Total Snowboards 6 Requirement 5. Prepare a manufacturing overhead budget for January 2021. Begin the manufacturing overhead cost budgets by first determining the formula, then calculate the variable manufacturing overhead costs. (Abbreviation used: Manuf. = Manufacturing.) Variable manufacturing overhead costs Now prepare the manufacturing overhead cost budgets. Manufacturing Overhead Budget For January 2021 Variable manufacturing overhead costs Fixed manufacturing overhead costs Total Requirement 6. What is the budgeted manufacturing overhead rate for January 2021? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead rate for January 2021. (Abbreviation used: Manuf. = Manufacturing. Round the overhead rate to the nearest cent.) . Budgeted manufacturing overhead rate
