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E22-25 (similar to) B Question Help Trevor, Inc. manufactures model airplane kits. Direct materials are 7 ounces of plastic per kit and the plastic costs $3 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.50 hours of direct labor at an average cost of $55 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: Click the icon to view the budgets.) Trevor projects sales of 200, 100, 400, and 700 kits for the next four quarters. Trevor has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX.) Direct labor cost per kit $ 27.50 Direct materials cost per kit 21.00 Manufacturing overhead cost per kit 0.98 49.48 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all answer boxes. Enter "O" for zero balances.) Trevor, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning inventory $ 0 $ 0 Kits produced and sold Total budgeted cost of goods sold Trevor, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 250 360 350 400 1,360 7 7 7 7 7 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory 1,750 2,520 2,450 2,800 9,520 252 245 280 220 220 Total direct materials needed 2,002 2,730 3,020 9,740 2,765 252 870 245 280 870 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 1,132 2,513 2,740 8,870 2,485 3 $ $ 3||$ 3||$ 3||$ 3 Direct materials cost per ounce $ 3,396||$ 7,539||$ 7,455 $ 8,220$ 26,610 Budgeted cost of direct materials purchases Trevor, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted kits to be produced 250 360 350 400 1,360 0.50 0.50 0.50 0.50 0.50 Direct labor hours per unit Direct labor hours needed for production 125.00 180.00 175.00 200.00 680.00 55 ||$ Direct labor cost per hour 55$ 55||$ 55 55 $ $ $ 6,875||$ 9,900 $ 9,625 $ 11,000 $ 37,400 Budgeted direct labor cost Trevor, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 250 360 350 400 1,360 $ 0.60 $ 0.60||$ 0.60||$ 0.60||$ 0.60 VOH cost per kit Budgeted VOH $ 150.00||$ 216.00 $ 210.00||$ 240.00||$ 816.00 130.00 130.00 130.00 130.00 520.00 Budgeted FOH $ 280.00||$ 346.00 $ 340.00 $ 370.00 $ 1,336.00 Budgeted manufacturing overhead costs Direct labor hours 125.00 180.00 175.00 200.00 680.00 Budgeted manufacturing overhead costs 1,336.00 1.96 Predetermined overhead allocation rate