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Master Budget Project Slopes, Inc., manufactures and sells snowboards. Slopes manufactures a single model, the Piped. In the summer of 2011, Slopes' management accountant gathered the following data to prepare budgets for 2012: Materials and Labor Requirements Direct Materials Wood Fiberglass Direct manufacturing labor 5 board feet (bf) per snowboard 6 yards per snowboard 5 hours per snowboard Slopes' CEO expects to sell 1,000 snowboards during 2012 at an estimated retail price of $450 per board. Further, the CEO expects 2012 beginning inventory of 100 snowboards and would like to end 2012 with 200 snowboards in stock. Direct Materials Inventories End Inventory 12/31/12 1,500 bf 2,000 yds Beg Inventory 1/1/12 2,000 bf 1,000 yds Wood Fiberglass Variable manufacturing overhead is $7 per direct manufacturing labor-hour. There are also $66,000 in fixed manufacturing overhead costs budgeted for 2012. Slopes 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 $250 per sales visit. The marketing plan calls for 30 sales visits during 2012. Finally, there are $30,000 in fixed non-manufacturing costs budgeted for 2012. Other data include the following: Wood Fiberglass Direct Manufacturing Labor 2011 unit price $28.00 per bf $4.80 per yd $24.00 per hour 2012 unit price $30.00 per bf $5.00 per yd $25.00 per hour The inventoriable unit cost for ending finished goods inventory on December 31, 2011 is $374.80. Assume Slopes uses FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted balances at December 31, 2012, in the selected accounts are as follows: Cash $10,000 PPE (Net) 850,000 Current Liabilities 17,000 Long-term liabilities 178,000 Equity 800,000 Required: 1) (7.5 pts) Prepare the 2012 revenues budget (in dollars). 2) (7.5 pts) Prepare the 2012 production budget (in units). 3) (7.5 pts) Prepare the direct material usage and purchases budgets for 2012. 4) (7.5 pts) Prepare a direct manufacturing labor budget for 2012. 5) (7.5 pts) Prepare a manufacturing overhead budget for 2012 6) (5 pt) What is the budgeted manufacturing overhead rate for 2012? 7) (5 pt) What is the budgeted manufacturing overhead cost per output unit in 2012? 8) (7.5 pts) Calculate a cost of a snowboard manufactured in 2012. 9) (7.5 pts) Prepare and ending inventory budget for both direct materials and finished goods for 2012. 10) (7.5 pts) Prepare a cost of goods sold budget for 2012 11) (15 pts) Prepare the budgeted income statement for Slopes Inc for the year ending December 31, 2012 12) (15 pts) Prepare the budgeted balance sheet for Slopes, Inc as of December 31, 2012