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10:13 1 v2.cengagenow.com Chapter 22 5. Prepare a factory overhead cost budget for March. Bellaire Inc. Factory Overhead Cost Budget For the First Quarter Ending March 31 January February March First Quarter Variable factory overhead: Budgeted direct labor hours v 65,000 V hrs. 78,750 V hrs. 113,750 V hrs. 257,500 V hrs. Direct labor cost X 1.20 V x$ 1.20 x$ 1.20 1.20 Budgeted variable factory overhead v 78,000 94,500 136,500 309,000 Fixed factory overhead: Budgeted fixed factory overhead v 200,000 200,000 200,000 600,000 Total factory overhead cost 278,000 $ 294,500 336,500 909,000 Feedback Check My Work The direct materials cost budget, the direct labor cost budget, and the factory overhead budget each use the level of production from the production budget to estimate costs. 6. Prepare a cost of goods sold budget for March. Bellaire Inc. Cost of Goods Sold Budget For the First Quarter Ending March 31 January February March First Quarter Beginning finished goods inventory 160,000 240,000 360,000 760,000 X Cost of goods manufactured: Direct materials v 312,000 378,000 546,000 1,236,000 Direct labor v 1,560,000 1,890,000 3,030,000 X 6,480,000 X Factory overhead v 278,000 294,500 351,500 X 24,000 X Total cost of goods manufactured 2,150,000 2,562,500 3,927,500 X 8,640,000 X Cost of finished goods available for sale v 2,310,000 V 2,802,500 4,287,500 X 9,400,000 X Ending finished goods inventory 240,000 360,000 800,000 X 1,400,000 X Cost of goods sold v 2,070,000 2,442,500 3,487,500 X 8,000,000 X Feedback Check My Work The cost of goods sold budget combines the budgeted costs from the direct labor, direct materials, and factory overhead budgets with estimated beginning and ending inventory to estimate a total cost of goods sold. 7. Prepare a selling and administrative expenses budget for March. Enter all amounts as positive number. Bellaire Inc. Selling and Administrative Expenses Budget For the First Quarter Ending March 31 January February March First Quarter Selling expenses: Variable selling expenses per unit sold X 25,000 30,000 45,000 100,000 V Direct labor X 4.00 XS 4.00 x$ 4.00 X$ 4.00 Total variable selling expenses 100,000 120,000 180,000 400,000 Fixed selling expenses 150,000 V 150,000 150,000 450,000 V Total selling expenses 250,000 270,000 330,000 850,000 Administrative expenses Budgeted fixed administrative expenses v 400,000 400,000 400,000 1,200,000 2102131 .I '4? E} (D v2.cengagenow.com [I] Chapter 22 2. Prepare a production budget for March. Bellalre Inc. Production Budget For the First Quarter Ending March 3 January February North First Quarter Selling price per unit at ] 25.000] J ] 10,000] J ] 45.000] J ] 100000] J Estimated ending Inventory x ] 1.000] J ] 4,500] if ] 5.000] J ] 12,500] x Total units available for sale ] 23.000] J ] H.500] J ] 5|.lllNl] J ] "2,500] X Less estimaled beginning inventory J ] 1,000] J ] 3.000] J ] 4,500] J ] 9.50\"] X 26.000] J ] H.500] J ] 45.500] J ] l0:.000] J Total units to be produced 0 Feedback " var-cum wink The direct materials cost budget, the direct labor cost budget, and the factory overhead budget each use the level of production from the production budget to estimate costs. 3. Prepare a direct materials purchases budget for March. aellalre :inc. Direct Materials Purcham Budget For the Flat Quarter Ending March 31 January February March First Quarter Units to be produced . 10.000 J \"500] J 45.500. J 103.000 J Materials required per unit x' 0.10 J lb. l] 0.00] J lb. 3] 0.00 J lb. x \"0.. J lb. Materials required for production 10.000 J lbs. 25.200 l J lbs. 30.400 J lbs. 02.400 J lbs. Desired ending inventory J ' ism: J lbs. [muu J lbs. 2,500 J lbs. [0.000] x lbs. i: Tutal materials available for use ' 12.300 J lbs. 27.200 J lbs. 30.900 J lbs. 00.000 x lbs. Add estimated ending inventory x , L000 J lbs. LSMI] J lbs. 2.000 J lbs. 4,500 x lbs. Total materials to be purchased ' H.300 J lbs. 25.700 J lbs. 30.90\" J lbs. 53,900 J lbs. Cost De,- pound sis: ls J x is] J \"[3 J x5 l5 J Cost of direct materials to be purchased 9 \"9'5\" \"5'5\" V 551-50\" V 5 1,2555\") J '1 Feedback 'mauymm The direct materials cost budget, the direct labor cost budget, and the factory overhead budget each use the level of production from the production budget to estimate costs. 4. Prepare a direct labor cost budget for March. Beliaire Inc. Direct Labor Cost Budget For the First Quarter Ending March 31 January February March First Quart. Units to he produced J 23000 J 31,500 J ' 45m J _ 101.000 Direct labor hours required for production x x] 1.50 ] J hrs. x] 2.50] J hrs. it] 2.50 ] J hrs. id 1.50] Direct labor hourly rate x ] 65,000 ] J hrs. ] 10.750] J hrs. 113.73] J hrs. 157.500] Direct labor cost X :5] Art ] J xs] :4] J x$' 24 ] J x$i 14 ] Desired ending inventory x $] 1,560,000] J $] Lemma] J $ 2.730.000] J 54 0.100.000] '1 Feedback Nona My Want The direct materials cost budget, the direct labor cost budget, and the factory overhead budget each use the level of production from the production budget to e 000 10:14 1 v2.cengagenow.com Chapter 22 Feedback Check My Work The cost of goods sold budget combines the budgeted costs from the direct labor, direct materials, and factory overhead budgets with estimated beginning and ending inventory to estimate a total cost of goods sold. 7. Prepare a selling and administrative expenses budget for March. Enter all amounts as positive number. Bellaire Inc. Selling and Administrative Expenses Budget For the First Quarter Ending March 31 January February March First Quarter Selling expenses: Variable selling expenses per unit sold X 25.000 30,000 45,000 100,000 Direct labor X 4.00 4.00 4.00 V Total variable selling expenses 100,000 120,000 V 180,000 400,000 Fixed selling expenses v 150.000 150,000 150,000 450,000 Total selling expenses 250,000 270,000 330,000 850,000 Administrative expenses: Budgeted fixed administrative expenses v 400,000 400,000 400,000 1,200,000 Total selling and administrative expenses 650,000 670,000 $ 730,000 $ 1,200,000 X Feedback Check My Work Estimated sales from the sales budget, estimated cost of goods sold from the cost of goods sold budget, and estimated selling and administrative expenses from the selling and administrative expense budget are used to prepare a budgeted income statement. 8. Prepare a budgeted income statement with budgeted operating income for March. Bellaire Inc. Budgeted Income Statement For the First Quarter Ending March 31 January February March First Quarter Sales V 3,125,000 3,750,000 5,625,000 12,500,000 Cost of goods sold v 2,070,000 2,442,500 3,487,500 X 8,000,000 X Gross profit 1,055,000 $ 1,307,500 2,137,500 X 4,500,000 X Selling and administrative expenses; Selling expenses v 250,000 270,000 330,000 850,000 Administrative expenses v 400,000 100.000 400,000 1,200,000 Total selling and administrative 650,000 $ 670,000 730,000 2,050,000 expenses Operating income v 405,000 $ 637,500 1,407,500 X 2,450,000 X Feedback Check My Work Estimated sales from the sales budget, estimated cost of goods sold from the cost of goods sold budget, and estimated selling and administrative expenses from the selling and administrative expense budget are used to prepare a budgeted income statement. 2 . . .10:13 1 v2.cengagenow.com Chapter 22 budgeteu Income statement allu supporting budgets TO1 Tree MOTIIs Bellaire Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal year: a. Estimated sales at $125 per unit: January 25,000 units February 30,000 units March 45,000 units April 50,000 units b. Estimated finished goods inventories: January 1 2,000 units January 31 10% of next month's sales February 28 10% of next month's sales March 31 10% of next month's sales c. Work in process inventories are estimated to be insignificant (zero). d. Estimated direct materials inventories: January 1 1,000 Ibs. January 31 1,500 lbs. February 28 2,000 lbs. March 31 2,500 Ibs. e. Manufacturing costs: Per Unit Direct materials (0.8 lb. per unit x $15 per lb.) $ 12 Direct labor (2.5 hrs. per unit x $24 per hr.) 60 Variable factory overhead ($1.20 per direct labor hour) 3 Fixed factory overhead ($200,000 per month, allocated 5 using 40,000 units) Total per-unit manufacturing costs $80 f. Selling expenses: Variable selling expenses $4 per unit Fixed selling expenses $150,000 Administrative expenses (all fixed costs) $400,000 1. Prepare a sales budget for March. Bellaire Inc. Sales Budget For the First Quarter Ending March 3 January February March First Quarter Estimated units sold 25,000 30,000 45,000 V 100,000 Selling price per unit x$ 125 X$ 125 x$ 125 V 125 V Total budgeted sales $ 3,125,000 $ 3,750,000 $ 5,625,000 $ 12,500,000 Feedback Check My Work Estimated sales from the sales budget, estimated cost of goods sold from the cost of goods sold budget, and estimated selling and administrative expenses from the selling and administrative expense budget are used to prepare a budgeted income statement. 2. Prepare a production budget for March. + 2