Homer, Inc. manufactures model airplane kits. Direct materials are four ounces of plastic per kit and the plastic costs $5 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 $35 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.) Homer projects sales of 200, 100, 600, and 650 kits for the next four quarters. Homer 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 materials cost per kit $ 20.00 Direct labor cost per kit 17.50 Manufacturing overhead cost per kit 0.66 $ 38.16 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "O" for zero balances.) Homer, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Kits produced and sold Total budgeted cost of goods sold Homer, inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced Direct materials (ounces) 550 270 400 700 1,920 4 per kit 4 4 4 4 2,200 1,080 1,600 2,800 7,680 108 160 280 250 250 2,308 1,240 1,880 3,050 7,930 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 900 108 160 280 900 1,408 1,132 1,720 2.770 7,030 $ 5 $ 5 $ 5 $ 5 $ 5 $ 7,040 $ 5,660 $ 8,600 $ 13,850 $ 35,150 Print Done Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 550 270 400 700 1,920 0.50 0.5 0.50 0.50 0.50 Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Budgeted direct labor cost 275.00 135.00 200.00 350.00 960.00 $ 35 $ 35 $ 35$ 35 $ 35 $ 9,625 $ 4,725 $ 7,000 $ 12,250 $ 33,600 Print Done more help Clear all Check an Homer, Inc. Manufacturing Overhead Budget For the Year Ended December 31 400 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 550 270 700 1,920 0.30||$ 0.30 $ 0.30$ 0.30 $ VOH cost per kit 0.30 Budgeted VOH $ 165.00 81.00 $ 120.00 $ 210.00 $ 576.00 170.00 170.00 170.00 Budgeted FOH 170.00 680.00 Budgeted manufacturing $ 335.00 $ 251.00 $ 290.00 $ 380.00 $ 1,256.00 overhead costs 275.00 135.00 200.00 350.00 960.00 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate $ 1,256.00 $ 1.31