= Homework: Assignment 3 Question 1, Problem 6-31 (final answer) Part 3 of 10 HW Score: 0.98%, 0.08 of 8 points @ Points: 0.08 of 1 O Save Lala Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) . (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labour-hours per blanket. (Click the icon to view the overhead information) .) (Click the icon to view the finished goods inventory.) (Click the icon to view additional information.) Required Requirement 1a. Prepare the revenues budget. Revenues Budget For the Month of March Units Selling Price Total revenues 140 $ 305 $ 42,700 195 73.710 378 $ 116,410 Broncos Blankets Rams Blankets Total Requirement 1b. Prepare the production budget in units Production Budget For the Month of March Broncos Rams Budgeted units sales 140 195 29 24 Add target ending finished goods inventory Total required units 164 224 Clear all Check answer Total required units 164 224 14 19 Deduct beginning finished goods inventory 150 205 Units of finished goods to be produced Requirement 1c. Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, and then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams Red wool Black wool logo patches logo patches Total Physical Units Budget Direct materials required for Broncos yds. yds. Rams yds. yds. Total quantity of direct material to be used vds. vds. Clear all Check answer Homework: Assignment 3 0.08 of 8 points 1 O Save Budgeted direct-cost inputs located to each blanket on the basis of budgeted direct The budgeted direct-cost inputs for each product in 2017 are as follows: : Lala Specialties manufactures, among other things, woolen blankets for the athleti (Click the icon to view additional information.) (Click the icon to view the budgeted direct.cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Broncos Blanket Rams Blanket ly) 5 yards Red wool fabric Black wool fabric O yards 6 8 0 1 1 0 Broncos logo patches Rams logo patches Direct manufacturing labour 0 1 4 hours 5 hours Total required units 164 224 Print Done 14 19 Deduct beginning finished goods Inventory Unite of finished code to be produced 150 205 - X Direct-cost inputs mounts with a zero balance, mak - X Additional blanket information Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: February 2017 (actual) March 2017 (budgeted) $ 10 $ 11 13 14 The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: . Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. Red wool fabric (per yard) Black wool fabric (per yard) Broncos logo patches (per patch) Rams logo patches (per patch) Manufacturing labour cost per hour Total B 8 7 9 27 28 Print Done Print Done Xestion 1, Proble Part X Direct materials Finished goods inventory ave o local high schools rect Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Broncos Blanket Rams Blanket Red wool fabric 40 yards O yards Black wool fabric 0 20 Broncos logo patches 50 0 0 Rams logo patches 0 65 Data relating to finished goods inventory for March 2017 are as follows: Broncos Blanket Rams Blanket Beginning inventory in units 14 19 Beginning inventory in dollars (cost) ) $ 1,960 $ 2.945 Target ending Inventory in units 24 29 Print Done Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket Red wool fabric 30 yards O yards 0 30 Black wool fabric Broncos logo patches Rams logo patches 30 0 30 usage budget. (For am - X Sales and other information Print Done Rams - X Manufacturing overhead information Budgeted sales for March 2017 are 140 units of the Broncos blankets and 195 unils of the Rams blankets. The budgeted selling prices per unit in March 2017 are $305 for the Broncos blankets and $378 for the Rams blankets. Assure the following in your answer: Work-in-process inventories are negligible and ignored. Direct materials inventory and finished goods inventory are costed using the FIFO method. Unit costs of direct materials purchased and finished goods are constant in March 2017. ogo patches The budgeted variable manufacturing overhead rate for March 2017 is 517 per direct manufacturing labour-hour. The budgeted fixed manufacturing overhead for March 2017 is $14,625. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Print Done Print Done Clear all Check answer Required 1. a. C. Prepare the following budgets for March 2017: Revenues budget b. Production budget in units Direct material usage budget and direct material purchases budget d. Direct manufacturing labour costs budget Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget Suppose Lala Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. e. 2. Print Done