i Additional Blanket Information x 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. Print Done Budgeted Direct-Cost Inputs The budgeted direct-cost inputs for each product in 2017 are as follows: Broncos Blanket Rams Blanket Red wool fabric 7 yards O yards Black wool fabric 0 8 Broncos logo patches Rams logo patches 0 Direct manufacturing labor 7 hours 1 0 1 6 hours Print Done i Direct Materials 60 0 75 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 50 yards 0 yards Black wool fabric 0 0 30 Broncos logo patches Rams logo patches 0 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket Red wool fabric 40 yards O yards Black wool fabric 0 40 Broncos logo patches Rams logo patches 0 40 40 0 Print Done 0 Direct-Cost Inputs Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) $ 12 $ 13 Black wool fabric (per yard) 18 17 Broncos logo patches (per patch) 10 Rams logo patches (per patch) Manufacturing labor cost per hour 30 10 9 11 29 Print Done Manufacturing Overhead Information The budgeted variable manufacturing overhead rate for March 2017 is $19 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $25,250. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Print Done 1 M 0 Finished Goods Inventory Data relating to finished goods inventory for March 2017 are as follows: Broncos Blanket Rams Blanket Beginning inventory in units 18 23 Beginning inventory in dollars (cost) $ 2,880 $ 3,611 Target ending inventory in units 28 33 Print Done Sales and Other Information Budgeted sales for March 2017 are 160 units of the Broncos blankets and 205 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $505 for the Broncos blankets and $597 for the Rams blankets. Assume 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 . . . Print Done Requirements a. c. 1. 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 labor costs budget e Manufacturing overhead costs budget Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget 2. Suppose Lakin 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. f. Print Done Lakin Species manufactures, among other things, son blankets for the static meters local high schools Manufacturing gettined (both variable and feet) in located to each blanket on the basis of budgered direc Click the icon to view additional information manufacturing labor hours per blanket Click the icon to view the budgeted direct.com Click the icon to view the overhead strmation Cok the icon to view the frihed goods inventory Click the icon to view the dreams Click the icon to view in Wommation) Click the icon to view the dire.continguts Requirement 1. Prepare the following budget Prepare the revenues budget Revenge For the Month of March Units Selling Price Total revenues 100 SOS 0000 Rome 201 SOT Tot Prepare the producton budget is Production Budget For the Month of March Ironcos Budgeted 100 28 Adding wished goods or Total required Deductbegegned goods or 205 33 238 23 170 215 Unit of finished goods to be produced c. Prepare the direct material usage budget and direct material purchases budget Begin with the physical units portion, the prepare the cost budget portion of the direct material usage budget. For amount with zero balance, make sure to enter in the propriate cell Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rame Rad wool Blackwool logo patches logo patches Total 1190 170 1720 25 170 215 Physical Units Budget Direct materials required for Broncos Ram 10 Totality of direct macro yo Coal Budget Afrom being directory unde a fost Broncos Ram ya Cost Budget Available from being direct materwory under a FIFO w sum 5 5 5 Rame To be purchased a period tronco Rama Direct matters to be used this period Now prepare March's direct material purchases budget Direct Materials Purchase Budget For the Month of March Broncos fogo patches Rama logo patches Red wool Blackwool Total Physical Units Budget To be used in production yds ya ys ye yde Time Dedue bagning very Par to be made 76 Cont Budget Purchase .Prepare the direct mantecture aborcom budget Abbreviation used DMLHDrect manufacturing lubor hours) Direct Manufacturing Lahor Couts Budget For the Month of March Outputs DMH Total Produced par unit DAH Total Broncos Hornstars 70 Total Prepare a mangoverned but Sort by wing them, and closing the budged ble marching overcome to March Varamente Overhead Now prepare the told manufacturing overnand cont budgets by entering the approprite amounts the calculate the elementeneturing overtad con Now prepare the total manufacturing overhead cost budget by entering the appropriate amounts then calculate the total manufacturing overhead costs Manufacturing Overhead Budget For the Month of March Variable manufacturing overhead cool Fleed manufacturing and com Total manufacturing overhod com . Prepare the ending inventories budget direct materials and finished goods) Complete the information below by entering the appropriate amounts to calculate the int costs of ending finished goods inventory for the Broncos Blankets and Ramsblankets. Remember the feed manufacturing overhead rate as the total fixed manufacturing overhead divided by the total direct manufacturing labor hours Total Now prepare the ending inventories budget Ending inventories Budget March 31, 2017 Guantity Cost per un Director Redwo 13 Black wool 40 Broncos 40 10 Rum logo 40 11 Frihed tro = - Prepare the cost of goods sold budget. Cost of Goods Sold Budget For the Month of March, 2017 Deginning frihed good mentory, March Directed Director Margo Carotomar Compostela Deductending frihed goods wery, March 31 Coul of goods 00000 Requirement 2. Suppose Lakin Speciales decides to incorporate continuous improvement into its budgeting process. Select two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. Only by reducing the budget on a monthly basis for the amount of fixed overhead can Lakin Speciale continwly improve and manufacturing overhead Direct manufacturing labor can incorporate continuous Improvement by revising the budgeted usage of tours and 7 hours on a monthly basis Lakin Specialties city proveriti manufacturing overed by budgeting more on use of the location base To continually improve the direct material usage budget the company should verify that the beginning inventory is as low pouble to decrease the materials used during production By increasing the targetending the goods Inventory. Lakin Bedfos will reduce the production by therefore cowly prove the direct mater purchases budget Choose from any list or enter any number in the input fields and then continue to the next