I am attaching a problem from my Accounting 207 :Cost Accounting Course that I am having extreme difficulty with and it is due tomorrow. Please help me with explaining the work and answers for me as I would greatly appreciate- I will put highest amount attached to the problem that I can and can you please try to be timely-please.I've already completed the first couple parts and ALSO,ALL the necessary neededdatato solve problem is included near the end of the problem print-outs. It looks longer than it is- only one problem, meant to take like 20 min at most to complete. Thank, Thank, Thank you.
2-1 MyAccountingLab: Module Two Homework-Jeremy Jacques / Page 1 of 9 f-Student: Jeremy Jacques :'Date: 9116\"? 2. Snowmass, |nc., manufactures and sells snowboards. Snowmass manufactures a single mode}, the Pipex. In the summer of 2014, Snowmass' management accountant gathered the following data to prepare budgets for 2015: 1(Click the icon to View the materials and labor requirements) 2(Click the icon to view the additional information.) 3(Click the icon to View the direct materials inventories) 4(Click the icon to view the additional information.) Instructor: Debra Touhey Course: ACC- 207-01002-17EW1 Module Two Homework Assignment. 2 1 MyAccountingLab: Other data include: 5(Click the icon to view the other data.) The inventoriable unit cost for ending nished goods inventory on December 31, 2014, is $225.00. Assume Snowmass uses a FIFO inventory method for both direct materials and nished goods. Ignore work in process in your calculations. ' 5(Click the Icon to view the budgeted balances.) Read ther reguirements7 Requirement 1. Prepare the 2015 revenues budget (in doltars). Revenue Budget For the Year Ended December 31, 2015 Units Setting price Total revenues Snowboards 3,900 $ 1,350 $ 5,265,000 Requirement 2. Prepare the 2015 production budget (in units). Production Budget For the Year Ended December 31, 2015 Budgeted units sales 3,900 Add target ending nished goods inventory 900 Total required units 4,800 Deduct beginning nished goods inventory 600 Units of finished goods to be produced ____ Requirement 3. Prepare the direct material usage and purchases budgets for 2015. Begin with the p/itysical units portion, then prepare the cost budget portion of the direct material usage budget. Direct Material Usage Budget in Quantity and Dollars For the Year Ended December 31, 2015 Material Wood Fiberglass Total Physical Units Budget Direct materials required for Snowboards f.b. yds https ://Xlitemprod.pea.rs oncmgcomlapifv 1/ print] accountin g 9/16/2017 / 21 MyAccountingLab: Module Two HomeworkJeremy Jacques Page 2 of 9 Cost Budget Available from beginning direct materials inventory (under a FlFO costflow assumption) Wood Fiberglass To be purchased this period Wood 65,149 Fiberglass MN MW Direct materials to be used this period Now prepare 2015 direct material purchases budget Direct Materials Purchases Budget For the Year Ended December 31, 2015 Materials Wood Fiberglass Total Physical Units Budget To be used in production :' b.f. |:' yards Add target ending inventory b.f. yards Total requirement I b.f. lj yards Deduct beginning inventory 2'090 b.f. 1'090 yards ' Purchases to be made = b.f. Cost Budget Purchases l=| Requirement 4. Prepare a direct manufacturing labor budget for 2015. (Abbreviation used: DMLH = Direct manufacturing labor hours) yards MI E 1 Direct Manufacturing Labor Costs Budget / For the Year Ended December 31, 2015 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate Total Snowboards : 9 I: E E Requirement 5. Prepare a manufacturing overhead budget for 2015. Begin the manufacturing overhead cost budgets by rst determining the formula, then calculate the variable manufacturing overhead costs. (Abbreviation used: Manuf. = Manufacturing) _, (1) x (2) = Variable manufacturing overhead costs |_ | x I = :I Now prepare the manufacturing overhead cost budgets. Manufacturing Overhead Budget For the Year Ended December 31, 2015 Variable manufacturing overhead costs |:| -f> Fixed manufacturing overhead costs [:: Totes ; https://x1itemprod.pearsoncmg.com/api/vl/print/accounting 9/ 1 6/ 201 7 / 2-1 MyAccountingLab: Module Two Homework-Jeremy Jacques Page 3 of 9 Requirement 6. What is the budgeted manufacturing overhead rate for 2015? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead rate for 2015. (Abbreviation used: Manuf. = Manufacturing. Round the overhead rate to the nearest cent.) (3) l (4) = Budgeted manufacturing overhead rate : I |::: = ' Requirement 7. What is the budgeted manufacturing overhead cost per output unit in 2015? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead cost per output unit in 2015. (Abbreviation used: Manuf. = Manufacturing) Budgeted manuf. overhead (5) r (6) l___I I L_| Requirement 8. Catculate the cost of a snowboard manufactured in 2015. cost per output unit :I Unit Costs of Manufacturing Finished Goods December 31, 2015 Cost per Input per unit unit of input of output Total Direct materials Wood I 16 f.b. Fiberglass I 14 yds. Direct manufacturing labor I 9 hrs. Budgeted manufacturing overhead cost Total WEE Requirement 9. Prepare an ending inventory budget for both direct materials and finished goods for 2015' /' Ending Inventories Budget December 31, 201 5 Quantity Cost per unit Total Direct materials Wood 1,590 l 1 l Fiberglass 2.090 E E Finished goods Snowboard 900 E E; Total ending inventory l;l Requirement 10. Prepare a cost of goods sold budget for 2015. https://xlitcmprod.pearsoncmg.com/ api/vl lprint/ accounting 9/1 6/20 17 2-1 MyAccountingLab: Module Two Homework-Jeremy J acqus Page 4 of 9 Cost of Goods Sold Budget For the Year Ended December 31 , 2015 Beginning nished goods inventory, January 1 Direct materials used |:| Direct manufacturing labor :| Manufacturing overhead l;l Cost of goods manufactured Cost of goods available for sale ' Deduct ending nished goods inventory, December 31 Cost of goods sold Requirement 11. Prepare the budgeted income statement for Snowmass, Inc, for the year ending December 31, 2015. Budgeted Income Statement For the Year Ended December 31,2015 Revenues [:1 Cost of goods sold ;3 Gross margin :| Operating (nonmanufacturing) costs |;| Operating income I; Requirement 12. Prepare the budgeted balance sheet for Snowmass, Inc, as of December 31, 2015. Budgeted Balance Sheet December 31, 2015 Cash $ 19,000 Inventory |:i 859,000 Property, plant and equipment (net) ,/ Total assets l;l Current liabilities $ 26,000 Long-term liabilities 187,000 Stockholders' equity 1,939,770 Total liabilities and stockholders' equity |;l Requirement 13. What questhans might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. First, select the questions that the CEO might ask the marketing manager. (Select at: that apply.) (7) (8) I (9) H... Now, select the questions that the CEO might ask the production manager. (Select all that apply.) https://xlitempr0d.pearsoncmg.comfapi/V1/print/accounting 9/ 1 6/ 201 7 / 2-1 MyAccountingLab: Module Two HomeworkJeremy Jacques Page 5 of 9 (12) Should the CEO set stretch targets? Explain briey. The CEO (13)___.___ because: (Select all that apply.) (14) ' (15) Requirement 14. How does preparing the budget help Snowmass' management team better manage the company? Preparing a budget helps Snowmass, lnc.: (Select all that apply.) (15) I (17) l(18) . *__| D 1: Data Table Materials and Labor Requirements Direct materials Wood 16 board feet (b.f.) per snowboard Fiberglass 14 yards per snowboard Direct manufacturing labor 9 hours per snowboard 2: More Info Snowmass' CEO expects to sell 3,900 snowboards during 2015 at an estimated retail price of $1,350 per board. Further, the CEO expects 2015 beginning inventory of 600 snowboards and would like to end 2015 with 900 snowboards in stock. /'K 3: Data Table Direct Materials Inventories Beginning Inventory 1I112015 Ending Inventory 1213112015 Wood 2,090 b.f. 1,590 b.f. Fiberglass 1,090 yards 2,090 yards 4: More Info ' Variable manufacturing overhead is $19 per direct manufacturing labor-hour. There are also $75,600 in xed manufacturing overhead costs budgeted for 2015. Snowmass combines both variable and xed manufacturing overhead into a single rate based on direct manufacturing labor-hou rs. Variable marketing costs are ailocated at the rate of $340 per sales visit. The marketing plan calls for 43 sales visits during 2015. Finally, there are $40,000 in xed nonmanufacturing costs budgeted for 2015. 5: Data Table https://x1itcmprod.pearsoncmg.comfapifvl /print/ accounting 9/1 6/20 17 21 MyAccountingLab: Module Two HomeworkJeremy Jacques Page 6 of 9 2014 Unit Price 2015 Unit Price Wood $ 37.00 per b.f. $ 39.00 per b.f. Fiberglass $ 13.00 per yard '5 14.00 per yard Direct manufacturing labor $ 33.00 per hour ' $ 34.00 per hour 6: Data Table Budgeted balances at December 31. 2015, in the selected accounts are as follows: Cash $ 19,000 Property, plant, and equipment (net) 859,000 Current liabilities 26,000 Long-term liabilities 187,000 /. Stockholders' equity 1,939,770 7: Requirements Prepare the 2015 revenues budget (in dollars). Prepare the 2015 production budget (in units). Prepare the direct material usage and purchases budgets for 2015. Prepare a direct manufacturing labor budget for 2015. Prepare a manufacturing overhead budget for 2015. What is the budgeted manufacturing overhead rate for 2015? What is the budgeted manufacturing overhead cost per output unit in 2015? Calculate the cost of a snowboard manufactured in 2015. Passives-ewe Prepare an ending inventory budget for both direct materials and nished goods for 2015. A P Prepare a cost of goods sold budget for 2015. hi - Prepare the budgeted income statement for Snowmass, Inc., for the year ending December 31, 2015. ..\\ .N Prepare the budgeted balance sheet for Snowmass, lnc., as of December 31, 2015. A 9' What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briey. - a :5 How does preparing the budget help Snowmass' management team better manage the company? L._____._
