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Compute the following amounts: 1. What is the budgeted production for 2020 for the YEAR? (1 pt) 2. What total amount of machine hours will be needed to produce the annual production? (1 pt) 3. What are the total budgeted fixed overhead costs for the year 2020? (1 pt) 4. Based on an activity measure in machine hours, what is the pre- determined fixed overhead rate for 2020? (2 pts) 5. What is the total standard cost to produce ONE unit? (4 pts) 51 PRODUCTION BUDGET 5 3 Expected units Sales Add: Desired ending Inventory Total Available Less: beginning Inventory Production Requirment in units Quarter 1 7,000 2,700 9,700 2.100 7,600 Quarter 2 9,000 3,300 11.300 2,400 8,900 Quarter 3 8,000 3,300 11,300 2,400 8,900 Quarter 4 11,000 3,000 14,000 3,300 10,700 Total 35,000 3,000 38,000 2,100 35,900 0 1 2 Direct Materials Purchase Budget Sale Units Add: Ending inventory Total required units Less: Beginning inventory Total units to be produced Direct materials required per unit (in pounds) Total direct material for production Add: Ending DM inventory Total DM required Less : Beginning DM inventory Total DM to be purchased in pounds Cost per Pound $ Total cost of Direct materials $ Quarter 1 Quarter 2 Quarter 3 Quarter 4 7,000 9,000 8,000 2,700 2,400 3,300 9,700 11,400 11,300 2,100 2,700 7,600 8,700 7 7 53,200 60,900 15,225 15,575 68,425 76,475 13,300 15,225 55,125 61,250 6 6 330,750 367,500 Fillmore Company has developed the following standards related to the production of their finished units: Direct Materials (7 pounds per unit @ $6 per pound) Direct Labor (6 hours per unit @ $12 per direct labor hour) Variable Overhead (9 machine hours @ $5 per machine hour) Fixed overhead costs are estimated at $323,100 per quarter. Selling and administrative costs are expected to be $3 per unit variable and $370,000 fixed per quarter. The expected selling price is $280 per unit. The following sales forecast is available for the year 2020: 1st Quarter 7,000 units; 2nd Quarter 9,000 units; 3rd Quarter 8,000 units; and the 4th Quarter 11,000 units. The expected sales in the 1st Quarter of the year 2021 are 10,000 units. Management policy is to maintain a finished goods inventory equal to 30% of the next quarter's sales and a raw materials inventory equal to 25% of the next quarter's material production requirements. The beginning inventories of the 1st quarter of the year 2020 are expected to meet these same requirements