Iridescent Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 18,000 Knox lamps and 14,000 Ayer lamps in 2017. The following data are available for the year 2017 (Click the icon to view the information.) (Click the icon to view the December 31, 2017 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2017 (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2017 Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2017 x Data Table Material Metal Fabric Total Physical Units Budget Direct materials required for Knox lamps Schedule 2: Production Budget (in Units) for the Year Ending December 31, 2017 72,000 lbs. 70,000 lbs. Knox Direct materials required for Ayer lamps 18,000 yards 28,000 yards 46,000 yards 142,000 Budgeted units sales Ayer 14,000 800 Total quantity of direct materials to be used 18,700 1,800 lbs. Cost Budget Add target ending finished goods inventory Total required units Available from beginning direct materials inventory (under a FIFO cost-flow assumption) 20,500 2,500 14,800 800 Deduct beginning finished goods inventory 18,000 14,000 Metal Units of finished goods to be produced Fabric Print Done Enter any number in the edit fields and then click Check Answer. %x T16-2 (similar to) Question Help Iridescent Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 18,000 Knox lamps and 14,000 Ay (Click the icon to view the information.) (Click the icon to view the December 31, 2017 production budget in units.) Data Table - X ule 4) for the Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollar year ending December 31, 2017 Direct materials Metal (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2017 $ 2 per pound (same as in 2016) 3 per yard (same as in 2016) Fabric $ Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2017 Direct manufacturing labor $ 16 per hour Material Content of Each Product Unit Metal Fabric Total Product Knox Ayer Physical Units Budget Direct materials required for Knox lamps 72.000 lbs. 18,000 yards Metal 70,000 lbs 4 pounds 1 yard 5 pounds 2 yards Direct materials required for Ayer lamps Fabric 28,000 yards 46,000 yards 142.000 0.25 hours lbs. Direct manufacturing labor 0.3 hours Total quantity of direct materials to be used Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Direct Materials Metal Fabric 16,000 pounds Metal Beginning inventory Target ending inventory 6,000 yards 4,000 yards 14,000 pounds Fabric Print Done Enter any number in the edit fields and then click Check Answer. 2 parts Clear All Check Answer remaining % T16-2 (similar to) Question Help Iridescent Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 18,000 Knox lamps and 14,000 Ayer lamps in 2017. The following data are available for the year 2017. Click the icon to view the information.) E (Click the icon to view the December 31, 2017 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2017 Material Metal Fabric Total Physical Units Budget Direct materials required for Knox lamps 72,000 lbs 70,000 Ibs Direct materials required for Ayer lamps 18,000 yards 28,000 yards 46,000 yards 142,000 Total quantity of direct materials to be used Ibs Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Metal Part 2- only Fabric To be purchased and used this period Metal Fabric Direct materials to be used this period Enter any number in the edit fields and then click Check