January February March Quarter Budgeted unit sales 23,000 26,000 31,000 80,000 Budgeted ending inventory 5,200 6,200 7,200 7.200 Total units required 28,200 32,200 38,200 87,200 Beginning inventory 3,200 5,200 6,200 3,200 Budgeted production 25,000 27,000 32,000 84,000 Its manufacturing overhead budget for the first quarter is as follows: January February March Quarter DLH worked 5,000 5,400 6,400 16,800 VOH per DLH $ 1.75 $ 1.75 $ 1.75 $ 1.75 Budgeted VOH 8,750 9,450 11,200 29,400 Budgeted FOH 98,000 98,000 98,000 294,000 Total Budgeted MOH 106,750 107,450 109,200 323,400 Noncash MOH items Depreciation 30,000 30,000 30,000 90,000 Total Cash MOH cost $ 76,750 $ 77,450 $ 79,200 $233,400 He also has received the direct materials purchases budget and direct labor budget which were as follows: January February March Quarter April Budgeted production 25,000 27,000 32,000 84,000 34,000 Standard pounds per unit X 6 X 6 X 6 X 6 X 6 Production needs 150,000 162,000 192,000 504,000 204,000 Budgeted ending inventory 16,200 19,200 20,400 20,400 Total DM required (lbs.) 166,200 181,200 212,400 524,400 13,000 16,200 19,200 13.000 Beginning inventory Budgeted purchases (lbs.) 153,200 165,000 193,200 511,400 Standard cost per pound $ 1.50 $ 1.50 $ 1.50 $ 1.50 Budgeted purchases cost $ 229,800 $ 247,500 $ 289,800 $ 767,100 January February March Quarter Budgeted production 25,000 27,000 32,000 84,000 Standard DLH per unit x 0.20 x 0.20 x 0.20 x 0.20 Total DLH required 5,000 5,400 6,400 16,800 Standard wage rate x $ 20 $20 $ 20 * $ 20 Budgeted DL cost $ 100,000 $ 108,000 $ 128,000 $336,000 Joshua plans to have 3,200 finished bricks at a cost of $ 46,000 in inventory at the beginning of the year. The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $ 12.25 per direct labor hour for fixed manufacturing overhead and $ 1.75 per direct labor hour for variable manufacturing overhead. Prepare Concord & Hill's ending inventory and cost of goods sold budget for the first quarter. Assuming that the company has no beginning and ending WIP inventory. (Round unit cost to 2 decimal places, e.g. 5.33 & all other answers to O decimal places, e.g. 5,275.) Direct Materials Beginning DM Inventory $ DM Purchases DM used in Production Ending DM Inventory Finished Goods Inventory Unit Costs Direct Material $ Direct Labor Overhead A Total Std. Cost per unit Ending FG Inventory (units) Ending FG Inventory ($) $ Cost of Goods Sold Beginning WIP $ P. Direct Materials used 4 Direct Labor 4 Overhead Total Mfg. Cost Ending WIP COGM Beginning FG Inventory Ending FG Inventory Budgeted COGS $