Joshua Hill, Bonita & Hill Fabricators production manager, has just received the companys sales budget for the first quarter:

Its manufacturing overhead budget for the first quarter is as follows:

He also has received the direct materials purchases budget and direct labor budget which were as follows:

Joshua plans to have 1,456 finished bricks at a cost of $12,740 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 per direct labor hour for fixed manufacturing overhead and $0.70 per direct labor hour for variable manufacturing overhead. Prepare Bonita & Hills 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 3 decimal places, e.g. 0.533 & all other answers to 0 decimal places, e.g. 5,275.)

January February Quarter 9,10024,440 1,508 25,948 1,456 24,492 March Budgeted unit sales Budgeted ending inventory Total units required Beginning inventory Budgeted production 5,200 2,028 7,228 1,456 5,772 10,140 1,820 1,508 11,960 10,608 1,820 8,788 2,028 9,932