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C Fresh Pak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box Direct material required per 100 boxes: Paperboard ($.20 per pound) 30 pounds 70 pounds Corrugating medium ($.10 per pound) 20 pounds 30 pounds Direct labor required per 100 boxes ($12.00 per hour) .25 hour .50 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 495,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. i Indirect material Indirect labor Utilities Property taxes Insurance Depreciation Total $20,900.00 $65,000.00 $45,000.00 $18,000.00 $34,000.00 $56,000.00 $238,900 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel $95,000.00 Advertising $56,000.00 Management salaries and fringe benefits $60,000.00 Clerical wages and fringe benefits $46,000.00 Miscellaneous administrative expenses $4,000.00 Total $261,000 The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Finished goods: Box type C Box type P Sales Volume boxes 500,000 500,000 Sales Price per hundred boxes $150.00 200 5,000 pounds 10,000 pounds Expected inventory Jan 1st 30,000 15,000 Desired inventory Dec 31st 7,000 boxes 20,000 boxes Finished goods: Box type C Box type P Raw material: Paperboard Corrugating medium 30,000 15,000 5,000 pounds 10,000 pounds 5,000 boxes 15,000 boxes Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Include the following schedules. 5,000 pounds 10,000 pound 1. Sales budget. 2. Production budget. 3. Direct-material budget. 4. Direct-labor budget. 5. Production-overhead budget. 6. Selling and administrative expense budget. 7. Budgeted income statement. (Hint: To determine cost of goods sold, first compute the production cost per unit for each type of box. Include applied production overhead in the cost.) 4. Direct labor budget: Master Budget Box C Box P Total 1. Sales Budget: Box C Bax P Total Production requirements number of boxes Direct labor required per box hours Direct labor required for production hours Direct labor rate Total direct-tabor cost Salee (in units) Sales price per unit Sales revenue 2. Production Budget (in units): Box Box P Sales Add Desired ending inventory Total units needed Deduct: Beginning inventory Production requirements 5. Production overhead budget: Indirect material Indirect labor Utilities Property taxes Insurance Depreciation Total overhead 3. Raw material budget: PAPERBOARD 6. Selling and administrative expense budget: Salaries and fringe benefits of sales personnel Advertising Management salaries and fringe benerite Clerical wages and fringe benefits Miscellaneous administrative expenses Total selling and administrative experses Box C Box P Total Production requirements (number of boxes) Raw material required per box (pounds) Raw material required for production (pounds) ( Add Desired ending raw material inventory Total raw material needs Deduct: Beginning raw material inventory Raw material to be purchased Price (per pound) Cost of purchases (paperboard) CORRUGATING MEDIUM 7. Budgeted income statement: Sales revenue Less: Cost of goods sold: Box C C . Gross margin Selling and administrative expenses Income before taxes Income tax expense Box C Box P Total Net income Production requirements (number of boxes) Raw material required per box (pounds) Raw material required for production (pounds) Add Desired ending raw material inventory Total raw-material needs Deduct: Beginning raw material inventory Raw material to be purchased Price (per pound) Cost of purchases (corrugating medium) "Calculation of cost of goods sold: (al Predetermined overhead rate Budgeted manufacturing overhead rate Volume of direct labor hours Rate per hour Total cost of raw material purchases (bl Calculation of manufacturing cost per unit: Bax C Box P Direct material Paperbaard Corrugating medium Direct labor Applied manufacturing overhead Manufacturing cost per unit Master Budget 1. Sales Budget: Box C Box P Total Sales (in units) Sales price per unit Sales revenue 2. Production Budget (in units): Box C Box P Sales Add: Desired ending inventory Total units needed Deduct: Beginning inventory Production requirements 3. Raw material budget: PAPERBOARD Box C Box P Total Production requirements (number of boxes) Raw material required per box (pounds) Raw material required for production (pounds) Add: Desired ending raw-material inventory Total raw-material needs Deduct: Beginning raw-material inventory Raw material to be purchased Price (per pound) Cost of purchases (paperboard) CORRUGATING MEDIUM Box C Box P Total Production requirements (number of boxes) Raw material required per box (pounds) Raw material required for production (pounds) Add: Desired ending raw-material inventory Total raw-material needs Deduct: Beginning raw-material inventory Raw material to be purchased Price (per pound) Cost of purchases (corrugating medium) Total cost of raw-material purchases 4. Direct labor budget: Box C Box P Total Production requirements (number of boxes) Direct labor required per box (hours) Direct labor required for production (hours) Direct-labor rate Total direct-labor cost 5. Production overhead budget: Indirect material Indirect labor Utilities Property taxes Insurance Depreciation Total overhead 6. Selling and administrative expense budget: Salaries and fringe benefits of sales personnel Advertising Management salaries and fringe benefits Clerical wages and fringe benefits Miscellaneous administrative expenses Total selling and administrative expenses 7. Budgeted income statement: Sales revenue Less: Cost of goods sold:* Box C Box P Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income *Calculation of cost of goods sold: (a) Predetermined overhead rate Budgeted manufacturing overhead rate Volume of direct-labor hours Rate per hour (b) Calculation of manufacturing cost per unit: Box C Box P Direct material Paperboard Corrugating medium Direct labor Applied manufacturing overhead Manufacturing cost per unit