lace specialties

blanket Lace Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools Click the icon to view additional information) (Click the icon to view the budgeted direct-cost) Click the icon to view the direct matenals.) Click the icon to view the direct-cost inputs :) CH Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per Click the icon to view the overhead information) (Click the icon to view the finished goods inventory) (Click the icon to view additional information) Result www.imante Requirement 1. Prepare the following budgets a. Prepare the revenues budget Revenues Budget For the Month of March Units Selling Price Broncos Blankets 130$ Total revenues 20.770 2295 other things od fo - Additional blanket information d nat os The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. . bul -udd Print Done of N - Budgeted direct-cost inputs Hit The budgeted direct-cost inputs for each product in 2020 are as follows: Broncos Blanket Rams Blanket Red wool fabric 4 yards O yards O yards 5 yards 1 0 Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 0 1 folll 3 hours 4 hours bet end M Print Done 30 Direct materials Data pertaining to the direct materials for March 2020 are as follows: Actual Beginning Direct Materials Inventory, March 1, 2020 Broncos Blanket Rams Blanket Red wool fabric 35 yards O yards Black wool fabric 0 yards 15 yards Broncos logo patches 45 0 Rams logo patches 0 60 Target Ending Direct Materials Inventory, March 31, 2020 Broncos Blanket Rams Blanket Red wool fabric 25 yards O yards Black wool fabric O yards 25 yards M Print Done Direct materials Broncos Blanket Rams Blanket Red wool fabric 35 yards O yards O yards 15 yards 0 Black wool fabric 45 Broncos logo patches Rams logo patches 0 60 Target Ending Direct Materials Inventory, March 31, 2020 Broncos Blanket Rams Blanket Red wool fabric 25 yards O yards 25 O yards 25 yards Black wool fabric Broncos logo patches Rams logo patches 0 0 25 - Direct-cost inputs Unit cost data for direct-cost inputs pertaining to February 2020 and March 2020 are as follows: February 2020 (actual) March 2020 (budgeted) Red wool fabric (per yard) $ 9 $ 10 Black wool fabric (per yard) 12 11 Broncos logo patches (per patch) 7 7 Rams logo patches (per patch) 6 8 Manufacturing labor cost per hour 26 27 C Print Done - - Manufacturing overhead information The budgeted variable manufacturing overhead rate for March 2020 is $16 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2020 is $14,640. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Print Done - - Finished goods inventory Data relating to finished goods inventory for March 2020 are as follows: Broncos Blanket Rams Blanket Beginning inventory in units 12 17 Beginning inventory in dollars (cost) $ 1,440 $ 2,550 Target ending inventory in units 22 27 Print Done Manathar thunge wa Sales and other information Budgeted sales for March 2020 are 130 units of the Broncos blankets and 190 units of the Rams blankets. The budgeted selling prices per unit in March 2020 are $229 for the Broncos blankets and $296 for the Rams blankets. Assume the following in your answer Work-in-process inventories are negligible and ignored. Direct materials inventory and finished goods inventory are costed using the FIFO method. Unit costs of direct materials purchased and finished goods are constant in March 2020. . Print Done Requirements a. c. 1. Prepare the following budgets for March 2020 Revenues budget b. Production budget in units Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget 2. Suppose Lace Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. e. bal je Print Done