Lieux 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 materials) (Click the icon to view the direct-cost inputs Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead Information) Click the icon to view the finished goods inventory) Click the icon to view additional information) Read the requirements Requirement 1. Prepare the following budgets a. Prepare the revenues budget Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 150 5 393 S 58,950 Enter any number in the edit fields and then click Check Answer 2 8 parts Clear All remaining Check Answer Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Revenues Budget For the Month of March Units Selling Price Broncos Blankets 150 $ 393 $ Total revenues 58,950 94.800 Rams Blankets 200 474 $ Total 153,750 b. Prepare the production budget in units. Rams 200 Production Budget For the Month of March Broncos Budgeted units sales 150 Add target ending finished goods inventory 26 Total required units 176 16 Deduct beginning finished goods inventory 160 Units of finished goods to be produced 31 231 21 210 Enter any number in the edit fields and then click Check Answer c. Prepare the direct material usage budget and direct material purchases budget Begin with the physical units portion then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams Enter any number in the edit fields and then click Check Answer Material Broncos Rams Red wool Black wool logo patches logo patches Total Physical Units Budget Direct materials required for Broncos o'yds 160 0 Rams 960 0 yds 0 yds 960 yds 210 1,470 yds 1,470 yds 160 210 Total quantity of direct material to be used Cost Budget Enter any number in the edit fields and then click Check Answer Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Broncos Rams To be purchased this period Broncos Rams Direct materials to be used this period Enter any number in the edit fields and then click Check Answer mework Problems 14 of 16 (16 complete) Hankets for the athletic teams of the two local high Manufacturing overhead (both variable and fix manufacturing labor-hours per blanket (Click the icon to view the overhead inform (Click the icon to view the finished goods i informatio Additional Blanket Information x 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 Print Done swer. Clear All hulu cets for the athletic teams of the two local high Manufacturing overhead (both variable and fixe manufacturing labor-hours per blanket. AYClickathe icon to view the overhead informa in Budgeted Direct-Cost Inputs Jon The budgeted direct-cost inputs for each product in 2017 are as follows: Broncos Blanket Rams Blanket Red wool fabric 6 yards 0 yards 0 7 1 0 Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 0 1 5 hours 6 hours Print Done Done wer. Clear All hulu omework Problems 14 of 16 (16 complete) Direct Materials en blanke - X ) is ation Unit data pertaining to the direct materials for March 2017 are as follows: Vent 1.) Actual Beginning Direct Materials Inventory (3/1/2017) Broncos Blanket Rams Blanket Red wool fabric 45 yards 0 yards Black wool fabric 0 25 55 0 Broncos logo patches Rams logo patches 0 70 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket Red wool fabric 35 yards 0 yards Black wool fabric 0 35 Broncos logo patches 35 0 Rams logo patches 0 35 ck Answel Print Done hulu en blankets for the athletic teams of the two local high Manufacturing overhead (both variable and fixed) is alloc manufacturing labor-hours per blanket. Click the icon to view the overhead information) Direct-Cost Inputs - x V) Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) $ 11 $ 12 Black wool fabric (per yard) 16 15 Broncos logo patches (per patch) 9 9 Rams logo patches (per patch) 8 10 Manufacturing labor cost per hour 28 29 Print Done ck Answer Clear All hulu Escritor voolen blankets for the athletic teams of the two local high Manufacturing overhead (both variable and fixed manufacturing labor-hours per blanket. (Click the icon to view the overhead informati Click the icon to view the finished goods inve (Click the icon to view additional information. Manufacturing Overhead Information The budgeted variable manufacturing overhead rate for March 2017 is $18 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $16,480. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods, Print Done Check Answer. Clear All hulu 14 of 16 (16 complete) woolen blankets for the athletic teams of the two local high Manufacturing overhead (both variable and fixed) is alli manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) ! (Click the icon to view the finished goods inventory . Finished Goods Inventory Data relating to finished goods inventory for March 2017 are as follows: Broncos Blanket Rams Blanket Beginning inventory in units 16 21 Beginning inventory in dollars (cost) $ 2,400 $ 3,276 Target ending inventory in units 26 31 Print Done Check Answer Clear All hulu Escri en blankets for the athletic teams of the two local high Manufacturing overhead (both variable and fixed) is manufacturing labor-hours per blanket. (Click the icon to view the overhead information (Click the icon to view the finished goods invento Sales and Other Information Budgeted sales for March 2017 are 150 units of the Broncos blankets and 200 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $393 for the Broncos blankets and $474 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 2017 Print Done neck Answer. Clear All o hulu Esc 14 of 16 (16 complete) woolen blankets for the athletic teams of the two local high Manufacturing overhead (both variable and fixed) is al manufacturina labor hours ner blanket Requirements 1. a. C. d. Prepare the following budgets for March 2017 Revenues budget b. Production budget in units Direct material usage budget and direct material purchases budget Direct manufacturing labor costs budget Manufacturing overhead costs budget Ending inventories budget direct materials and finished goods) g. Cost of goods sold budget Suppose Lieux 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. f. 2. Print Done Check Answer Clear All hulu Escr