Manufacturing overhead is allocated at the rate of $13 per direct manufacturing labor-hour.

Required: Based on the preceding projections and budget requirements for Fantastic, Good, and Okay, prepare the

following components/budgets for Worden for 2024. Show breakups where appropriate. Combine results for all

three products to get the total for the company, when appropriate.

1. Revenues budget (in dollars)

2. Production budget (in units)

3. Direct materials purchases budget (in quantities)

4. Direct materials purchases budget (in dollars)

5. Direct manufacturing labor budget (in dollars)

6. Manufacturing overhead budget (in dollars)

7. For each product, calculate the standard/budgeted cost per unit for: DM, DL, MOH, and the Total Cost.

8. Budgeted Finished Goods ending inventory (in dollars). Do this by using the Total Budgeted Cost Per Unit.

9. Cost of Goods Sold budget (in dollars). Use the Total Budgeted Cost Per Unit to calculate this budget.

Instructions:

This computer assignment is to prepare the basics (excluding the financial statements) of a Master Budget for the

company. This Master Budget is to be submitted to both the President and the Board of Directors of the company.

It should both be easy to read/follow and have a professional appearance.

Budgets are flexible and fluid and may change as managers have access to additional information. If the above

budget is computed manually, and a budgeting change is made to a key number, the entire budget would have to be

recomputed. This would be a redundant and time-consuming exercise. Instead, if a spreadsheet template that

employs simple formulas is constructed, a budgeting change can be made in a matter of seconds and the answers

will be recomputed automatically.

This computer assignment must be completed utilizing three sheets within an Excel file.

The first sheet should contain the data-entry section where you will enter the above data.

The second sheet should be the budgeting template where only formulas (linked to the data-entry section

from the first sheet) are used when calculating or presenting results. No credit will be given for any answer

where any of the numbers involved have just been typed in. I recommend you test your template upon

completion; i.e., change a key number in the data-entry section and see if the numbers in the template

recompute correctly.

The third sheet should be a quick answer sheet that gives a quick synopsis of the budgeting template

results. For instance, the Revenues Budget should show a budgeted revenue for each of the three products

as well as a total revenues budget for the company. That is, show both the totals of the subcomponents

(i.e., by product, direct material, etc.) and then, if appropriate, the total of these for the company. The

answers on this sheet should be referenced (i.e., from formulas) back to the Budgeting Template. No credit

will be given for any answer where any of the numbers involved are just typed in (i.e., are not referenced).

The Worden Corporation manufactures and sells three products, Fantastic, Cood, and Okay. In October 2023, Worden's Budget Department gathered the following data in order to prepare budgets for 2024