Oliver, Inc. manufactures model airplane kits and projects production at 450, 220, 600, and 300 kits for the next four quarters
Prepare Oliver's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number
Oliver, Inc. manufactures model airplane kits and projects production at 150, 220, 600, and 300 kits for the next four quarters (Click the icon to view the manufactunng information.) Prepare Oliver's direct materials budget direct labur budget and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeled overhead custs, and predetermined overhead allocation rate to two decimal places. Round alter amounts to the nearest whole number. Bogin by preparing Oliver's direct matcrials budget Ollver, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Fourth Third Quarter Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct mais needed Less: Burgeled purchases of direct materials Direct materials cost per ounce Budacted cost of direct materials purchases Prepare the direct labor budget. (Enter any hours as a decimal to two places X.XX, and round al other amounts to the nearest whole number.) Oliver, Ine. Direct Labor Budget Choose from any list or enter any number in the input fields and then continue to the next question Type here to search 9:21 PM AJA 475/2020 11 Oliver, Inc manufactures model airplane kits and projects production at 450 220, 600, and 300 kits for the next four quarters (Click the icon to view the manufacturing information.) Prepare Oliver's direct matenals budget direct labor budget and manufacturing overhead budget for the year Round the direct labor hours needed for production budgeted overhead costs, and predetermined overhead allocation rate to two decimal places Round other amounts to the nearest whole number. Prepare the direct labor budget. (Enter any hours as a decimal to two places XXX and round all other amounts to the nearest whole number) Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second | Third Quarter Quarter Quarter Fourth Quarter Total Direct labor hours needed for production Budgeted direct labor cost Prepare the manufacturing overhead budget (Enter all costs and hours as a decimal to two places X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Oliver, Inc. Manufacturing Overhead Budget Choose from any list or enter any number in the input fields and then continue to the next question = Type here to search o f CN P 9:23 PM * 4/25/2029 m Oliver, Inc manufactures model airplane kits and projects production at 450 220, 600, and 300 kits for the next four quarters (Click the icon to view the manufacturing information.) Prepare Oliver's direct matenals budget direct labor budget and manufacturing overhead budget for the year Round the direct labor hours needed for production budgeted overhead costs, and predetermined overhead allocation rate to two decimal places Round other amounts to the nearest whole number. Prepare the manufacturing overhead budget (Enter all costs and hours as a decimal to two places X.XX. Abbreviations used: VOH - variable manufacturing overhead; FOH - fixed manufacturing overhead.) Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Quartar Quarter Third Fourth Quarter Quarter Total VOH cost per kit Budgeted VOH Budgeted FOH Budgeled manufacturing overhead costs Direct labor hours Hudgeted manufactuning overhead costs Predetermined overhead allocation rate Choose from any list or enter any number in the input fields and then continue to the next question = Type here to search o f CN P 9:23 PM 4/25/2020 11 * More Info Direct materials are 4 ounces of plastic per kit and the plastic costs $1 per ounce Indirect materials are considered insignificant and are not included in the budgeting process Beginning Raw Materials inventory s 930 Ounces, and the company des res to end each quarter with 20% of the matenals needed for the next quarter's production. Oliver desires a balance of 280 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor alan average cost of $55 per hour Manufacturing overhead is allocated using direct labor hours as the allocation base. Vanable overhead is $0.40 per kit and forced overhead is $175 per quarter. Print Done
