Oliver, Inc. manufactures model airplane kits. Direct materials are 4 ounces of plastic per kit and the plastic costs $4 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.50 hours of direct labor at an average cost of $30 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: (Click the icon to view the budgets.) Oliver projects sales of 350, 600, 450, and 400 kits for the next four quarters. Oliver has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, SX.XX) Total projected manufacturing cost per kit modocs example Get more help- MacBook Clear all Check answer Reference Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Quarter Second Third Fourth Quarter Quarter Quarter Total Budgeted kits to be produced 500 620 550 800 2,470 Direct materials (ounces) per kit 4 4 4 4 4 Direct materials needed for production 2,000 2,480 2,200 3,200 9,880 248 220 320 220 220 Plus: Desired direct materials in ending inventory Total direct materials needed 2,248 2,700 2,520 3,420 10,100 930 248 220 320 930 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 1,318 2,452 2,300 3,100 9,170 $ Direct materials cost per ounce 4 $ 4 $ 4 $ 4 $ 4 $ 5,272 $ 9,808 $ 9,200 $ 12,400 $ 36,680 Budgeted cost of direct materials purchases Oliver Inc. DemoDocs example Get more help Print Done Clear an $ 5,272 $ 9,808 $ 9,200 $ 12,400 $ 36,680 Budgeted cost of direct materials purchases Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 500 620 550 800 2,470 Direct labor hours per unit 0.50 0.50 0.50 0.50 0.50 Direct labor hours needed for production 250.00 310.00 275.00 400.00 1,235.00 $ 30 $ 30 $ 30 $ 30 $ 30 Direct labor cost per hour $ 7,500 $ 9,300 $ 8,250 $ 12,000 $ 37,050 Budgeted direct labor cost Oliver, Inc. UTODOCS Example Get more hemp Manufacturing Overhead Budget For the Year Ended December 31 Print Done Clear an Reference Budgeted direct labor cost Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 500 620 550 800 2,470 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40 VOH cost per kit Budgeted VOH $ 200.00 $ 248.00 $ 220.00 $ 320.00 $ 988.00 170.00 170.00 170.00 170.00 680.00 Budgeted FOH $ 370.00 $ 418.00 $ 390.00 $ 490.00 $ 1,668.00 Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Get more reip 250.00 310.00 275.00 400.00 1,235.00 $ 1,668.00 $ 1.35 Print Done Cital a Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "0" for zero balances.) Wilber, Inc. Cost of Goods Sold Budget For the Year Ended December 31 Beginning inventory Kits produced and sold Total budgeted cost of goods sold docs example Get more help - First Second Third Fourth Quarter Quarter Quarter Quarter Total