Oliver , Inc. manufactures model airplane kits. Direct materials are 5 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 .75 hours of direct labor at an average cost of $55 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets

Oliver projects sales of 400,100 ,500 ,300 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.

Prepare a cost of goods sold budget for the year

steven perez | 07/29/20 8:08 PM Homework: Chapter 22 Homework Save core: 5.25 of 15 pts 13 of 16 (14 complete) N Score: 41.99%, 41.99 of 100 pts F22.25 (similar tol Question Help i Reference nd ab ect ge cor Oliver, Inc. OR hel ded Fourth Direct Labor Budget For the Year Ended December 31 First Second Third Quarter Quarter Quarter 450 220 400 0.75 0.75 0.75 D Quarter Total M 650 0.75 1,720 0.75 Tof Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production Pre 337.50 55 S 165.00 55 $ 300.00 55$ 487.50 55$ 1,290.00 55 S Direct labor cost per hour S 18,5635 9.0755 16.500 5 26,8135 70,950 Budgeted direct labor cost Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Ba Fourth Kit Quarter Quarter Quarter Quarter Total To 450 221 anal 6501 Rudanted kits to be produced 1 720 Cho Print Done Check Answer All parts showing "Clear All 8:08 PM 7/29/2020 mework: Chapter 22 Homework 5.25 of 15 pts 13 of 16 (14 complete) N Score: 41.99% 41.99 of 100 22.25 similar tal Question Helo i Reference Oliver, Inc. Total 1,720 8,600 2.250 Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter 450 Budgeted kits to be produced 220 400 650 5 5 Direct materials (ounces) per kit 1.100 2.000 3.250 Direct materials needed for production Desired direct materials in ending 330 600 975 280 Plus: inventory 2,580 1.700 2.975 Total direct materials needed 3,530 Direct materials in beginning 910 330 600 975 "Less inventory 1,670 1.370 2,375 2.555 Budgeted purchases of direct materials 4 $ 4 $ Direct materials cost per ounce Budgeted cost of direct materials 6.680 S 5.480S 9.500 5 *10.220$ purchases 280 8.880 910 7.970 45 31.880 Oliver, Inc. Print Done Check Answer Crear Air STOWg (Click the icon to view the budgets.) Oliver projects sales of 400, 100, 500, and 300 kits for the next four quarters. Oliver has no kits in beginning inventory. Det the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts decimal places Direct materials cost per kit 20.00 Direct labor cost per kit 41.25 Manufacturing overhead cost per kit 0.60 61.85 Total projected manufacturing cost per kit $ Prepare a cost of goods sold budget for the year. (Complete all answer boxes. Enter "0" for zero balances.) Oliver, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning inventory Kits produced and sold Total budgeted cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer Clear All Check Answer All parts showing | . ) * 22-25 (similar toll Question Hels Reference ct $ Budgeted direct labor cost 18,5635 9,075$ 16,500||$ 10.950 26,8135 Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 450 220 0.25$ 400 0.25$ 650 0.25 $ 1,720 0.25 $ 0.25 $ $ Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs 112.50 $ 150.00 55.00 $ 150.00 100.00 $ 150.00 162.50 $ 150.00 430.00 600.00 262.50ls 205.00 $ 250.00 $ 312.50 $ 1.030.00 337,50 165.00 300.00 487.50 1,290.00 $ 1.030.00 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 0.80 ? Print Done nd neck Answer 11 barts Showing 8:08 PM 7/29/2020 bec