Oliver Inc. manufactures model airplane kits. Direct materials are

five

ounces of plastic per kit and the plastic costs

$3

per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires

0.25

hours of direct labor at an average cost of

$15

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

200,

400,

300,

and

500

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, $X.XX.)

Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "0" for zero balances.)

bf $15 per hour. Manufacturing overhead Oliver, Inc. manufactures model airplane kits. Direct materials are five ounces of plastic per kit and the plastic costs $3 per ounce. Indire 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 200, 400, 300, and 500 kits for the next four quarters. Oliver has no kits in beginning inventory. Determine the co Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Third Second Quarter Fourth Quarter Quarter Quarter Total 550 680 650 750 2,630 Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX.) Direct labor cost per kit 3.75 Direct materials cost per kit 15.00 Manufacturing overhead cost per kit 1.11 19.86 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "O" for zero balances.) 5 5 5 5 5 2,750 340 3,400 325 3,250 375 3,750 250 13,150 250 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce 3,625 3,090 870 3,725 340 4,000 375 13,400 870 325 Oliver, Inc. Cost of Goods Sold Budget For the Year Ended December 31 Second Third Quarter Quarter Quarter 2.220 3,385 3,300 12,530 3,625 31 s First $ 3 3 S 3$ Fourth Quarter Total S 6,660 $ 10,155$ 9,900 $ 10,875$ 37,590 Budgeted cost of direct materials purchases Beginning inventory 0 0 200 400 300 500 Kits produced and sold 1400 Total budgeted cost of goods sold Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Budgeted kits to be produced 550 0.25 680 0.25 650 0.25 750 0.25 2,630 0.25 Direct labor hours per unit Direct labor hours needed for production 137.50 15 170.00 15$ 162.50 15$ 187.50 15$ 657.50 15 Direct labor cost per hour Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? f $15 per hour. Manufacturing overhead Oliver, Inc. manufactures model airplane kits. Direct materials are five ounces of plastic per kit and the plastic costs $3 per ounce. Indire is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: (Click the icon to view the budgets.) Direct Labor Budget For the Year Ended December 31 Oliver projects sales of 200, 400, 300, and 500 kits for the next four quarters. Oliver has no kits in beginning inventory. Determine the co First Second Third Fourth Quarter Quarter Quarter Quarter Total 2,630 650 0.25 750 0.25 0.25 162.50 15$ 187.50 15$ 657.50 15 Budgeted kits to be produced 550 680 0.25 0.25 Direct labor hours per unit Direct labor hours needed for production 137.50 170.00 $ 15$ 15$ Direct labor cost per hour $ 2.063||$ 2,550 $ Budgeted direct labor cost Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 2.438$ 2.813||$ 9.863 Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX.) Direct labor cost per kit $ 3.75 Direct materials cost per kit 15.00 1.11 Manufacturing overhead cost per kit 19.86 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. 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 First Second Third Fourth Quarter Quarter Quarter Quarter Total 650 2,630 Beginning inventory 0 0 200 550 0.90 $ 680 0.90$ 750 0.90 $ 0.90||$ 0.90 400 300 500 1400 Kits produced and sold Total budgeted cost of goods sold Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs $ 495.00$ 135.00 612.00 $ 135.00 585.00 $ 135.00 675.00 $ 135.00 2,367.00 540.00 $ 630.00 $ 747.00 $ 720.00 $ 810.00 $ 2,907.00 137.50 170.00 162.50 187.50 657.50 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate $ 2,907.00 4.42 $ Print Done Done