Oliver 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.)

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: (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 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.) Reference X Total projected manufacturing cost per kit Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 680 650 750 2,630 550 5 5 5 5 5 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 2,750 340 3,400 325 3,250 375 3,750 250 13,150 250 3,090 870 3,725 340 3,625 325 4,000 375 13,400 870 12,530 2,220 3 $ 3,385 3$ 3,300 3$ 3,625 3 $ $ Direct materials cost per ounce $ 6,660 $ 10,155 $ 9,900 $ 10,875$ 37,590 Budgeted cost of direct materials purchases Oliver, Inc. Direct Labor Budget For the Year Ended December 31 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. per hour. Manufacturing overhead Oliver, Inc. manufactures model airplane kits. Direct materials are five ounces of plastic per kit and the is allocated using direct labor hours as the allocation base. The company has prepared the following bu (Click the icon to view the budgets.) 6,660 $ 10.155$ 9,900 $ 10,875$ 37,590 Budgeted cost of direct materials purchases Oliver projects sales of 200, 400, 300, and 500 kits for the next four quarters. Oliver has no kits in begin Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 2,630 550 0.25 680 0.25 Total projected manufacturing cost per kit 650 0.25 750 0.25 0.25 Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour 657.50 137.50 15$ 170.00 15$ 162.50 15$ 187.50 15$ $ 15 $ 2,063||$ 2,550 $ 2,438 $ 2,813 $ 9,863 Budgeted direct labor cost Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 550 0.90 $ 680 0.90$ 650 0.90 $ 750 0.90 $ 2.630 0.90 $ Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH $ 675.00 $ 495.00 $ 135.00 612.00 $ 135.00 585.00 $ 135.00 2.367.00 540.00 135.00 $ 630.00 $ 747.00 $ 720.00 $ 810.00 $ 2,907.00 Budgeted manufacturing overhead costs Print Done Choose from any list or enter any number in the input fields and then click Check Answer. EM7-25 (similar to) Question Help Reference per hour. Manufacturing overhea Oliver, Inc. manufactures model airplane kits. Direct materials are five ounces of plastic per kit and the is allocated using direct labor hours as the allocation base. The company has prepared the following bu (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 begin For the Year Ended December 31 First Second Quarter Third Quarter Fourth Quarter Quarter Total Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal Budgeted kits to be produced 2.630 550 0.25 680 0.25 650 0.25 750 0.25 0.25 Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour 137.50 187.50 170.00 15$ 162.50 15$ 657.50 15 $ 15$ 15$ Total projected manufacturing cost per kit $ 2,063 $ 2,550 $ 2,438$ 2,813||$ 9,863 Budgeted direct labor cost Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 2,630 550 0.90 $ 680 0.90 $ 650 0.90$ 750 0.90$ $ 0.90 Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH $ 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 Budgeted manufacturing overhead costs Direct labor hours 137.50 170.00 162.50 187.50 657.50 Budgeted manufacturing overhead costs $ $ 2,907.00 4.42 Predetermined overhead allocation rate Print Done Choose from any list or enter any number in the input fields and then click Check