Only E, F, and G to be answered Please provide calculations for each answer , be very detailed as to where you got your numbers from Thank you (Only for E, F, and G) Requirement 1a Prepare the revenues budget Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 220 $ 1,237 $ 272,140 Rams Blankets 235 313,490 1,334 Total $ 585,630 Rams Requirement 1b Prepare the production budget in units Production Budget For the Month of March Broncos Budgeted units sales Add target ending finished goods inventory 40 Total required units 260 Deduct beginning finished goods inventory 30 Units of finished goods to be produced 230 220 235 45 280 35 245 Requirement 1c Prepare the direct material usage budget and direct material purchases budget Begin with the physical units portion, and then prepare the cost budget portion of the direct material usage budget (For amounts with a zero balance, make sure to enter 0 in the appropriate cell ) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams logo patches Red wool Black wool logo patches Total 2 990 yds 230 0 0 0 yds 3,430 yds 3,430 yds 245 230 245 Physical Units Budget Direct materials required for Broncos Rams 0 yds 2 990 Total quantity of direct material to be used yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost flow assumption) Broncos $ 1,440 Rams 0 To be purchased this period Broncos 55,290 $ 0 $ $ 1,440 0 1,800 1,575 2,240 0 97,730 Rams 0911 2,380 $ 56,730 $ 99,530 $ 3,680 Direct materials to be used this period 3,955 $ 163,895 Rams logo patches Total Now prepare March's direct material purchases budget Direct Materials Purchases Budget For the Month of March Materials Broncos Red wool Black wool logo patches Physical Units Budget To be used in production 230 Add target ending inventory 70 Total requirement 300 Deduct beginning inventory 60 yds 90 Purchases to be made 2,980 3,440 210 yds yds Cost Budget Purchases $ 56,620 $ 99,760 3,360 2,990 yds 3,430 yds 245 70 yds 70 yds 70 3,060 yds 3,500 yds 315 80 yds 105 210 $ 3,570 $ 163,310 Requirement 1d Prepare the direct manufacturing labour costs budget (Abbreviation used DMLH Direct manufacturing labour hours) Direct Manufacturing Labour Costs Budget For the Month of March Output units DMLH Total Hourly produced per unit DMLH wage rate Total Broncos blankets 230 12 0 2,760 $ 36 $ 99,360 Rams blankets 245 13 0 3,185 36 114,660 Total 214,020 $ Requirement 1e Prepare the manufacturing overhead costs budget Manufacturing Overhead Budget For the Month of March Variable manufacturing overhead costs $ 148,625 Fixed manufacturing overhead costs 35,670 $ Total manufacturing overhead costs 184,295 Requirement 1f Prepare the ending inventories budget direct materials and finished goods) Ending Inventories Budget March 31, 2017 Quantity Cost per unit Total Direct materials Red wool 70 $ 19 $ Black wool 70 29 Broncos logo 70 16 1,120 Rams logo 70 17 1,190 $ 5,670 1,330 2,030 40 $ 1,067 00 Finished goods Broncos blankets Rams blankets Total ending inventory 42,680 58,230 45 1,294 00 100,910 $ 106,580 Requirement 1g Prepare the cost of goods sold budget Cost of Goods Sold Budget For the Month of March, 2017 $ 12,305 Beginning finished goods inventory, March 1 Direct materials used Direct manufacturing labour $ 163,895 214,020 184,295 Manufacturing overhead 562,210 Cost of goods manufactured Cost of goods available for sale 574,515 Deduct ending finished goods inventory, March 31 100,910 $ 473,605 Cost of goods sold Requirement 2 Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process Select two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Direct manufacturing labour can incorporate continuous improvement by revising the budgeted usage of 12 hours and 13 hours on a monthly basis To continually improve the direct material usage budget, the company should verify that the beginning inventory is as low as possible to decrease the materials used during production By increasing the target ending finished goods inventory, Lakin Specialties will reduce the production budget, therefore continually improving the direct material purchases budget Only by reducing the budget on a monthly basis for the amounts of fixed overhead can Lakin Specialties continually improve fixed manufacturing overhead Lakin Specialties can continually improve variable manufacturing overhead by budgeting more efficient use of the allocation base X Additional blanket information Required Finished goods inventory a The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site The teams are as follows Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets 1 Prepare the following budgets for March 2017 Revenues budget b Production budget in units c Direct material usage budget and direct material purchases budget d Direct manufacturing labour costs budget e Manufacturing overhead costs budget f Ending inventories budget (direct materials and finished goods) g Cost of goods sold budget 2 Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Data relating to finished goods inventory for March 2017 are as follows Broncos Blanket Rams Blanket Beginning inventory in units 30 35 Beginning inventory in dollars (cost) $ 6,600 $ 5,705 Target ending inventory in units 40 45 Print Done Print Done Budgeted direct cost inputs The budgeted direct cost inputs for each product in 2017 are as follows Sales and other information Direct materials Broncos Blanket Rams Blanket Red wool fabric 0 yards Unit data pertaining to the direct materials for March 2017 are as follows 13 yards 0 Black wool fabric 14 Actual Beginning Direct Materials Inventory (3 1 2017) Broncos Blanket Rams Blanket 1 0 Budgeted sales for March 2017 are 220 units of the Broncos blankets and 235 units of the Rams blankets The budgeted selling prices per unit in March 2017 are $1,237 for the Broncos blankets and $1,334 for the Rams blankets Assume the following in your answer Work in process inventories are negligible and ignored Direct materials inventory and finished goods inventory are costed using the FIFO method Unit costs of direct materials purchased and finished goods are constant in March 2017 Broncos logo patches Rams logo patches Direct manufacturing labour 0 1 Red wool fabric 80 yards O yards 12 hours 13 hours 0 60 Black wool fabric Broncos logo patches Rams logo patches 90 0 0 105 Direct cost inputs Print Done Target Ending Direct Materials Inventory (3 31 2017) Broncos Blanket Rams Blanket Red wool fabric 70 yards O yards Black wool fabric 0 70 Broncos logo patches 70 0 Rams logo patches 0 70 Manufacturing overhead information Unit cost data for direct cost inputs pertaining to February 2017 and March 2017 are as follows February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) S 18 S 19 Black wool fabric (per yard) 30 29 Broncos logo patches (per patch) 16 16 Rams logo patches (per patch) 15 17 Manufacturing labour cost per hour 35 36 The budgeted variable manufacturing overhead rate for March 2017 is $25 per direct manufacturing labour hour The budgeted fixed manufacturing overhead for March 2017 is $35 670 Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods Print Done Requirement 1a Prepare the revenues budget Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 220 $ 1,237 $ 272,140 Rams Blankets 235 313,490 1,334 Total $ 585,630 Rams Requirement 1b Prepare the production budget in units Production Budget For the Month of March Broncos Budgeted units sales Add target ending finished goods inventory 40 Total required units 260 Deduct beginning finished goods inventory 30 Units of finished goods to be produced 230 220 235 45 280 35 245 Requirement 1c Prepare the direct material usage budget and direct material purchases budget Begin with the physical units portion, and then prepare the cost budget portion of the direct material usage budget (For amounts with a zero balance, make sure to enter 0 in the appropriate cell ) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams logo patches Red wool Black wool logo patches Total 2 990 yds 230 0 0 0 yds 3,430 yds 3,430 yds 245 230 245 Physical Units Budget Direct materials required for Broncos Rams 0 yds 2 990 Total quantity of direct material to be used yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost flow assumption) Broncos $ 1,440 Rams 0 To be purchased this period Broncos 55,290 $ 0 $ $ 1,440 0 1,800 1,575 2,240 0 97,730 Rams 0911 2,380 $ 56,730 $ 99,530 $ 3,680 Direct materials to be used this period 3,955 $ 163,895 Rams logo patches Total Now prepare March's direct material purchases budget Direct Materials Purchases Budget For the Month of March Materials Broncos Red wool Black wool logo patches Physical Units Budget To be used in production 230 Add target ending inventory 70 Total requirement 300 Deduct beginning inventory 60 yds 90 Purchases to be made 2,980 3,440 210 yds yds Cost Budget Purchases $ 56,620 $ 99,760 3,360 2,990 yds 3,430 yds 245 70 yds 70 yds 70 3,060 yds 3,500 yds 315 80 yds 105 210 $ 3,570 $ 163,310 Requirement 1d Prepare the direct manufacturing labour costs budget (Abbreviation used DMLH Direct manufacturing labour hours) Direct Manufacturing Labour Costs Budget For the Month of March Output units DMLH Total Hourly produced per unit DMLH wage rate Total Broncos blankets 230 12 0 2,760 $ 36 $ 99,360 Rams blankets 245 13 0 3,185 36 114,660 Total 214,020 $ Requirement 1e Prepare the manufacturing overhead costs budget Manufacturing Overhead Budget For the Month of March Variable manufacturing overhead costs $ 148,625 Fixed manufacturing overhead costs 35,670 $ Total manufacturing overhead costs 184,295 Requirement 1f Prepare the ending inventories budget direct materials and finished goods) Ending Inventories Budget March 31, 2017 Quantity Cost per unit Total Direct materials Red wool 70 $ 19 $ Black wool 70 29 Broncos logo 70 16 1,120 Rams logo 70 17 1,190 $ 5,670 1,330 2,030 40 $ 1,067 00 Finished goods Broncos blankets Rams blankets Total ending inventory 42,680 58,230 45 1,294 00 100,910 $ 106,580 Requirement 1g Prepare the cost of goods sold budget Cost of Goods Sold Budget For the Month of March, 2017 $ 12,305 Beginning finished goods inventory, March 1 Direct materials used Direct manufacturing labour $ 163,895 214,020 184,295 Manufacturing overhead 562,210 Cost of goods manufactured Cost of goods available for sale 574,515 Deduct ending finished goods inventory, March 31 100,910 $ 473,605 Cost of goods sold Requirement 2 Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process Select two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Direct manufacturing labour can incorporate continuous improvement by revising the budgeted usage of 12 hours and 13 hours on a monthly basis To continually improve the direct material usage budget, the company should verify that the beginning inventory is as low as possible to decrease the materials used during production By increasing the target ending finished goods inventory, Lakin Specialties will reduce the production budget, therefore continually improving the direct material purchases budget Only by reducing the budget on a monthly basis for the amounts of fixed overhead can Lakin Specialties continually improve fixed manufacturing overhead Lakin Specialties can continually improve variable manufacturing overhead by budgeting more efficient use of the allocation base X Additional blanket information Required Finished goods inventory a The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site The teams are as follows Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets 1 Prepare the following budgets for March 2017 Revenues budget b Production budget in units c Direct material usage budget and direct material purchases budget d Direct manufacturing labour costs budget e Manufacturing overhead costs budget f Ending inventories budget (direct materials and finished goods) g Cost of goods sold budget 2 Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Data relating to finished goods inventory for March 2017 are as follows Broncos Blanket Rams Blanket Beginning inventory in units 30 35 Beginning inventory in dollars (cost) $ 6,600 $ 5,705 Target ending inventory in units 40 45 Print Done Print Done Budgeted direct cost inputs The budgeted direct cost inputs for each product in 2017 are as follows Sales and other information Direct materials Broncos Blanket Rams Blanket Red wool fabric 0 yards Unit data pertaining to the direct materials for March 2017 are as follows 13 yards 0 Black wool fabric 14 Actual Beginning Direct Materials Inventory (3 1 2017) Broncos Blanket Rams Blanket 1 0 Budgeted sales for March 2017 are 220 units of the Broncos blankets and 235 units of the Rams blankets The budgeted selling prices per unit in March 2017 are $1,237 for the Broncos blankets and $1,334 for the Rams blankets Assume the following in your answer Work in process inventories are negligible and ignored Direct materials inventory and finished goods inventory are costed using the FIFO method Unit costs of direct materials purchased and finished goods are constant in March 2017 Broncos logo patches Rams logo patches Direct manufacturing labour 0 1 Red wool fabric 80 yards O yards 12 hours 13 hours 0 60 Black wool fabric Broncos logo patches Rams logo patches 90 0 0 105 Direct cost inputs Print Done Target Ending Direct Materials Inventory (3 31 2017) Broncos Blanket Rams Blanket Red wool fabric 70 yards O yards Black wool fabric 0 70 Broncos logo patches 70 0 Rams logo patches 0 70 Manufacturing overhead information Unit cost data for direct cost inputs pertaining to February 2017 and March 2017 are as follows February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) S 18 S 19 Black wool fabric (per yard) 30 29 Broncos logo patches (per patch) 16 16 Rams logo patches (per patch) 15 17 Manufacturing labour cost per hour 35 36 The budgeted variable manufacturing overhead rate for March 2017 is $25 per direct manufacturing labour hour The budgeted fixed manufacturing overhead for March 2017 is $35 670 Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods Print Done

Question

Only E, F, and G to be answered  Please provide calculations for each answer , be very detailed as to where you got your numbers from  Thank you  (Only for E, F, and G) Requirement 1a  Prepare the revenues budget  Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 220 $ 1,237 $ 272,140 Rams Blankets 235 313,490 1,334 Total $ 585,630 Rams Requirement 1b  Prepare the production budget in units  Production Budget For the Month of March Broncos Budgeted units sales Add target ending finished goods inventory 40 Total required units 260 Deduct beginning finished goods inventory 30 Units of finished goods to be produced 230 220 235 45 280 35 245 Requirement 1c  Prepare the direct material usage budget and direct material purchases budget  Begin with the physical units portion, and then prepare the cost budget portion of the direct material usage budget  (For amounts with a zero balance, make sure to enter  0  in the appropriate cell ) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams logo patches Red wool Black wool logo patches Total 2 990 yds  230 0 0 0 yds  3,430 yds  3,430 yds  245 230 245 Physical Units Budget Direct materials required for Broncos Rams 0 yds  2 990 Total quantity of direct material to be used yds  Cost Budget Available from beginning direct materials inventory (under a FIFO cost flow assumption) Broncos $ 1,440 Rams 0 To be purchased this period Broncos 55,290 $ 0 $ $ 1,440 0 1,800 1,575 2,240 0 97,730 Rams 0911 2,380 $ 56,730 $ 99,530 $ 3,680 Direct materials to be used this period 3,955 $ 163,895 Rams logo patches Total Now prepare March's direct material purchases budget Direct Materials Purchases Budget For the Month of March Materials Broncos Red wool Black wool logo patches Physical Units Budget To be used in production 230 Add target ending inventory 70 Total requirement 300 Deduct beginning inventory 60 yds  90 Purchases to be made 2,980 3,440 210 yds yds  Cost Budget Purchases $ 56,620 $ 99,760 3,360 2,990 yds  3,430 yds 245 70 yds  70 yds  70 3,060 yds  3,500 yds  315 80 yds  105 210 $ 3,570 $ 163,310 Requirement 1d  Prepare the direct manufacturing labour costs budget  (Abbreviation used  DMLH   Direct manufacturing labour hours) Direct Manufacturing Labour Costs Budget For the Month of March Output units DMLH Total Hourly produced per unit DMLH wage rate Total Broncos blankets 230 12 0 2,760 $ 36 $ 99,360 Rams blankets 245 13 0 3,185 36 114,660 Total 214,020 $ Requirement 1e  Prepare the manufacturing overhead costs budget  Manufacturing Overhead Budget For the Month of March Variable manufacturing overhead costs $ 148,625 Fixed manufacturing overhead costs 35,670 $ Total manufacturing overhead costs 184,295 Requirement 1f  Prepare the ending inventories budget direct materials and finished goods)  Ending Inventories Budget March 31, 2017 Quantity Cost per unit Total Direct materials Red wool 70 $ 19 $ Black wool 70 29 Broncos logo 70 16 1,120 Rams logo 70 17 1,190 $ 5,670 1,330 2,030 40 $ 1,067 00 Finished goods Broncos blankets Rams blankets Total ending inventory 42,680 58,230 45 1,294 00 100,910 $ 106,580 Requirement 1g  Prepare the cost of goods sold budget  Cost of Goods Sold Budget For the Month of March, 2017 $ 12,305 Beginning finished goods inventory, March 1 Direct materials used Direct manufacturing labour $ 163,895 214,020 184,295 Manufacturing overhead 562,210 Cost of goods manufactured Cost of goods available for sale 574,515 Deduct ending finished goods inventory, March 31 100,910 $ 473,605 Cost of goods sold Requirement 2  Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process  Select two areas where it could incorporate continuous improvement into the budget schedules in requirement 1  Direct manufacturing labour can incorporate continuous improvement by revising the budgeted usage of 12 hours and 13 hours on a monthly basis  To continually improve the direct material usage budget, the company should verify that the beginning inventory is as low as possible to decrease the materials used during production  By increasing the target ending finished goods inventory, Lakin Specialties will reduce the production budget, therefore continually improving the direct material purchases budget  Only by reducing the budget on a monthly basis for the amounts of fixed overhead can Lakin Specialties continually improve fixed manufacturing overhead  Lakin Specialties can continually improve variable manufacturing overhead by budgeting more efficient use of the allocation base    X Additional blanket information Required Finished goods inventory a  The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site  The teams are as follows  Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets  1  Prepare the following budgets for March 2017  Revenues budget b  Production budget in units c  Direct material usage budget and direct material purchases budget d  Direct manufacturing labour costs budget e  Manufacturing overhead costs budget f  Ending inventories budget (direct materials and finished goods) g  Cost of goods sold budget 2  Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process  Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Data relating to finished goods inventory for March 2017 are as follows  Broncos Blanket Rams Blanket Beginning inventory in units 30 35 Beginning inventory in dollars (cost) $ 6,600 $ 5,705 Target ending inventory in units 40 45 Print Done Print Done Budgeted direct cost inputs The budgeted direct cost inputs for each product in 2017 are as follows  Sales and other information Direct materials Broncos Blanket Rams Blanket Red wool fabric 0 yards Unit data pertaining to the direct materials for March 2017 are as follows  13 yards 0 Black wool fabric 14 Actual Beginning Direct Materials Inventory (3 1 2017) Broncos Blanket Rams Blanket 1 0 Budgeted sales for March 2017 are 220 units of the Broncos blankets and 235 units of the Rams blankets  The budgeted selling prices per unit in March 2017 are $1,237 for the Broncos blankets and $1,334 for the Rams blankets  Assume the following in your answer  Work in process inventories are negligible and ignored  Direct materials inventory and finished goods inventory are costed using the FIFO method  Unit costs of direct materials purchased and finished goods are constant in March 2017 Broncos logo patches Rams logo patches Direct manufacturing labour 0 1 Red wool fabric 80 yards O yards 12 hours 13 hours 0 60 Black wool fabric Broncos logo patches Rams logo patches 90 0 0 105 Direct cost inputs Print Done Target Ending Direct Materials Inventory (3 31 2017) Broncos Blanket Rams Blanket Red wool fabric 70 yards O yards Black wool fabric 0 70 Broncos logo patches 70 0 Rams logo patches 0 70 Manufacturing overhead information Unit cost data for direct cost inputs pertaining to February 2017 and March 2017 are as follows  February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) S 18 S 19 Black wool fabric (per yard) 30 29 Broncos logo patches (per patch) 16 16 Rams logo patches (per patch) 15 17 Manufacturing labour cost per hour 35 36 The budgeted variable manufacturing overhead rate for March 2017 is $25 per direct manufacturing labour hour  The budgeted fixed manufacturing overhead for March 2017 is $35 670  Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods  Print Done Requirement 1a  Prepare the revenues budget  Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 220 $ 1,237 $ 272,140 Rams Blankets 235 313,490 1,334 Total $ 585,630 Rams Requirement 1b  Prepare the production budget in units  Production Budget For the Month of March Broncos Budgeted units sales Add target ending finished goods inventory 40 Total required units 260 Deduct beginning finished goods inventory 30 Units of finished goods to be produced 230 220 235 45 280 35 245 Requirement 1c  Prepare the direct material usage budget and direct material purchases budget  Begin with the physical units portion, and then prepare the cost budget portion of the direct material usage budget  (For amounts with a zero balance, make sure to enter  0  in the appropriate cell ) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams logo patches Red wool Black wool logo patches Total 2 990 yds  230 0 0 0 yds  3,430 yds  3,430 yds  245 230 245 Physical Units Budget Direct materials required for Broncos Rams 0 yds  2 990 Total quantity of direct material to be used yds  Cost Budget Available from beginning direct materials inventory (under a FIFO cost flow assumption) Broncos $ 1,440 Rams 0 To be purchased this period Broncos 55,290 $ 0 $ $ 1,440 0 1,800 1,575 2,240 0 97,730 Rams 0911 2,380 $ 56,730 $ 99,530 $ 3,680 Direct materials to be used this period 3,955 $ 163,895 Rams logo patches Total Now prepare March's direct material purchases budget Direct Materials Purchases Budget For the Month of March Materials Broncos Red wool Black wool logo patches Physical Units Budget To be used in production 230 Add target ending inventory 70 Total requirement 300 Deduct beginning inventory 60 yds  90 Purchases to be made 2,980 3,440 210 yds yds  Cost Budget Purchases $ 56,620 $ 99,760 3,360 2,990 yds  3,430 yds 245 70 yds  70 yds  70 3,060 yds  3,500 yds  315 80 yds  105 210 $ 3,570 $ 163,310 Requirement 1d  Prepare the direct manufacturing labour costs budget  (Abbreviation used  DMLH   Direct manufacturing labour hours) Direct Manufacturing Labour Costs Budget For the Month of March Output units DMLH Total Hourly produced per unit DMLH wage rate Total Broncos blankets 230 12 0 2,760 $ 36 $ 99,360 Rams blankets 245 13 0 3,185 36 114,660 Total 214,020 $ Requirement 1e  Prepare the manufacturing overhead costs budget  Manufacturing Overhead Budget For the Month of March Variable manufacturing overhead costs $ 148,625 Fixed manufacturing overhead costs 35,670 $ Total manufacturing overhead costs 184,295 Requirement 1f  Prepare the ending inventories budget direct materials and finished goods)  Ending Inventories Budget March 31, 2017 Quantity Cost per unit Total Direct materials Red wool 70 $ 19 $ Black wool 70 29 Broncos logo 70 16 1,120 Rams logo 70 17 1,190 $ 5,670 1,330 2,030 40 $ 1,067 00 Finished goods Broncos blankets Rams blankets Total ending inventory 42,680 58,230 45 1,294 00 100,910 $ 106,580 Requirement 1g  Prepare the cost of goods sold budget  Cost of Goods Sold Budget For the Month of March, 2017 $ 12,305 Beginning finished goods inventory, March 1 Direct materials used Direct manufacturing labour $ 163,895 214,020 184,295 Manufacturing overhead 562,210 Cost of goods manufactured Cost of goods available for sale 574,515 Deduct ending finished goods inventory, March 31 100,910 $ 473,605 Cost of goods sold Requirement 2  Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process  Select two areas where it could incorporate continuous improvement into the budget schedules in requirement 1  Direct manufacturing labour can incorporate continuous improvement by revising the budgeted usage of 12 hours and 13 hours on a monthly basis  To continually improve the direct material usage budget, the company should verify that the beginning inventory is as low as possible to decrease the materials used during production  By increasing the target ending finished goods inventory, Lakin Specialties will reduce the production budget, therefore continually improving the direct material purchases budget  Only by reducing the budget on a monthly basis for the amounts of fixed overhead can Lakin Specialties continually improve fixed manufacturing overhead  Lakin Specialties can continually improve variable manufacturing overhead by budgeting more efficient use of the allocation base    X Additional blanket information Required Finished goods inventory a  The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site  The teams are as follows  Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets  1  Prepare the following budgets for March 2017  Revenues budget b  Production budget in units c  Direct material usage budget and direct material purchases budget d  Direct manufacturing labour costs budget e  Manufacturing overhead costs budget f  Ending inventories budget (direct materials and finished goods) g  Cost of goods sold budget 2  Suppose Lakin Specialties decides to incorporate continuous improvement into its budgeting process  Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 Data relating to finished goods inventory for March 2017 are as follows  Broncos Blanket Rams Blanket Beginning inventory in units 30 35 Beginning inventory in dollars (cost) $ 6,600 $ 5,705 Target ending inventory in units 40 45 Print Done Print Done Budgeted direct cost inputs The budgeted direct cost inputs for each product in 2017 are as follows  Sales and other information Direct materials Broncos Blanket Rams Blanket Red wool fabric 0 yards Unit data pertaining to the direct materials for March 2017 are as follows  13 yards 0 Black wool fabric 14 Actual Beginning Direct Materials Inventory (3 1 2017) Broncos Blanket Rams Blanket 1 0 Budgeted sales for March 2017 are 220 units of the Broncos blankets and 235 units of the Rams blankets  The budgeted selling prices per unit in March 2017 are $1,237 for the Broncos blankets and $1,334 for the Rams blankets  Assume the following in your answer  Work in process inventories are negligible and ignored  Direct materials inventory and finished goods inventory are costed using the FIFO method  Unit costs of direct materials purchased and finished goods are constant in March 2017 Broncos logo patches Rams logo patches Direct manufacturing labour 0 1 Red wool fabric 80 yards O yards 12 hours 13 hours 0 60 Black wool fabric Broncos logo patches Rams logo patches 90 0 0 105 Direct cost inputs Print Done Target Ending Direct Materials Inventory (3 31 2017) Broncos Blanket Rams Blanket Red wool fabric 70 yards O yards Black wool fabric 0 70 Broncos logo patches 70 0 Rams logo patches 0 70 Manufacturing overhead information Unit cost data for direct cost inputs pertaining to February 2017 and March 2017 are as follows  February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) S 18 S 19 Black wool fabric (per yard) 30 29 Broncos logo patches (per patch) 16 16 Rams logo patches (per patch) 15 17 Manufacturing labour cost per hour 35 36 The budgeted variable manufacturing overhead rate for March 2017 is $25 per direct manufacturing labour hour  The budgeted fixed manufacturing overhead for March 2017 is $35 670  Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods  Print Done

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Only E, F, and G to be answered! Please provide calculations for each answer , be very detailed as to where you got your numbers

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