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Exercise 8-15 (Algo) Direct Labor and Manufacturing Overhead Budgets (L08-5, LO8-6) The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 4th Quarter 9,300 1st Quarter 2nd Quarto 3xd Quartos Units to be produced 10,300 11,300 12,300 Each unit requires 0.25 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $1.60 per direct labor-hour. The fixed manufacturing overhead is $83,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $23,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. 2.& 3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Calculate the company's total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. (Round "Direct labor time per unit (hours)" answers to 2 decimal places.) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total direct labor cost Year K Reg 1 Reg 2 and 3 > Exercise 8-15 (Algo) Direct Labor and Manufacturing Overhead Budgets (L08-5, LO8-6] 1st Quarter 10,300 9,300 The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 2nd Quarter 3rd Quarter 4ch Quarter Units to be produced 11,300 12,300 Each unit requires 0.25 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $160 per direct labor-hour. The fixed manufacturing overhead is $83,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $23,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. 2.&3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the the upcoming fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Yoar Total manufacturing overhead Cash disbursements for manufacturing overhead 1. Calculate the expected cash collections from customers for May 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Req5 Prepare a cash budget for May. (Cash deficiency, repayments and interest should be indicated by a minus sign.) 0 Minden Company Cash Budget For the Month of May Beginning cash balance Add collections from customers Total cash available Loss cash disbursements: Purchase of inventory Solling and administrative expenses Purchases of equipment Total cash disbursements Excess of cash available over disbursements Financing: Borrowingnolo Repayments-noto Interest Total financing Ending cash balance 0 0 0 0 Je will be due in one year Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted Income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Regs Prepare a budgeted income statement for May Minden Company Budgeted Income Statement For the Month of May Sales Cost of goods sold Gross margin Selling and administrativo expenses Net operating incomo Interest expense Net Incomo $ 0 Req3 Reg 5 > 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Reg 5 Prepare a budgeted balance sheet as of May 31. Minden Company Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation 0 Total assets $ Llabilities and Stockholders' Equity Accounts payable Note payablo Common stock Retained earnings Total liabilities and stockholders' equily Req4 Reg 5