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Que. No. 1a. A sales budget is the key budget' --- explain the statement from the perspective of master budget. 1X1.5-1.5 Que. No. 1b. The production department of ABC Company has submitted the following forecasts of units to be produced by quarter for the upcoming fiscal year: 1" quarter 6,000 Units to be produced 2nd quarter 3rd quarter4h quarter 7,000 8,000 5,000 In addition, the beginning raw materials inventory for the first quarter is budgeted to be 3600 pounds and the beginning accounts payable for the 1st quarter is budgeted to be $11,775. Each unit requires three pounds of raw materials that costs $2.5 per pound. Management desires to end each quarter with an inventory of raw materials equal to 20% of the following quarter's production needs of raw materials. The desired ending inventory for the fourth quarter is 3700 pounds. Management plans to pay for 70% of raw material purchases in the quarter acquired and 30% in the following quarter. Each unit requires 0.50 direct labor hours and direct labor workers are paid $12 per hour. Required: 4+4+1+4=13 1. Prepare the Company's Direct Materials Purchase Budget by quarter and for the year. 2. Prepare the Cash disbursement schedule for materials by quarter and for the year. 3. If the company followed same cash payment policy in the last year, like the current year, how much was the total amount for credit purchase of inventory for the last quarter of the last year? 4. Construct the Company's direct labor budget for each quarter assuming that the direct labor work force is not adjusted each quarter. Instead assume that the Company's direct labor force consists of permanent employees who are guaranteed to be paid for at least 3000 hours of work each quarter. If the number of required direct labor hours is less than this number, the workers are paid for 3,000 hours anyway. Any hours worked in excess of 3000 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor. Que. No. 2a. Sharp Company manufactures a product for which the following standards have been set: St. Oty. or Hrs. St. Price or Rate Standard Cost Direct materials 3 feet $5 per foot $15 Direct labor ? hours ? per hour During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3.200 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,750. The following variances have been computed for the month: Material quantity variance $4.500 U Total labor variance 1.650 F Labor efficiency variance. 800 U Required: 1. For direct materials: 5X1.5=7.5 a. Compute the actual cost per foot for materials for March. b. Compute the materials price variance and a total variance for materials 2. For direct labor: Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product (You must show all the step-wise calculations properly) Que. No. 2b. Write down two possible causes for each variance. 8X0.5=4 a. 8x0.5-1