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Compute the following amounts for the FIRST Quarter only: (2 pts each) 1. What is total budgeted direct labor cost? 2. What is total budgeted variable overhead cost? 3. What is total budgeted fixed overhead cost? 4. What amount of fixed overhead cost will be applied to production? 5. What are total budgeted dollar sales? 6. What is total budgeted cost of goods sold? 7. What are the total budgeted selling and administrative costs? 8. What is the budgeted net income? 9. What is the budgeted ending balance (in dollars) of the raw materials inventory? 10. What is the budgeted ending balance in dollars) of the finished goods inventory? 1. What amount of fixed overhead cost will be applied to production for the year in 2020? (2 pts) 51 PRODUCTION BUDGET 5 7 Expected units Sales Add: Desired ending Inventory Total Available Less: beginning Inventory Production Requirment in units Quarter 1 7.000 2,700 9,700 2,100 7,600 Quarter 2 9,000 3,300 11 300 2,400 8,900 Quarter 3 8,000 3,300 11,300 2.400 8.900 Quarter 4 11,000 3,000 14,000 3,300 10,700 Total 35,000 3,000 38,000 2,100 35,900 0 1 2 Direct Materials Purchase Budget Sale Units Add: Ending inventory Total required units Less: Beginning inventory Total units to be produced Direct materials required per unit (in pounds) Total direct material for production Add: Ending DM inventory Total DM required Less : Beginning DM inventory Total DM to be purchased in pounds Cost per Pound $ Total cost of Direct materials $ Quarter 1 Quarter 2 Quarter 3 Quarter 4 7,000 9,000 8,000 2,700 2,400 3,300 9,700 11,400 11,300 2,100 2,700 7,600 8,700 7 7 53,200 60,900 15,225 15,575 68,425 76,475 13,300 15,225 55,125 61,250 6 6 330,750 367,500 Fillmore Company has developed the following standards related to the production of their finished units: Direct Materials (7 pounds per unit @ $6 per pound) Direct Labor (6 hours per unit @ $12 per direct labor hour) Variable Overhead (9 machine hours @ $5 per machine hour) Fixed overhead costs are estimated at $323,100 per quarter. Selling and administrative costs are expected to be $3 per unit variable and $370,000 fixed per quarter. The expected selling price is $280 per unit. The following sales forecast is available for the year 2020: 1st Quarter 7,000 units; 2nd Quarter 9,000 units; 3rd Quarter 8,000 units; and the 4th Quarter 11,000 units. The expected sales in the 1st Quarter of the year 2021 are 10,000 units. Management policy is to maintain a finished goods inventory equal to 30% of the next quarter's sales and a raw materials inventory equal to 25% of the next quarter's material production requirements. The beginning inventories of the 1st quarter of the year 2020 are expected to meet these same requirements
