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File Home Insert Page Layout Formulas Data Review View Help OVMO Label QuickBooks MN 101 - AB CD9 Creative Designs Diane Buswell is preparing the 2017 budget for one of Creative Design's rotomolded kayaks. Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2017 Quarter 1 Quarter 2 Quarter 3 Quarter 4 1,000 kayaks 1,500 kayaks 750 kayaks 750 kayaks 0 Creative Designs' policy is to have finished goods ending inventory in a quarter equal to 20% of the next quarter's anticipated 1 sales. Preliminary sales projections for 2018 are 1.100 units for the first quarter and 1,500 units for the second quarter. Ending 2 inventory of finished goods at December 31, 2016, will be 200 rotomolded kayaks. 3 Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company 4 policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next Squarter. Assume that the ending inventory of polyethylene powder on December 31, 2016 is 19,400 pounds. The finishing kits 16 can be assembled as they are needed. As a result, Creative Designs does not maintain a significant inventory of the finished kits. 2 The polyethylene powder used in these kayaks cost $1.50 per pound, and the fnishing kits cost $170 each. Production of a single kayak requires 2 hours of time by more experienced, type I employees and 3 hours of finishing time by type II employees. 9. The type I employees are paid $15 per hour, and the type li employees are paid $12 per hour. Selling and administrative expenses for this line are expected to be $45 per unit sold plus $7,500 per quarter. Manufacturing overhead is assigned at 150% of labor costs. Instructions 2. Prepare the production budget, direct materials budget, direct labor budget, manufacturing overhead budget, and selling and 25 administrative budget for this product line by quarter and in total for 2017 26 NOTE: Enter a number in cells requesting a value; onter either a number or a formula in cells with a "?". CREATIVE DESIGNS Production Budget For the Year Ending December 31, 2017 P9-1A | P9.5A CDO 19- 2 194 19:11 Type here to search toSave O R Home Insert Excel Template Assignment ChO9 (1) - Excel Search Formulas Data Review View HelpDYMO Label QuickBooks Page Layout A B co CREATIVE DESIGNS Production Budget For the Year Ending December 31, 2017 Total ? ? Expected unit sales Add: desired ending finished goods units Total required units Less: beginning finished goods units Required production units Quarter 1 Quarter 2 Quarter 3 Quarter 4 Value Value Value Value ? ? ? ? ? ? ? Value Value Value 7 ? ? ? CREATIVE DESIGNS Direct Materials Budget For the Year Ending December 31, 2017 Units to be produced Pounds of polyethylene powder per unit Total pounds needed for production Add: desired ending inventory of powder Total pounds of powder required Less: beginning inventory of powder Pounds of polyethylene powder to be purchased Cost per pound Cost of polyethylene powder to be purchased Cost of required finishing kits Total costs for direct materials Quarter 1 Quarter 2 Value Value x 54 lbs. x 54 lbs. ? ? Value Value ? ? Value Value ? ? x $1.50 x $1.50 ? ? ? Quarter 3 Quarter 4 Total 1 Value Value ? x 54 lbs. x 54 lbs. X 54 lbs. ? ? ? 1 Value Value ? ? ? ? Value Value ? ? ? ? x $1.50 x $1.50 x $1.50 ? ? ? ? ? ? ? ? ? 4 atacy 1 09-2 | 194 E9-11 P9-1A | P9-5A CD9 Type here to search otte Hoe 9 @element Excel TemplateAssignment_Ch09 (1) - Excel Formulas Data Review View Help L e Search DYMO Label QuickBooks Page Layout AutoSave 1 File Home 101 A B Insert : C D E CREATIVE DESIGNS Direct Labor Budget For the Year Ending December 31, 2017 Units to be produced Quarter 1 Quarter 2 Quarter 3 Quarter 4 Value Value Value V alue Total ? x 2 Number of hours of more skilled labor/unit Total number of hours of more skilled labor Hourly rate for more skilled labor Total cost of more skilled labor ? x $15 ? x 2 7 x $15 x $15 ? x $15 ? x $15 ? 1 Units to be produced Number of hours of less skilled labor/unit Total number of hours of less skilled labor Hourly rate for less skilled labor Total cost of less skilled labor Total cost for direct labor Value Value Value Value ? x3x3x3 x3 x3 2 ? 2 X $12x $12 x $12X $12 x $12 ? ? CREATIVE DESIGNS Manufacturing Overhead Budget For the Year Ending December 31, 2017 Total costs for direct labor Manufacturing overhead rate per direct labor dollar Manufacturing overhead costs Quarter 1 Quarter 2 Quarter 3 Quarter 4 Value Value Value Value x 150% X 150% x 150% X 150% 22 Total ? X 150% ? ? 9-2 | 9: 469-11 P9.1A | P9-5A009 Ready - Type here to search O M OTwo ex Ao CREATIVE DESIGNS Manufacturing Overhead Budget For the Year Ending December 31, 2017 77 Total costs for direct labor Manufacturing overhead rate per direct labor dollar Manufacturing overhead costs Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Value Value Value Value ? x 150% X 150% X 150% x 150% X 150% ? ? CREATIVE DESIGNS Selling and Administrative Budget For the Year Ending December 31, 2017 Total Expected unit sales Variable selling and administrative costs @ $45/unit Fixed selling and administrative costs Total selling and administrative costs Quarter 1 Quarter 2 Quarter 3 Quarter 4 Value Value 1 Value Value ? ? ? Value Value 1 Value Value Assume that each kayak requires 55 pounds of polyethylene powder and that ending inventory of polyethylene powder changed to 20% of the amount needed for production in the next quarter. Show the impact of these changes on the budgets. 19-2 194 19.11 P9-1A P9-5A CD9 ady
