Please, help ASAP, Lab 2 TOTES Trillium

Operating Budget - 20XX 7 8 9 $ 2 475 000 10 12 uni 600 000 50 000 13 14 15 16 17 onunun 120 000 7500 80 000 This section is for all product costs - 2 direct materials, 3 direct labor & 10 manufacturing overhead accounts. 18 19 $ $ 20 21 22 23 24 $ $ $ $ $ $ SALES REVENUES COST OF GOODS SOLD COSTS (at standard) Direct Materials Fabric Thread Direct Labor Wages - Cutting Department Wages - Printing Department Wages - Sewing Department Manufacturing Overhead Company Labels Depreciation - Sewing Machines & Cutting Machines Factory Utilities (mixed cost) Insurance - Plant Logo Ink Plant Maintenance Supervisor Plant Manager Rent- Plant Building Repairs and Maintenance - Plant Webbing TOTAL COST OF GOODS SOLD (TOTAL PRODUCT COSTS) GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE COSTS Administrative Office Supplies Administrative Staff, e.g. accountant, etc. Administrative Payroll and Fringe Advertising, Tradeshows, Travel and Entertainment Depreciation - Admin. Furniture & Equipment Equipment Lease - Administrative Offices Executive Salaries Freight and Postage - Administrative Insurance - Company Liability Legal & Professional Rent - Administrative Building Sales Commisions Sales Salaries Shipping and Handling of Finished Product (selling) 4 200 7 600 38 000 14 000 26 000 32 000 68 000 42 000 27 000 570 000 25 26 27 28 $ $ 29 30 1 686 300 788 700 $ 31 32 33 34 olunun 35 36 37 38 39 40 41 42 $ $ $ $ $ $ $ $ $ $ $ 3 600 125 000 115 800 46 000 2450 5 000 160 000 2 500 9 000 5 000 11 000 99 000 12 000 40 350 This section is for all period costs. 43 44 45 46 47 TOTAL PERIOD COSTS OPERATING INCOME 636 700 152 000 Hint: Opera $ 48 49 IAB 1 - OPERATING BUDGET T.O.T.E.S. CASE STUDY - TRILLIUM All information is found in the Company Description and Information section and Lab 1. EXHIBIT 2-A: Calculate Standard Direct Labor Hours, Machine Hours & Predetermined Overhead Rate T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes DIRECT LABOR ACTIVITY STEP 1: Calculate Standard Direct Labor Hours per tote Cutting Sewing Printing a. Enter average number of hours worked per week per employee b. Number of weeks plant operates each year c. Number of employees for each activity d. Total Direct labor hours (DLH) per year (a*b*c) e. DLH per tote (Step 1d = # totes produced) Round to 4 decimal places STEP 2: Calculate Estimated Cutting Machine-Hours (MH) per tote a. Production capacity for ONE cutting machine b. Machine-hours per tote (1 = Step 2a amount) Round to 4 decimal places totes/MH MH/tote STEP 3: Calculate Machine-Hours used per year a. 95% of Total Cutting Direct-Labor Hours (from Step 1d) MH/year STEP 4: Calculate Predetermined Overhead Rate (PDOHR) and Standard MOH per tote a. Total Estimated Manufacturing Overhead (from Exhibit 1-B) $ b. Total machine-hours per year (from Step 3A) c. Predetermined Overhead Rate (Step 4a +Step 4b) Round to 4 decimal places $ MH per MH 10 T.O.T.E.S. CASE STUDY - TRILLIUM Calculate the standard cost for each tote for the current year's production level using information from Exhibit 1-A and 1-B. Round all standard costs to four (4) decimal places. EXHIBIT 2-B: Standard Cost Card T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes Total Cost (for 500.000 totes) Standard Cost (cost per tote) DIRECT MATERIALS Fabric $ $ Webbing $ $ Total Direct Materials Cost per Tote (Round to 4 decimal places) $ DIRECT LABOR Cutting $ $ Sewing $ $ Printing $ $ Total Direct Labor Cost per Tote (Round to 4 decimal places) $ MANUFACTURING OVERHEAD Estimated MOH Costs (Round per tote to 4 decimal places) $ $ Total Product Cost per Tote (Round to 4 decimal places) $ Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). The Job Cost Record is found after copies of the Materials Requisition form and Labor Time Records for the period. Use the information on these documents to complete the Job Cost Record for Phineas Phil's Specialty Market order of 1,000 red grocery totes with logos. 11 T.O.T.E.S. CASE STUDY - TRILLIUM Use the data from the following company documents to complete the Job Cost Record for Job #2543. Any missing data will be found in the Company Description and Information section and Lab 1. On the labor time records the employees worked on more than one job, make sure you only include the hours for Job #2543 Materials Requisition Number: # 450 Date: 5/24/20XX Job #: 2543 Unit Cost Amount Part # FA223 W3 Description Red Cordura Fabric Black webbing Unit yard Quantity 335 1,600 yard Total $ Labor Time Record Week: 5/23-5/29 Record #: 299 Employee: Jacey Mayfield Hourly Wage Rate: $16.00 Department: Cutting Date Job Number Start Time 5/23 2210 8:30 5/23 2518 15:30 5/25 2543 7:30 5/26 2543 13:00 5/27 2468 13:15 End Time 13:30 17:00 12:00 Hours Cost 5.00 $ 80.00 1.50 $ 24.00 4.50 $ 72.00 3.50 $ 56.00 3.75 $ 60.00 un lulus 16:30 17:00 12 T.O.T.E.S. CASE STUDY - TRILLIUM Cost Labor Time Record Employee: John Smith Week: 5/24-5/30 Record #: 201 Hourly Wage Rate: $16.00 Department: Sewing Date Job Number Start Time End Time Hours 5/26 2152 8:00 12:00 4.00 $ 64.00 5/26 2210 13:00 17:00 4.00 $ 64.00 5/27 2518 12:00 4.00 $ 64.00 5/27 2518 13:00 17:00 4.00 $ 64.00 2543 12:00 4.00 $ 64.00 5/30 2543 8:00 10:00 2.00 $ 32.00 2468 12:001 17:00 5.00 $ 80.00 8:00 5/28 8:00 5/30 Labor Time Record Week: 5/24-5/30 1205 Record #: | Employee: Tonia Springfield Hourly Wage Rate: $19.00 Department: Sewing Date Job Number Start Time 5/24 2210 7:30 5/23 2210 13:00 5/24 2387 7:30 5/24 2543 12:30 5/24 2543 7:30 5/24 2698 12:30 End Time 12:00 16:00 11:30 16:00 10:00 16:30 Hours Cost 4.50 $ 85.50 3.00 $ 57.00 4.00 $ 76.00 3.50 $ 66.50 2.50 $ 47.50 6.00 $ 114.00 Labor Time Record Week: 524-520 Record #: 876 Cost 400 Employee: Muldron Hourly Wage Rate: $10.00 Department: Printing Date Job Number Start Time 585 228 8 526 B15 900 527 2851 800 5128 2387 901 528 20 1015 520 255 1030 End Time 1200 1200 120 Hours 400 $ 30$ 400 $ 12$ 175$ 090$ 300 4000 12.50 17.50 1015 1200 11:00 500 T.O.T.E.S. CASE STUDY - TRILLIUM EXHIBIT 2-C: Job Cost Record for Phineas Phil's Specialty Market order Job Cost Record Job Number: 2543 Customer: Phineas Phil's Specialty Market Job Description Red T.O.T.E.S. with Logo Quantity: 1,000 Date Started: 5/24/20XX Date Completed: 5/30/20XX HINTS: Manufacturing Cost Information Direct Materials Requisition # Amount Total Amount Direct Labor Dept. Record # DLH Amount Total Amount Remember to only record ONLY the time spent on this job! Use cutting DLH to calculate machine hours for MOH. Manufacturing Overhead Quantity Total Amount Machine Hours (95% of Cutting DLH) Predetermined Overhead Rate (Exhibit 2-A) Remember Applied MOH= Actual driver * Predetermined OH Rate $ Cost Summary Amount Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Number of Units Unit Product Cost + Round to 4 decimal places 14 Operating Budget - 20XX 7 8 9 $ 2 475 000 10 12 uni 600 000 50 000 13 14 15 16 17 onunun 120 000 7500 80 000 This section is for all product costs - 2 direct materials, 3 direct labor & 10 manufacturing overhead accounts. 18 19 $ $ 20 21 22 23 24 $ $ $ $ $ $ SALES REVENUES COST OF GOODS SOLD COSTS (at standard) Direct Materials Fabric Thread Direct Labor Wages - Cutting Department Wages - Printing Department Wages - Sewing Department Manufacturing Overhead Company Labels Depreciation - Sewing Machines & Cutting Machines Factory Utilities (mixed cost) Insurance - Plant Logo Ink Plant Maintenance Supervisor Plant Manager Rent- Plant Building Repairs and Maintenance - Plant Webbing TOTAL COST OF GOODS SOLD (TOTAL PRODUCT COSTS) GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE COSTS Administrative Office Supplies Administrative Staff, e.g. accountant, etc. Administrative Payroll and Fringe Advertising, Tradeshows, Travel and Entertainment Depreciation - Admin. Furniture & Equipment Equipment Lease - Administrative Offices Executive Salaries Freight and Postage - Administrative Insurance - Company Liability Legal & Professional Rent - Administrative Building Sales Commisions Sales Salaries Shipping and Handling of Finished Product (selling) 4 200 7 600 38 000 14 000 26 000 32 000 68 000 42 000 27 000 570 000 25 26 27 28 $ $ 29 30 1 686 300 788 700 $ 31 32 33 34 olunun 35 36 37 38 39 40 41 42 $ $ $ $ $ $ $ $ $ $ $ 3 600 125 000 115 800 46 000 2450 5 000 160 000 2 500 9 000 5 000 11 000 99 000 12 000 40 350 This section is for all period costs. 43 44 45 46 47 TOTAL PERIOD COSTS OPERATING INCOME 636 700 152 000 Hint: Opera $ 48 49 IAB 1 - OPERATING BUDGET T.O.T.E.S. CASE STUDY - TRILLIUM All information is found in the Company Description and Information section and Lab 1. EXHIBIT 2-A: Calculate Standard Direct Labor Hours, Machine Hours & Predetermined Overhead Rate T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes DIRECT LABOR ACTIVITY STEP 1: Calculate Standard Direct Labor Hours per tote Cutting Sewing Printing a. Enter average number of hours worked per week per employee b. Number of weeks plant operates each year c. Number of employees for each activity d. Total Direct labor hours (DLH) per year (a*b*c) e. DLH per tote (Step 1d = # totes produced) Round to 4 decimal places STEP 2: Calculate Estimated Cutting Machine-Hours (MH) per tote a. Production capacity for ONE cutting machine b. Machine-hours per tote (1 = Step 2a amount) Round to 4 decimal places totes/MH MH/tote STEP 3: Calculate Machine-Hours used per year a. 95% of Total Cutting Direct-Labor Hours (from Step 1d) MH/year STEP 4: Calculate Predetermined Overhead Rate (PDOHR) and Standard MOH per tote a. Total Estimated Manufacturing Overhead (from Exhibit 1-B) $ b. Total machine-hours per year (from Step 3A) c. Predetermined Overhead Rate (Step 4a +Step 4b) Round to 4 decimal places $ MH per MH 10 T.O.T.E.S. CASE STUDY - TRILLIUM Calculate the standard cost for each tote for the current year's production level using information from Exhibit 1-A and 1-B. Round all standard costs to four (4) decimal places. EXHIBIT 2-B: Standard Cost Card T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes Total Cost (for 500.000 totes) Standard Cost (cost per tote) DIRECT MATERIALS Fabric $ $ Webbing $ $ Total Direct Materials Cost per Tote (Round to 4 decimal places) $ DIRECT LABOR Cutting $ $ Sewing $ $ Printing $ $ Total Direct Labor Cost per Tote (Round to 4 decimal places) $ MANUFACTURING OVERHEAD Estimated MOH Costs (Round per tote to 4 decimal places) $ $ Total Product Cost per Tote (Round to 4 decimal places) $ Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). The Job Cost Record is found after copies of the Materials Requisition form and Labor Time Records for the period. Use the information on these documents to complete the Job Cost Record for Phineas Phil's Specialty Market order of 1,000 red grocery totes with logos. 11 T.O.T.E.S. CASE STUDY - TRILLIUM Use the data from the following company documents to complete the Job Cost Record for Job #2543. Any missing data will be found in the Company Description and Information section and Lab 1. On the labor time records the employees worked on more than one job, make sure you only include the hours for Job #2543 Materials Requisition Number: # 450 Date: 5/24/20XX Job #: 2543 Unit Cost Amount Part # FA223 W3 Description Red Cordura Fabric Black webbing Unit yard Quantity 335 1,600 yard Total $ Labor Time Record Week: 5/23-5/29 Record #: 299 Employee: Jacey Mayfield Hourly Wage Rate: $16.00 Department: Cutting Date Job Number Start Time 5/23 2210 8:30 5/23 2518 15:30 5/25 2543 7:30 5/26 2543 13:00 5/27 2468 13:15 End Time 13:30 17:00 12:00 Hours Cost 5.00 $ 80.00 1.50 $ 24.00 4.50 $ 72.00 3.50 $ 56.00 3.75 $ 60.00 un lulus 16:30 17:00 12 T.O.T.E.S. CASE STUDY - TRILLIUM Cost Labor Time Record Employee: John Smith Week: 5/24-5/30 Record #: 201 Hourly Wage Rate: $16.00 Department: Sewing Date Job Number Start Time End Time Hours 5/26 2152 8:00 12:00 4.00 $ 64.00 5/26 2210 13:00 17:00 4.00 $ 64.00 5/27 2518 12:00 4.00 $ 64.00 5/27 2518 13:00 17:00 4.00 $ 64.00 2543 12:00 4.00 $ 64.00 5/30 2543 8:00 10:00 2.00 $ 32.00 2468 12:001 17:00 5.00 $ 80.00 8:00 5/28 8:00 5/30 Labor Time Record Week: 5/24-5/30 1205 Record #: | Employee: Tonia Springfield Hourly Wage Rate: $19.00 Department: Sewing Date Job Number Start Time 5/24 2210 7:30 5/23 2210 13:00 5/24 2387 7:30 5/24 2543 12:30 5/24 2543 7:30 5/24 2698 12:30 End Time 12:00 16:00 11:30 16:00 10:00 16:30 Hours Cost 4.50 $ 85.50 3.00 $ 57.00 4.00 $ 76.00 3.50 $ 66.50 2.50 $ 47.50 6.00 $ 114.00 Labor Time Record Week: 524-520 Record #: 876 Cost 400 Employee: Muldron Hourly Wage Rate: $10.00 Department: Printing Date Job Number Start Time 585 228 8 526 B15 900 527 2851 800 5128 2387 901 528 20 1015 520 255 1030 End Time 1200 1200 120 Hours 400 $ 30$ 400 $ 12$ 175$ 090$ 300 4000 12.50 17.50 1015 1200 11:00 500 T.O.T.E.S. CASE STUDY - TRILLIUM EXHIBIT 2-C: Job Cost Record for Phineas Phil's Specialty Market order Job Cost Record Job Number: 2543 Customer: Phineas Phil's Specialty Market Job Description Red T.O.T.E.S. with Logo Quantity: 1,000 Date Started: 5/24/20XX Date Completed: 5/30/20XX HINTS: Manufacturing Cost Information Direct Materials Requisition # Amount Total Amount Direct Labor Dept. Record # DLH Amount Total Amount Remember to only record ONLY the time spent on this job! Use cutting DLH to calculate machine hours for MOH. Manufacturing Overhead Quantity Total Amount Machine Hours (95% of Cutting DLH) Predetermined Overhead Rate (Exhibit 2-A) Remember Applied MOH= Actual driver * Predetermined OH Rate $ Cost Summary Amount Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Number of Units Unit Product Cost + Round to 4 decimal places 14