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Shun H 3. Clark Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Ron Jangles, the controller, is responsible for preparing Clark's master budget and has accumulated the following information for 2018: (Click the icon to view some of the financial information.) Click the icon to view additional information.) Read the requirements Review Only Click the icon to see the Worked Solution. Requirement 1. Prepare a production budget and a direct manufacturing labor cost budget for Clark Company by month and for the first quarter of 2018. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost category Start the schedule by preparing the production budget and calculating the total hours of direct manufacturing labor time needed for the three months in the quarter, then calculate the values for the quarter. Finish by preparing the bottom portion of the schedule for the direct manufacturing labor by month, then quarter. (Enter the direct manufacturing labor-hours per unit to one decimal place, X.X. Do not round interim calculations, and then enter all amounts in the budget (other than the direct manufacturing labor hours per unit) to the nearest whole number.) Clark Company Budget for Production and Direct Manufacturing Labor For the Quarter Ended March 31, 2018 January February March Quarter Budgeted sales (units) Add target ending finished goods inventory (units) Total requirements (units) Deduct beginning finished goods inventory (units) Units to be produced Direct manufacturing labor-hours per unit Total hours of direct manufacturing labor time needed Direct manufacturing labor costs: Wages Pension contributions Workers' compensation insurance Employee medical insurance Social Security tax (employer's share) Total direct manufacturing labor costs Requirement 2. What actions has the budget process prompted Clark's management to take? (Select all that apply.) Clark's management would look for ways to (2) Requirement 3. How might Clark's managers use the budget developed in requirement 1 to better manage the company? Clark's management should work with employees to (3) 1: Data Table Estimated sales in units Selling price Direct manufacturing labor hours per unit Wage per direct manufacturing labor hour 2018 January February March 10,000 18,000 5,000 $ 56.00 $ 50.00 $ 50.00 $ - 2.5 2.5 1.5 $ 12.00 5 12.00 $ 12.00 $ April 8,000 0.00 $ 1.5 14.00 $ May 8,000 0.00 1.5 14.00 2: More Info In addition to wages, direct manufacturing labor related costs include pension contributions of $0.60 per hour worker's compensation insurance of $0.10 hour employee medical insurance of $0.50 per hour, and Social Security taxes. Assume that as of January 1, 2018, the Social Security tax rates are in amelovers and 7.5% for employees. The cost of employee benefits paid by Clark on its direct manufacturing employees is treated as a direct mart Labor cost Clark has a labor contract that calls for a wage increase to $14 per hour on April 1, 2018. New labor-saving machinery has been installed and will be operational by March 1, 2018. Clark expects to have 20,500 frames on hand at December 31, 2017, and has a policy of carrying an end-of-month inventory of 100% of the following month's sales plus 50% of the second following month's sales. 3: Requirements 1. Prepare a production budget and a direct manufacturing labor cost budget for Clark Company by morvih and for the first quarter of 2018. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor hours and show the details for each labor cost category. 2. What actions has the budget process prompted Clark's management to take? 3. How might Clark's managers use the budget developed in requirement 1 to better manage the company? (1) O o eliminate pension contributions and medical insurance payments O eliminate the social security tax and workers' compensation insurance O reduce finished goods inventories. reduce the manufacturing labor hours needed to produce each unit. (2) O O eliminate pension contributions and medical insurance payments O eliminate the social security tax and workers' compensation insurance o reduce finished goods inventories. reduce the manufacturing labor hours needed to produce each unit. (3) O decrease labor productivity. increase inventory levels. increase labor productivty. reduce the social security tax rate. O ID: E6-29 (similar to)