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Got ast Company makes two types of kids ride on vehicles - toy fire trucks and toy police cars. Data regarding the two products follow: 2 Trucks are more complex to manufacture than cars. The ABC system has the following activity cost pool Required: Dart 1. Calrulate the activitv rates for each of the three activities ( 3 marks): nus r. Calmulato hnw much overhead was allocated to each of the product lines ( 4 marks) Dart 2. Calrulate the cost to make one unit of product, using your answer from part 3 for overhead. ( 4 marks) Part 4: Using the traditional costing system (with one allocation base), the company had computed Using the traditional costing system, which product was undercosted? What is the impact of over and undercosted products? You must use question data to support this. Generic answers will not receive marks. ( 2 marks) Hale Specialties manufactures, among other things, woolen blankets for the athletic team of the local high school. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The high school has requested RED blankets made out of red wool fabric with a Broncos logo patch. The budgeted direct-cost inputs for each product in 2021 are as follows: Management has also provided the following information for inventory: The company has already determined the amount of blankets that need to be produced as follows: Broncos blankets to be produced 400 Management would like help in creating the direct material usage budget. Assume they use a FiFO cost-flow assumption for direct material inventories. lequired: Complete the direct material usage budget ( 10 marks): Tractor Corporation produces toy tractors. The company uses the following direct cost categories. Required: 1a. Compute the October price and efficiency variances for direct materials (7 marks): Actual results in October were as follows: 1b. Compute the October price and efficiency variances for direct labor ( 6 marks): Assume that there was no beginning inventory of either direct materials or finished unit nput price variances are isolated upon purchase. Input-efficiency variances are solated at the time of usage. Prepare journal entries to record the variances in requirement 1 for direct aterials. If an account is not needed in the journal entry, select " N/A " in the bbit or Credit" column. (7 marks) Required: Complete the direct material usage budget (10 marks): What is the purpose of creating a direct material usage budget? In other words, why would management need this hudaet? This must be specific to this company and use question data. (1 mark) What is the difference between the direct material purchases budget and the direct material usage budget. Please explain in your own words. Marks will not be awarded otherwise. ( 2 marks) Note 1: All sales are on account. Cash is collected from customers in the following manner: Note 2: Purchases are paid for in the following manner: Required: Create a cash budget for the month of March (11 marks) Required: Create a cash budget for the month of March (11 marks) BONUS (1 MARK): What is the balance of accounts receivable at March 31 st? Part 2: Why would Tiffany Company want to prepare a cash budget in advance? Please give two reasons. This must be specific to this question. No marks will be awarded for generic answers. ( 2 marks) Part 2: Why would Tiffany Company want to prepare a cash budget in advance? Please give two reasons. This must be specific to this question. No marks will be awarded for generic answers. (2 marks) 2. Prepare journal entries to record the variances in requirement 1 for direct materials. If an account is not needed in the joumal entry, select " N/An in the "Debit or Credit" column. (7 marks) a. Journal entry to record direct materials rate variance: b. Journal entry to record direct materials efficiency variance: 3. Variance analysis: a. Name one reason why the direct labor rate variance may have occurred. This must be based on question data and your answers to part 1 . (1 mark)