Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve all requirements Etion list )uestion 1 )uestion 2 )uestion 3 )uestion 4 )uestion 5 More info Skulas, Inc. manufactures and sells snowboards Skulas

please solve all requirements
image text in transcribed

Etion list )uestion 1 )uestion 2 )uestion 3 )uestion 4 )uestion 5 More info Skulas, Inc. manufactures and sells snowboards Skulas manufactures a single model, the Pipex. In late 2020, Skulas's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the materials and labor requirements) O (Click the icon to view the additional information.) (Click the icon to view the direct materials inventories) O (Click the icon to view the additional information.) Requirement 1. Prepare the January 2021 revenues budget (in dollars) Other data include (Click the icon to view the other data.) The inventoriable unit cost for ending finished goods inventory on December 31 2020, is S374.80. Assume Skulas uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Read the Leguir Requirements Revenue Budget For January 2021 Units Selling price Total revenues Snowboards Data table Wood Fiberglass Direct Materials Inventories Beginning Inventory January 1, 2021 2,040 b.f. 1 ,040 yards Ending Inventory January 31, 2021 1,540 b.f. 2,040 yards 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Skulas's CEO expects to sell 2,900 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 500 snowboards and would Ike to end January 2021 with 200 snowboards in stock. More info Variable manufacturing overhead is S7 per direct manufacturing labor-hour. There are also $81 ,000 in fixed manufacturing overhead costs budgeted for January 2021. Skulas combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of S2S0 per sales visit The marketing plan calls for 38 sales visits during January 2021. Finally, there are $35,000 in fixed operating (nonmanufacturing) costs budgeted for January 202% Data table Wood Fiberglass Direct manufacturin Prepare the January 2021 revenues budget (in dollars) Prepare the January 2021 production budget (in units) Prepare the direct material usage and purchases budgets for January 2021 Prepare a direct manufacturing labor costs budget for January 202% Prepare a manufacturing overhead costs budget for January 202% What is the budgeted manufacturing overhead rate for January 2021? What is the budgeted manufacturing overhead cost per output unit in January 2021? Calculate the cost of a snowboard manufactured in January 2021 Prepare an ending inventory budget for both direct materials and finished goods for January 2021 Prepare a cost of goods sold budget for January 2021 Prepare the budgeted operating income statement for Skulas. lnc, for January 2021 What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain brieflv How does preparing the budget help Skulas's management team better manage the company? Data table Materials and Labor Requirements labor 2020 Unit Price 3200 per b.i per yard 28 00 r hour 2021 Unit Pri 34.00 per b 9.00 per yard 29.00 er hour Direct materials Wood Fiberglass Direct manufacturing labor 9 board feet (bf.) per snowboard 10 yards per snowboard S hours per snowboard

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Cost Control

Authors: Daniel Traster

1st Edition

0132156555, 978-0132156554

More Books

Students also viewed these Accounting questions