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B C D 1 Due to its popularity, the Black and White Handbag (BW14293) is normally a stock item. However, the 2 handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, 3 management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish 4 stock. The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the 5 quality and precision of the cut. Therefore, the company is able to realize some economies of scale by 6 producing the handbags in multiples of 4. Management would like to produce enough units in this job to 7 have a minimum of 35 and a maximum of 40 handbags left in stock after Katie's order has been filled. Custom Fabric Ventures Customer Order Form 20 11 Customer: Katie's Boutique 12 Order Date: 10/2/2012 13 Order Due Date: 10/15/2012 14 Description: 15 Black & White Handbag Total Model Number: Quantity BW14923 Unit Sales Price $75 $525 16 17 19 Req. 1: To realize maximum efficiency and meet management's desired level of stock, how many Black & 20 White handbags should be produced in Job 114? Number of handbags to be produced: - 44 C D E 1 Req 2: First, fill in the missing costs. Then, calculate the company's predetermined manufacturing 2 overhead rate, assuming the company uses direct labor hours as its allocation base. 4 Type of Cost 5 Selling and Administrative salaries and expenses 6 Direct Labor (Estimated 40,000 DL hours @ average wage rate of $11 per hour) 7 Indirect plant labor 3 Plant utilities 9 Purchases of direct materials LO Lease and property taxes on the plant 11 Marketing expenses Depreciation on production equipment (equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line 12 depreciation. No salvage value is expected.) 13 Indirect materials to be used in the plant Estimated total cost for the year $ 210,000 $ 40,000 $ 60,000 $ 70,000 1,500,000 $ 120,000 30,000 $ 140,000 $ 20,000 Predetermined Overhead Rate = 9.75 per direct labor hour 1 Req. 3: The production engineers have given you the materials requirements for each Black & White 2 handbag. Assume that no efficiencies in materials can be achieved by producing more than one unit per 3 batch. Complete the Bill of Materials for Job #114 found below. Be sure to include number of units being 4 produced in the Job as well as the total quantity needed of each direct material. BILL OF MATERIALS JOB 114 3 Model: BW14923 9 Number of units: Total Quantity Needed 10 Part Number 11 BWFF 12 BWCheck 13 BFringe 14 BStrap 15 Pican 16 Int4 Description Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black Shoulder Strapping Plastic Canvas Interfacing: Level 4 sturdiness rating Quantity needed per unit 0.50 yards 0.75 yards 1.00 yards 1.75 yards 0.25 sheets 0.50 yards A B C 1 Req. 4: The production engineers have also given you the production labor requirements for each individual 2 bag produced, assuming one bag is produced at a time. Since each bag must be sewn and ironed individually, no 3 sewing and ironing labor efficiencies can be achieved by producing larger batch sizes. Recall, however, that 4 fabric can be stacked for cutting purposes, such that the material for four bags can be cut in the same amount of 5 time it would take to cut one individual bag. Compute the estimated labor time requirement for producing Job 6 114. Estimated Labor JOB 114 11 Number of units: Time per Bag Activity (in minutes) 13 Cutting 30 14 Sewing 70 15 Ironing 8 Total Minutes Required for Job 114: Total Estimated Time (in minutes) 300 2,800 320 3,420 Total Hours Required for Job 114: Req. 5: Use the estimated labor time requirement to schedule production of Job 114, including the start and end dates. Assume the plant will already be operating at full capacity every day while completing Jobs 111, 112, and 113. Also assume that only 4 direct laborers with the needed skill set will be available for this job. These hourly employees are only allowed to work a maximum of 8 hours per day so that the company can avoid paying overtime premiums. Production Schedule For the month of October Quantity 200 1 2 3 4 Job Model Number Stock or Customer 111 Headbands - HB246 Perreth 112 14 inch pillows-P14 Slothower 113 Draperies-GB159 Stock 114 Black & White BW14923 Katie's & Stock Scheduled Start Date 10/1 10/4 10/6 10/10 Scheduled End date 10/3 10/5 10/9 10/11 in in mm m Total Hours Required for Job 114: from (Reg 4) m Total Hours Skilled Workforce is Available per Day: 32 in Number of Days Required for Production: 1.78 or 2 if needed to be rounded because number of days cannot be decimal. in Req. 6: In addition to the direct materials shown on the Bill of Materials, what indirect materials might be used in the factory while Job 114 is being produced? List at least 2 items. (1) Oil/Lubricants nim (2) Disposable Tools in in Req. 7: What types of production equipment will be needed for producing Job #114? List at least 5 3 items. (Consider what you may need to cut, sew, and iron). (1) Scissors 12) Cuttine Board (3) Irons nm in in mm (4) Sewing Machine (5) Needles BILL OF MATERIALS JOB 114 Ray Materials Record Description: Black Balance Item No. BUFF Received Date Units Cost Total (wards) 1-O Used Requisit Units Cost Number (wards) Total Total Units Cost vards) 6 $6.00 $ 36,00 Number of units 40 From He 5 Part Number Description Quantity needed per unptal Quantity Needed 5 BWFF Black and White Floral Fabric Os verds 20 BWCheck Black and White Checkered Fabrid 0.75 varda 3 BFringe Black Fringe Trim 1.00 yards 9 BStrap Black Shoulder Strapping 175 yards 70 Plastio Canvas 0.25 sheets Into Interfacing: Lovel 4 sturdinessrati 0.50 yards 20 Pican Item No. ByCheck Received Date Units Cost Total wards) 1- 01 3-Oct 1 1 Raw Materials Record Description: Black & Used Balance Requisit Units Cost Total Units Cost Total Number (wards) Lwards) 20 $0.00 $160.00 +67841 12 $8.00 196.00 8 $8.00 $64.00 # Reg. 8: Consult the Raw Materials records to determine the types 5 and quantities of materials you currently have in stock Determine which types of materials you need to purchase for Job 14 and how 7 much of each you'll need List the materials that need to be purchased, along with the quantituo each needed Materials to Purchase O Part Number Description Order Quantity 1 BWFF Black and White Floral Fabric 2 BWCheck Black and White Checkered Fabric 3 BFringe Black Fringe Trim 4 BStrap Black Shoulder Strapping 5 PICan 6 Intd Interlacing: Level 4 sturdinessrating I Plastic Canvas 9 Reg. 10: Assume shipments of all supples arrive on 1019. Your O receiving personnel have checked the receipts against the Purchase 1 Order and Invoice, and have noted no disorepancies in the ordered 2 quantities or prices. Since the company keeps perpetual inventory 3 records, update the Raw Materials Records (hrow Peq. & forthe 4 materials received and the nov balance in stock. Update both the 5 physical quantities and costs. The company uses FIFO as its inventory 6 flor assumption. If needed. keep track of eerste inventor price Ray Materials Record Item No. Beringe Received L Balance Date Units Cost Total Requisit Units Cost Total Units Cost Total (yards) Number (wards) (vardsil 1-O 3 $300 2-ot 60 33.00 $180.00 63 $3.00 $9.00 $189.00 Item No.ESTAR Received Date Units Cost Total lyards) 1-Oct Raw Materials Record Description: Used Balance Requisit Units Cost Total Units Cost Total Number Ilyards) (lyardsil 0 30.00 Used Raw Materials Record Item No. PICA Received Date Units Cost Total Requisit Units Cost Total Units sheet Number (sheet (sheet 1-Oct 25 Balance Cost Total $0.90 $2250 Tarlar Yar NTTI SOT Ray Materials Record Item No. Intd Received Used Date Units Cost Total Requisit Units Cost Total Units Cost Lwards) Number (yards) [wards) 1-Oct 50 8 4.00 +6785 48 $400 019200 2 $4.00 Total $200 00 $8.00 Reg. 11: Assume for a moment that the Rav Materials Records given to you represent a complete list of the ray materials carried by the company you were to look at the Balance Sheet at the close of business on Oct. 9, what balance would be shown for Ray Materials Inventory? Ending Balance, Raw Materials Invetory: Req. 14: l' you were to look at the Balance Sheet at the end of the first day of production (10/10), what balanco vould be shown for Raw Materials inventory? Calculate the total balance and show how you arrived wit Ending Balance, Ray Materials Invetory: B C D 1 Due to its popularity, the Black and White Handbag (BW14293) is normally a stock item. However, the 2 handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, 3 management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish 4 stock. The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the 5 quality and precision of the cut. Therefore, the company is able to realize some economies of scale by 6 producing the handbags in multiples of 4. Management would like to produce enough units in this job to 7 have a minimum of 35 and a maximum of 40 handbags left in stock after Katie's order has been filled. Custom Fabric Ventures Customer Order Form 20 11 Customer: Katie's Boutique 12 Order Date: 10/2/2012 13 Order Due Date: 10/15/2012 14 Description: 15 Black & White Handbag Total Model Number: Quantity BW14923 Unit Sales Price $75 $525 16 17 19 Req. 1: To realize maximum efficiency and meet management's desired level of stock, how many Black & 20 White handbags should be produced in Job 114? Number of handbags to be produced: - 44 C D E 1 Req 2: First, fill in the missing costs. Then, calculate the company's predetermined manufacturing 2 overhead rate, assuming the company uses direct labor hours as its allocation base. 4 Type of Cost 5 Selling and Administrative salaries and expenses 6 Direct Labor (Estimated 40,000 DL hours @ average wage rate of $11 per hour) 7 Indirect plant labor 3 Plant utilities 9 Purchases of direct materials LO Lease and property taxes on the plant 11 Marketing expenses Depreciation on production equipment (equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line 12 depreciation. No salvage value is expected.) 13 Indirect materials to be used in the plant Estimated total cost for the year $ 210,000 $ 40,000 $ 60,000 $ 70,000 1,500,000 $ 120,000 30,000 $ 140,000 $ 20,000 Predetermined Overhead Rate = 9.75 per direct labor hour 1 Req. 3: The production engineers have given you the materials requirements for each Black & White 2 handbag. Assume that no efficiencies in materials can be achieved by producing more than one unit per 3 batch. Complete the Bill of Materials for Job #114 found below. Be sure to include number of units being 4 produced in the Job as well as the total quantity needed of each direct material. BILL OF MATERIALS JOB 114 3 Model: BW14923 9 Number of units: Total Quantity Needed 10 Part Number 11 BWFF 12 BWCheck 13 BFringe 14 BStrap 15 Pican 16 Int4 Description Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black Shoulder Strapping Plastic Canvas Interfacing: Level 4 sturdiness rating Quantity needed per unit 0.50 yards 0.75 yards 1.00 yards 1.75 yards 0.25 sheets 0.50 yards A B C 1 Req. 4: The production engineers have also given you the production labor requirements for each individual 2 bag produced, assuming one bag is produced at a time. Since each bag must be sewn and ironed individually, no 3 sewing and ironing labor efficiencies can be achieved by producing larger batch sizes. Recall, however, that 4 fabric can be stacked for cutting purposes, such that the material for four bags can be cut in the same amount of 5 time it would take to cut one individual bag. Compute the estimated labor time requirement for producing Job 6 114. Estimated Labor JOB 114 11 Number of units: Time per Bag Activity (in minutes) 13 Cutting 30 14 Sewing 70 15 Ironing 8 Total Minutes Required for Job 114: Total Estimated Time (in minutes) 300 2,800 320 3,420 Total Hours Required for Job 114: Req. 5: Use the estimated labor time requirement to schedule production of Job 114, including the start and end dates. Assume the plant will already be operating at full capacity every day while completing Jobs 111, 112, and 113. Also assume that only 4 direct laborers with the needed skill set will be available for this job. These hourly employees are only allowed to work a maximum of 8 hours per day so that the company can avoid paying overtime premiums. Production Schedule For the month of October Quantity 200 1 2 3 4 Job Model Number Stock or Customer 111 Headbands - HB246 Perreth 112 14 inch pillows-P14 Slothower 113 Draperies-GB159 Stock 114 Black & White BW14923 Katie's & Stock Scheduled Start Date 10/1 10/4 10/6 10/10 Scheduled End date 10/3 10/5 10/9 10/11 in in mm m Total Hours Required for Job 114: from (Reg 4) m Total Hours Skilled Workforce is Available per Day: 32 in Number of Days Required for Production: 1.78 or 2 if needed to be rounded because number of days cannot be decimal. in Req. 6: In addition to the direct materials shown on the Bill of Materials, what indirect materials might be used in the factory while Job 114 is being produced? List at least 2 items. (1) Oil/Lubricants nim (2) Disposable Tools in in Req. 7: What types of production equipment will be needed for producing Job #114? List at least 5 3 items. (Consider what you may need to cut, sew, and iron). (1) Scissors 12) Cuttine Board (3) Irons nm in in mm (4) Sewing Machine (5) Needles BILL OF MATERIALS JOB 114 Ray Materials Record Description: Black Balance Item No. BUFF Received Date Units Cost Total (wards) 1-O Used Requisit Units Cost Number (wards) Total Total Units Cost vards) 6 $6.00 $ 36,00 Number of units 40 From He 5 Part Number Description Quantity needed per unptal Quantity Needed 5 BWFF Black and White Floral Fabric Os verds 20 BWCheck Black and White Checkered Fabrid 0.75 varda 3 BFringe Black Fringe Trim 1.00 yards 9 BStrap Black Shoulder Strapping 175 yards 70 Plastio Canvas 0.25 sheets Into Interfacing: Lovel 4 sturdinessrati 0.50 yards 20 Pican Item No. ByCheck Received Date Units Cost Total wards) 1- 01 3-Oct 1 1 Raw Materials Record Description: Black & Used Balance Requisit Units Cost Total Units Cost Total Number (wards) Lwards) 20 $0.00 $160.00 +67841 12 $8.00 196.00 8 $8.00 $64.00 # Reg. 8: Consult the Raw Materials records to determine the types 5 and quantities of materials you currently have in stock Determine which types of materials you need to purchase for Job 14 and how 7 much of each you'll need List the materials that need to be purchased, along with the quantituo each needed Materials to Purchase O Part Number Description Order Quantity 1 BWFF Black and White Floral Fabric 2 BWCheck Black and White Checkered Fabric 3 BFringe Black Fringe Trim 4 BStrap Black Shoulder Strapping 5 PICan 6 Intd Interlacing: Level 4 sturdinessrating I Plastic Canvas 9 Reg. 10: Assume shipments of all supples arrive on 1019. Your O receiving personnel have checked the receipts against the Purchase 1 Order and Invoice, and have noted no disorepancies in the ordered 2 quantities or prices. Since the company keeps perpetual inventory 3 records, update the Raw Materials Records (hrow Peq. & forthe 4 materials received and the nov balance in stock. Update both the 5 physical quantities and costs. The company uses FIFO as its inventory 6 flor assumption. If needed. keep track of eerste inventor price Ray Materials Record Item No. Beringe Received L Balance Date Units Cost Total Requisit Units Cost Total Units Cost Total (yards) Number (wards) (vardsil 1-O 3 $300 2-ot 60 33.00 $180.00 63 $3.00 $9.00 $189.00 Item No.ESTAR Received Date Units Cost Total lyards) 1-Oct Raw Materials Record Description: Used Balance Requisit Units Cost Total Units Cost Total Number Ilyards) (lyardsil 0 30.00 Used Raw Materials Record Item No. PICA Received Date Units Cost Total Requisit Units Cost Total Units sheet Number (sheet (sheet 1-Oct 25 Balance Cost Total $0.90 $2250 Tarlar Yar NTTI SOT Ray Materials Record Item No. Intd Received Used Date Units Cost Total Requisit Units Cost Total Units Cost Lwards) Number (yards) [wards) 1-Oct 50 8 4.00 +6785 48 $400 019200 2 $4.00 Total $200 00 $8.00 Reg. 11: Assume for a moment that the Rav Materials Records given to you represent a complete list of the ray materials carried by the company you were to look at the Balance Sheet at the close of business on Oct. 9, what balance would be shown for Ray Materials Inventory? Ending Balance, Raw Materials Invetory: Req. 14: l' you were to look at the Balance Sheet at the end of the first day of production (10/10), what balanco vould be shown for Raw Materials inventory? Calculate the total balance and show how you arrived wit Ending Balance, Ray Materials Invetory