Problem 1 Budgeting

Corporation has the following information available:

Units Sold 3,000

Unit Price $80.00

Budgeted Direct Materials Per Unit 1.50

Budgeted Direct Labor Hours Per Unit 1.75

Overhead Rate Per Direct Labor Hour $15.00

Current Inventory of Finished Goods 200

Target Inventory of Finished Goods 100

Current Inventory of Direct Materials 300

Target Inventory of Direct Materials 400

Cost Per Direct Material $5.00

Cost Per Direct Labor Hour $15.00

Review keeps no inventory of work in process or finished goods.

Calculate the following amounts:

What is the budgeted revenue?
What is the budget for direct materials (in materials)?
What is the budget for direct materials (in dollars)?
What is the budget for direct labor (in hours)?
What is the budget for direct labor (in dollars)?
What is the budget for overhead?
What is the budgeted gross profit?

Calculations:

Please show the calculations :)