Problem 9-37 Completion of Budget Schedules (LO 9-3, 9-5, 9-6) Scholastic Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager May June 19,500 desk-and-chair sets 21. See desk-and-chair sets 24,500 desk-and-chair sets Each desk-and-chair set requires 10 board feet of pine planks and 15 hours of direct labor Each set sells for $50. Pine planks cost $ 50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $25 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales, Required: Complete the following budget schedules 1. Sales budget 2. Production budget in sets), 3. Raw-material purchases 4. Direct-labor budget Complete this question by entering your answers in the tabs below. 1. Sales budget 2. Production budget (in sets) 3. Raw material purchases 4. Direct-labor budget Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Sales budget May June Sales in sets) Sales price per set Sales revenue April 19,500 50 975,000 $ $ Remed Required 2 > Complete this question by Required 1 Required 2 Required 3 Required 4 Production budget (in sets): May June Sales April 19,500 4,300 23,800 3,000 19.900 Add Dested ending inventory Total requirements Loss Projected beginning inventory Planned production 4,900 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Raw-material purchases: (Round "Cost per board foot" to 2 decimal places) May June April 19,900 10 199,000 Planned production (sets) Raw material required per sot (board foot) Raw material required for production (board foot) Add Desired ending inventory of raw material in board foot (10% of next month's requirement) Total requirements Less Projected beginning inventory of raw materiai, in board foot (10% of current month's requirement Planned purchases of raw material board foot) Cost per board foot 22.100 25,000 221,100 19.900 Planned purchases of raw material (dollars) 201,200 0.50 $ $ 100 600 Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Direct-labor budget: (Do not round intermediate values. Round "Direct labor hours per set to 1 decimal place.) April 19.900 May June Planned production sets) Durch bor hours per set Director hours required Cost per hour Planned direct-labor cost 15 $ $ 29,850 25 746.250
