Question 1:

Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manulacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Additional Blanket Information The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeled direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and foxe is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Budgeted Direct-Cost Inputs Liam Specialties manufactures, among other things. woolen blankets for the athietic teams of the two local high schools. (Click the ioon to view additional information.) (Click the icon to view the butgeted direct-cest.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inpuls.) Manufactuting overhead (both variable and fxed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets a. Prepare the revenues budget. Direct Materials Data pertaining to the direct materials for March 2020 are as follows: Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Direct-Cost Inputs Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Manufacturing Overhead Information The budgeted variable manufacturing overhead rate for March 2020 is $20 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2020 is $33,220. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Finished Goods Inventory Data relating to finished goods inventory for March 2020 are as follows: Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Sales and Other Information Budgeted sales for March 2020 are 170 units of the Broncos blankets and 210 units of the Rams blankets. The budgeted selling prices per unit in March 2020 are $622 for the Broncos blankets and $724 for the Rams blankets. Assume the following in your answer: - Work-in-process inventories are negligible and ignored. - Direct materials inventory and finished goods inventory are costed using the FIFO method. - Unit costs of direct materials purchased and finished goods are constant in March 2020. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgetad direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead infomation, (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets a. Prepare the revenues budget. Requirements 1. Prepare the following budgets for March 2020: a. Revenues budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget e. Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget 2. Suppose Liam Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1 . Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manulacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Additional Blanket Information The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeled direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and foxe is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Budgeted Direct-Cost Inputs Liam Specialties manufactures, among other things. woolen blankets for the athietic teams of the two local high schools. (Click the ioon to view additional information.) (Click the icon to view the butgeted direct-cest.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inpuls.) Manufactuting overhead (both variable and fxed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets a. Prepare the revenues budget. Direct Materials Data pertaining to the direct materials for March 2020 are as follows: Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Direct-Cost Inputs Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Manufacturing Overhead Information The budgeted variable manufacturing overhead rate for March 2020 is $20 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2020 is $33,220. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Finished Goods Inventory Data relating to finished goods inventory for March 2020 are as follows: Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgeted direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead information.) (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Sales and Other Information Budgeted sales for March 2020 are 170 units of the Broncos blankets and 210 units of the Rams blankets. The budgeted selling prices per unit in March 2020 are $622 for the Broncos blankets and $724 for the Rams blankets. Assume the following in your answer: - Work-in-process inventories are negligible and ignored. - Direct materials inventory and finished goods inventory are costed using the FIFO method. - Unit costs of direct materials purchased and finished goods are constant in March 2020. Liam Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. (Click the icon to view additional information.) (Click the icon to view the budgetad direct-cost.) (Click the icon to view the direct materials.) (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. (Click the icon to view the overhead infomation, (Click the icon to view the finished goods inventory.) Requirement 1. Prepare the following budgets a. Prepare the revenues budget. Requirements 1. Prepare the following budgets for March 2020: a. Revenues budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget e. Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget 2. Suppose Liam Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1