Sleds, Inc., manufactures and sells snowboards. Sleds manufactures a single model, the Pipex. In late 2020, Sleds's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the materials and labor requirements) i (Click the icon to view the additional information.) (Click the icon to view the direct materials inventories) (Click the icon to view the additional information.) 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 $250.00. Assume Sleds uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Read the requirements Requirements 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 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 2021. Prepare a manufacturing overhead costs budget for January 2021. 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 Sleds, Inc., for January 2021. I What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. How does preparing the budget help Sleds's management team better manage the company? Data table Wood Fiberglass Direct Materials Inventories Beginning Inventory January 1, 2021 2,020 b.f. 1,020 yards Ending Inventory January 31, 2021 1,520 b.f. 2,020 yards Data table Direct materials Wood Materials and Labor Requirements Fiberglass Direct manufacturing labor 9 board feet (b.f.) per snowboard 7 yards per snowboard 8 hours per snowboard - X Data table Wood Fiberglass Direct manufacturing labor $ 69 2020 Unit Price 30.00 per b.f. 6.00 per yard 26.00 per hour $ $ $ 2021 Unit Price 32.00 per b.f. 7.00 per yard 27.00 per hour - X More info Sleds's CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. More info Variable manufacturing overhead is $8 per direct manufacturing labor-hour. There are also $20,800 in fixed manufacturing overhead costs budgeted for January 2021. Sleds 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 $270 per sales visit. The marketing plan calls for 36 sales visits during January 2021. Finally, there are $33,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021.