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Exercise 20-12 Manufacturing: Preparing production budgets (for two periods) LO P1 6 Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished points goods inventory for the first quarter will be 221,500 units. The following unit sales of the transmissions are expected during the rest of the year. second quarter, 443,000 units; third quarter, 386,000 units; and fourth quarter, 469,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 50% of the next quarter's budgeted sales. eBook Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. ELECTRO COMPANY Production Budget Second and Third Quarters Second Quarter Third Quarter Budgeted ending inventory (units) 221,500 Budgeted unit sales for quarter Required units of available production Budgeted beginning inventory (units) Units to be producedMCO Leather Goods manufactures leather purses. Each purse requires 3 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $19 per hour. Variable manufacturing overhead is charged at a rate of $2 per direct labor hour. Fixed manufacturing overhead is $12000 per month. The company's policy is to end each month with direct materials inventory equal to 12 20% of the next month's materials requirement. At the end of August the company had 4,580 pounds of direct materials in inventory. points The company's production budget reports the following. Production Budget Units to be produced September 5, 500 October 6, 900% November 6,300 Book 1) Prepare direct materials budgets for September and October 2) Prepare direct labor budgets for September and October. (3) Prepare factory overhead budgets for September and October. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO LEATHER GOODS Direct Materials Budget For the Months of September and October September October Budgeted production (units) 5,500 6,900 Materials requirements per unit (Ibs.) 3 Materials needed for production (Ibs. 16,500 20,700 Budgeted ending inventory (Ibs.) Total materials requirements (lbs ) 16,500 20.700 Budgeted beginning inventory (Ibs. Materials to be purchased (Ibs.) 6.500 20,700 Direct material cost per lb Total budgeted direct materials $ 0 $3 Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year Cash Cash 12 Receipts payments points January $526,000 $473,900 February 407,000 354,900 March 465,090 522,090 Book According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $30,000 on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget For January, February, and March January February March Beginning cash balance $ 30,000 Total cash available Preliminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month $ 60,000 Additional loan (loan repayment) Loan balance - End of month