The budgeted direct-cost inputs for each product in 2020 are as follows: Broncos Blanket Rams Blanket Red wool fabric 13 yards O yards O yards 14 yards Black wool fabric 1 0 Broncos logo patches Rams logo patches Direct manufacturing labor 0 1 12 hours 13 hours Data pertaining to the direct materials for March 2020 are as follows: Actual Beginning Direct Materials Inventory, March 1, 2020 Broncos Blanket Rams Blanket Red wool fabric 80 yards O yards O yards 60 yards Black wool fabric 90 0 Broncos logo patches Rams logo patches 0 105 Target Ending Direct Materials Inventory, March 31, 2020 Broncos Blanket Rams Blanket Red wool fabric 70 yards O yards O yards 70 yards Black wool fabric 70 0 Broncos logo patches Rams logo patches 0 70 Unit cost data for direct-cost inputs pertaining to February 2020 and March 2020 are as follows: February 2020 (actual) March 2020 (budgeted) 18 $ 19 30 29 Red wool fabric (per yard) Black wool fabric (per yard) Broncos logo patches (per patch) Rams logo patches (per patch) Manufacturing labor cost per hour 16 16 15 17 35 36 Budgeted sales for March 2020 are 220 units of the Broncos blankets and 235 units of the Rams blankets. The budgeted selling prices per unit in March 2020 are $1,237 for the Broncos blankets and $1,334 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. . Data relating to finished goods inventory for March 2020 are as follows: Broncos Blanket Rams Blanket 30 35 Beginning inventory in units Beginning inventory in dollars (cost) Target ending inventory in units $ 6,600 $ 5,705 40 45 Lakin 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.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Revenues Budget For the Month of March Units Selling Price Total revenues Broncos Blankets 220 $ 1,237 $ 272,140 Rams Blankets 235 1,334 313,490 $ 585,630 Total b. Prepare the production budget in units. Production Budget For the Month of March Broncos Rams Budgeted units sales 220 235 40 45 Add target ending finished goods inventory Total required units 260 280 30 35 Deduct beginning finished goods inventory 230 245 Units of finished goods to be produced c. Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams Red wool Black wool logo patches logo patches Total Physical Units Budget Direct materials required for Broncos yds. yds. Rams yds. yds. III Total quantity of direct material to be used yds. yds