TYH Tekstil is one of the biggest garment manufacturers in Turkey with their production facilities and production capacity more than 20 million pieces. TYH manufactures 2 different sweatshirts for their customers Tommy Hilfiger and Calvin Klein, red Tommy Hilfiger signature logo sweats and black Calvin Klein logo sweatshirt. To sew each sweatshirt, TYH uses organic cotton fabric and licensed logo patches provided by the companies. Due to design and garment pattern, Calvin Klein sweatshirts are larger than Tommy Hilfiger sweats. Budgeted direct cost for the inputs used for each garment in 2020 are given in the table below. Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 3 meters 0 Black organic cotton fabric 3.3 meters Tommy Hilfiger logo patches 1 Calvin Klein logo patches 0 Direct manufacturing labor 1.5 hours 2 hours Furthermore, data regarding the beginning and target direct materials inventory for June 2020 are given below. As a company policy, work-in-process inventories are considered negligible and ignored. Actual Beginning Direct Materials inventory (01/06/2020) Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 30 meters 0 Black organic cotton fabric 0 10 meters Tommy Hilfiger logo patches 40 0 Calvin Klein logo patches 0 55 Target Ending Direct Materials Inventory (30/06/2020) Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 20 meters Black organic cotton fabric 0 20 meters Tommy Hilfiger logo patches 20 Calvin Klein logo patches 0 20 TYM Tekstil use FIFO method as their costing method for direct materials inventory and finished goods inventory. For direct direct cost categories, unit cost data for inputs for May 2020 and June 2020 are as follows: May 2020 (actual Rune 2030 budgeted Red organic cotton fabric $9 Black organic cotton fabric Tommy Hilfiger logo patches Calvin Klein logo patches Direct manufacturing wher 26 For the indirect cost categories, variable and fed manufacturing overhead costs are allocated to each unit of finished goods. Manufacturing overhead both variable and foredis allocated to each sweatshirt using budgeted direct manufacturing labor hours as allocation base. The budgeted variable manufacturing overhead rate for June 2020 is $15 per direct manufacturing labor hour and budgeted feed manufacturing overhead for June 2020 is $9.200. Unit costs of direct materials purchased, and finished goods are constant in June 2020 Data of finished goodsitory for June 2000 are as follows: Tommy Hilfiger Sweats Calvin Klein Sweatshirt Beginning inventory in units 10 15 Beginning inventory in dollars $1.210 $2,23 Targetending inventory in units 20 Budgeted sales for June 2020 are 120 units of the Tommy Hilfiger Sweats and 180 units of the Calvin Klein Sweatshirt. The budgeted selling price per unit in June 2020 are $150 for the Tommy Hilfiger Sweats and $175 for the Calvin Klein Sweatshirt Considering the information provided above, prepare the following budgets for June 2020 1. Revenues budget 2 Production budget in units 3. Direct material usage budget and direct material purchases budget 4. Direct manufacturing labor budget 5. Manufacturing overhead budget 6. Ending inventories budget for both direct materials and finished goods) 7. Cost of goods sold budget TYH Tekstil is one of the biggest garment manufacturers in Turkey with their production facilities and production capacity more than 20 million pieces. TYH manufactures 2 different sweatshirts for their customers Tommy Hilfiger and Calvin Klein, red Tommy Hilfiger signature logo sweats and black Calvin Klein logo sweatshirt. To sew each sweatshirt, TYH uses organic cotton fabric and licensed logo patches provided by the companies. Due to design and garment pattern, Calvin Klein sweatshirts are larger than Tommy Hilfiger sweats. Budgeted direct cost for the inputs used for each garment in 2020 are given in the table below. Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 3 meters 0 Black organic cotton fabric 3.3 meters Tommy Hilfiger logo patches 1 Calvin Klein logo patches 0 Direct manufacturing labor 1.5 hours 2 hours Furthermore, data regarding the beginning and target direct materials inventory for June 2020 are given below. As a company policy, work-in-process inventories are considered negligible and ignored. Actual Beginning Direct Materials inventory (01/06/2020) Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 30 meters 0 Black organic cotton fabric 0 10 meters Tommy Hilfiger logo patches 40 0 Calvin Klein logo patches 0 55 Target Ending Direct Materials Inventory (30/06/2020) Tommy Hilfiger Sweats Calvin Klein Sweatshirt Red organic cotton fabric 20 meters Black organic cotton fabric 0 20 meters Tommy Hilfiger logo patches 20 Calvin Klein logo patches 0 20 TYM Tekstil use FIFO method as their costing method for direct materials inventory and finished goods inventory. For direct direct cost categories, unit cost data for inputs for May 2020 and June 2020 are as follows: May 2020 (actual Rune 2030 budgeted Red organic cotton fabric $9 Black organic cotton fabric Tommy Hilfiger logo patches Calvin Klein logo patches Direct manufacturing wher 26 For the indirect cost categories, variable and fed manufacturing overhead costs are allocated to each unit of finished goods. Manufacturing overhead both variable and foredis allocated to each sweatshirt using budgeted direct manufacturing labor hours as allocation base. The budgeted variable manufacturing overhead rate for June 2020 is $15 per direct manufacturing labor hour and budgeted feed manufacturing overhead for June 2020 is $9.200. Unit costs of direct materials purchased, and finished goods are constant in June 2020 Data of finished goodsitory for June 2000 are as follows: Tommy Hilfiger Sweats Calvin Klein Sweatshirt Beginning inventory in units 10 15 Beginning inventory in dollars $1.210 $2,23 Targetending inventory in units 20 Budgeted sales for June 2020 are 120 units of the Tommy Hilfiger Sweats and 180 units of the Calvin Klein Sweatshirt. The budgeted selling price per unit in June 2020 are $150 for the Tommy Hilfiger Sweats and $175 for the Calvin Klein Sweatshirt Considering the information provided above, prepare the following budgets for June 2020 1. Revenues budget 2 Production budget in units 3. Direct material usage budget and direct material purchases budget 4. Direct manufacturing labor budget 5. Manufacturing overhead budget 6. Ending inventories budget for both direct materials and finished goods) 7. Cost of goods sold budget