Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Uploaded all parts of the question, though I don't think I got it right. The last picture is the requirements. Also, if possible to show

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribed

Uploaded all parts of the question, though I don't think I got it right. The last picture is the requirements. Also, if possible to show work so I can understand where everything is coming from.

Thank you!

Sleds, Inc., manufactures and sells snowboards. Sleds manufactures a single model, the Pipex. In late 2017, Sleds's management accountant gathered the following data to prepare budgets for January 2018: (Click the icon to view the materials and labor requirements) (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: E: (Click the icon to view the other data.) The inventoriable unit cost for ending finished goods inventory on December 31, 2017, is $240.00. Assume Sleds uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Read the requirements Data Table Sleds, Inc., manufactures and sells snowboards. Sleds manufactures a sing Sleds's management accountant gathered the following data to prepare bud (Click the icon to view the materials and labor requirements) (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.) ory on December 31, 2017, is $240.00. Assume Sleds finished goods. Ignore work in process in your Direct Materials Inventories Beginning Inventory 1/1/2018 Ending Inventory 1/31/2018 2,010 b.f. 1,510 b.f. 1,010 yards 2,500 yards Wood Fiberglass 1 Data Table Print Done Materials and Labor Requirements Direct materials Wood 8 board feet (b.f.) per snowboard Fiberglass 6 yards per snowboard Direct manufacturing labor 6 hours per snowboard Wood Fiberglass Direct manufacturing labor $ $ $ 2017 Unit Price 29.00 per b.f. 5.00 per yard 25.00 per hour $ $ $ 2018 Unit Price 31.00 per b.f. 10.00 per yard 26.00 per hour Print Done Print Done to the next question. i More Info i More Info Sleds's CEO expects to sell 1,800 snowboards during January 2018 at an estimated retail price of $550 per board. Further, the CEO expects 2018 beginning inventory of 500 snowboards and would like to end January 2018 with 700 snowboards in stock. Variable manufacturing overhead is $10 per direct manufacturing labor-hour. There are also $24,000 in fixed manufacturing overhead costs budgeted for January 2018. 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 $260 per sales visit. The marketing plan calls for 35 sales visits during January 2018. Finally, there are $32,000 in fixed nonmanufacturing costs budgeted for January 2018. Print [Done] Print Done Print Dono Requirement 1. Prepare the January 2018 revenues budget (in dollars) Revenue Budget For January 2018 Units Selling price 1800 550 Total revenues 990000 Snowboards Requirement 2. Prepare the January 2018 production budget (in units). Production Budget For January 2018 Budgeted units sales 1,800 700 Add target ending finished goods inventory Total required units Deduct beginning finished goods inventory 2500 500 2000 Units of finished goods to be produced Requirement 3. Prepare the direct material usage and purchases budgets for January 2018. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget Direct Material Usage Budget in Quantity and Dollars For January 2018 Material Wood Fiberglass Physical Units Budget Direct materials required for Snowboards 10400 6.1. 1970 yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wood Fiberglass To be purchased this period 62310 10100 Wood 260090 Fiberglass 187300 197400 519800 Direct materials to be used this period Total Direct Materials Purchases Budget For January 2018 Materials Wood Fiberglass Physical Units Budget To be used in production 10400 b.f. 19740 yards Add target ending inventory Total requirement 11910 b.f. 22240 yards 1,510 b.f. 2,500 yards 19740 yards Physical Units Budget To be used in production Add target ending inventory Total requirement Deduct beginning inventory 2,500 yards 10400 b.f. 1,510 b.f. 11910 b.f. 2,010 22240 yards 1,010 yards 9900lbf. 21230 vards Purchases to be made Cost Budget 306900 212300 212300 5 19200 Purchases Requirement 4. Prepare a direct manufacturing labor budget for January 2018. (Abbreviation used: DMLH = Direct manufacturing labor hours.) Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 2000 6 12000 2 6 Snowboards Total 312000 Requirement 5. Prepare a manufacturing overhead budget for January 2018. Begin the manufacturing overhead cost budgets by first determining the formula, then calculate the variable manufacturing overhead costs. (Abbreviation used: Manuf. = Manufacturing.) Total labor hours x Variable manufacturing overhead rate = Variable manufacturing overhead costs 12000 x = 120000 Manufacturing Overhead Budget For January 2018 Variable manufacturing overhead costs 120000 192000 Fixed manufacturing overhead costs Total 312000 Requirement 6. What is the budgeted manufacturing overhead rate for January 2018? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead rate for January 2018. (Abbreviation used: Manuf. = Manufacturing. Round the cent.) Fixed manufacturing overhead Total labor hours = Budgeted manufacturing overhead rate 192000 Requirement 7. What is the budgeted manufacturing overhead cost per output unit in January 2018? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead cost per output unit in January 2018. (Abbreviation used: Manuf. = Manufacturing. Round the overhead cost per output unit to the nearest whole dollar.) Budgeted manufacturing overhead cost per output unit of input of output Total Direct materials Wood Fiberglass Direct manufacturing labor Budgeted manufacturing overhead cost 8 b.f. 6 yds. 6 hrs. Total Requirement 9. Prepare an ending inventory budget for both direct materials and finished goods for January 2018. Ending Inventories Budget For January 2018 Quantity Cost per unit Total Direct materials Wood Fiberglass 1,510 2,500 45300 25000 Direct materials Wood 4 1,510 2,500 D 31 1 0 5300 25000 Fiberglass Finished goods Snowboard 700 Total ending inventory Requirement 10. Prepare a cost of goods sold budget for January 2018. Cost of Goods Sold Budget For January 2018 Beginning finished goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Beginning finished goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, January 31 Cost of goods sold Requirement 11. Prepare the budgeted income statement for Sleds, Inc., for January 2018. Budgeted Income Statement For January 2018 Revenues Cost of goods sold Gross margin Operating (nonmanufacturing) costs Operating income 1. Prepare the January 2018 revenues budget (in dollars). 2. Prepare the January 2018 production budget (in units). Prepare the direct material usage and purchases budgets for January 2018 Prepare a direct manufacturing labor costs budget for January 2018 Prepare a manufacturing overhead costs budget for January 2018 6. What is the budgeted manufacturing overhead rate for January 2018? What is the budgeted manufacturing overhead cost per output unit in January 2018? Calculate the cost of a snowboard manufactured in January 2018. Prepare an ending inventory budget for both direct materials and finished goods for January 2018. Prepare a cost of goods sold budget for January 2018 11. Prepare the budgeted income statement for Sleds, Inc., for January 2018 12. What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. 13. How does preparing the budget help Sleds's management team better manana tha comnany ? Sleds, Inc., manufactures and sells snowboards. Sleds manufactures a single model, the Pipex. In late 2017, Sleds's management accountant gathered the following data to prepare budgets for January 2018: (Click the icon to view the materials and labor requirements) (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: E: (Click the icon to view the other data.) The inventoriable unit cost for ending finished goods inventory on December 31, 2017, is $240.00. Assume Sleds uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Read the requirements Data Table Sleds, Inc., manufactures and sells snowboards. Sleds manufactures a sing Sleds's management accountant gathered the following data to prepare bud (Click the icon to view the materials and labor requirements) (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.) ory on December 31, 2017, is $240.00. Assume Sleds finished goods. Ignore work in process in your Direct Materials Inventories Beginning Inventory 1/1/2018 Ending Inventory 1/31/2018 2,010 b.f. 1,510 b.f. 1,010 yards 2,500 yards Wood Fiberglass 1 Data Table Print Done Materials and Labor Requirements Direct materials Wood 8 board feet (b.f.) per snowboard Fiberglass 6 yards per snowboard Direct manufacturing labor 6 hours per snowboard Wood Fiberglass Direct manufacturing labor $ $ $ 2017 Unit Price 29.00 per b.f. 5.00 per yard 25.00 per hour $ $ $ 2018 Unit Price 31.00 per b.f. 10.00 per yard 26.00 per hour Print Done Print Done to the next question. i More Info i More Info Sleds's CEO expects to sell 1,800 snowboards during January 2018 at an estimated retail price of $550 per board. Further, the CEO expects 2018 beginning inventory of 500 snowboards and would like to end January 2018 with 700 snowboards in stock. Variable manufacturing overhead is $10 per direct manufacturing labor-hour. There are also $24,000 in fixed manufacturing overhead costs budgeted for January 2018. 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 $260 per sales visit. The marketing plan calls for 35 sales visits during January 2018. Finally, there are $32,000 in fixed nonmanufacturing costs budgeted for January 2018. Print [Done] Print Done Print Dono Requirement 1. Prepare the January 2018 revenues budget (in dollars) Revenue Budget For January 2018 Units Selling price 1800 550 Total revenues 990000 Snowboards Requirement 2. Prepare the January 2018 production budget (in units). Production Budget For January 2018 Budgeted units sales 1,800 700 Add target ending finished goods inventory Total required units Deduct beginning finished goods inventory 2500 500 2000 Units of finished goods to be produced Requirement 3. Prepare the direct material usage and purchases budgets for January 2018. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget Direct Material Usage Budget in Quantity and Dollars For January 2018 Material Wood Fiberglass Physical Units Budget Direct materials required for Snowboards 10400 6.1. 1970 yds Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wood Fiberglass To be purchased this period 62310 10100 Wood 260090 Fiberglass 187300 197400 519800 Direct materials to be used this period Total Direct Materials Purchases Budget For January 2018 Materials Wood Fiberglass Physical Units Budget To be used in production 10400 b.f. 19740 yards Add target ending inventory Total requirement 11910 b.f. 22240 yards 1,510 b.f. 2,500 yards 19740 yards Physical Units Budget To be used in production Add target ending inventory Total requirement Deduct beginning inventory 2,500 yards 10400 b.f. 1,510 b.f. 11910 b.f. 2,010 22240 yards 1,010 yards 9900lbf. 21230 vards Purchases to be made Cost Budget 306900 212300 212300 5 19200 Purchases Requirement 4. Prepare a direct manufacturing labor budget for January 2018. (Abbreviation used: DMLH = Direct manufacturing labor hours.) Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 2000 6 12000 2 6 Snowboards Total 312000 Requirement 5. Prepare a manufacturing overhead budget for January 2018. Begin the manufacturing overhead cost budgets by first determining the formula, then calculate the variable manufacturing overhead costs. (Abbreviation used: Manuf. = Manufacturing.) Total labor hours x Variable manufacturing overhead rate = Variable manufacturing overhead costs 12000 x = 120000 Manufacturing Overhead Budget For January 2018 Variable manufacturing overhead costs 120000 192000 Fixed manufacturing overhead costs Total 312000 Requirement 6. What is the budgeted manufacturing overhead rate for January 2018? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead rate for January 2018. (Abbreviation used: Manuf. = Manufacturing. Round the cent.) Fixed manufacturing overhead Total labor hours = Budgeted manufacturing overhead rate 192000 Requirement 7. What is the budgeted manufacturing overhead cost per output unit in January 2018? Begin by determining the formula, then enter the appropriate amounts to calculate the budgeted manufacturing overhead cost per output unit in January 2018. (Abbreviation used: Manuf. = Manufacturing. Round the overhead cost per output unit to the nearest whole dollar.) Budgeted manufacturing overhead cost per output unit of input of output Total Direct materials Wood Fiberglass Direct manufacturing labor Budgeted manufacturing overhead cost 8 b.f. 6 yds. 6 hrs. Total Requirement 9. Prepare an ending inventory budget for both direct materials and finished goods for January 2018. Ending Inventories Budget For January 2018 Quantity Cost per unit Total Direct materials Wood Fiberglass 1,510 2,500 45300 25000 Direct materials Wood 4 1,510 2,500 D 31 1 0 5300 25000 Fiberglass Finished goods Snowboard 700 Total ending inventory Requirement 10. Prepare a cost of goods sold budget for January 2018. Cost of Goods Sold Budget For January 2018 Beginning finished goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Beginning finished goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, January 31 Cost of goods sold Requirement 11. Prepare the budgeted income statement for Sleds, Inc., for January 2018. Budgeted Income Statement For January 2018 Revenues Cost of goods sold Gross margin Operating (nonmanufacturing) costs Operating income 1. Prepare the January 2018 revenues budget (in dollars). 2. Prepare the January 2018 production budget (in units). Prepare the direct material usage and purchases budgets for January 2018 Prepare a direct manufacturing labor costs budget for January 2018 Prepare a manufacturing overhead costs budget for January 2018 6. What is the budgeted manufacturing overhead rate for January 2018? What is the budgeted manufacturing overhead cost per output unit in January 2018? Calculate the cost of a snowboard manufactured in January 2018. Prepare an ending inventory budget for both direct materials and finished goods for January 2018. Prepare a cost of goods sold budget for January 2018 11. Prepare the budgeted income statement for Sleds, Inc., for January 2018 12. What questions might the CEO ask the management team when reviewing the budget? Should the CEO set stretch targets? Explain briefly. 13. How does preparing the budget help Sleds's management team better manana tha comnany

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Keys To Reading An Annual Report

Authors: George T. Friedlob, Ralph E. Welton

4th Edition

0764139150, 978-0764139154

More Books

Students also viewed these Accounting questions