Velocity Skates is a fictitious company that produces roller skates. As the cost accountants prepare the budget for the upcoming year, they must calculate standard costs. Assume you have received the following bill of materials, which describes the inputs to Velocity Skates's most popular. skate, the Speedster:

Skate Boot:

Leather or synthetic upper material

Lining material

Insole

Outsole

Heel

Laces

Chassis:

Aluminum or steel frame

Trucks $($pivot points for the wheels$)$

Cushions $($rubber parts within the truck for flexibility$)$

Wheels:

Polyurethane wheels

Bearings $($allow the wheels to rotate freely$)$

Toe Stop:

Rubber stopper

Washer

Nut

Miscellaneous:

Screws for attaching chassis to boot

Bolts for attaching trucks to the frame

Nuts for securing bolts

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