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Oliver, Ine manufactures model airplane kits and projecte production at 300, 220, 500, and 350 Kts for the next four quarters (Click the loon to view the manufacturing Information) Prepare Oliver's direct materiala budget direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number Ollver, Inc Direct Materials Budget For the Year Ended December 31 Second Quarter Quarter First Third Quarter Fourth Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus Total direct materials needed Budgeted purchases of direct materiais Direct materials cost per Ounod Budgeted cost of direct materials purchases Oliver, Inc. manufactures model plane kits and projects production at 300, 220, 500, and 360 kits for the next four quarters (Click the icon to view the manufacturing Information) Prepare Oliver's direct material budget direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number Oliver, Inc. More Info Direct Materials Budget For the Year Ended December 31 Direct materials are seven ounces of plastic per kit and the plastic costs $2 per First Second Third Fourth ounce Indirect materials are considered insignificant and are not included in the Quarter Quarter Quarter Quarter budgeting process. Beginning Raw Materials Inventory is 860 Ounce, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Oiver desires a balance of 200 ounces in Raw Materials Inventory at the end of the fourth quarter. Each requires 0.75 hours of direct Druct materials (ources) per kit laborat an average cost of $25 per hour. Manufaturing overhead is allocated using direct labor hours as the location base Variable overhead is $0.80 per kit Drect materials needed for production and feel overhead is $150 per quarter Plus Total tirect materials needed Print Done Dono Budgeted purchases of direct materials Direct materials cos por ounce Budgeted cost of direct material purchases irect labor hours needed for production, budgeted overhead costs, and predetermined i More Info X Direct materials are seven ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 860 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Oliver desires a balance of 260 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $25 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $150 per quarter. Print Done