-X Requirements 1. a. c. Prepare the following budgets for March 2017: Revenues budget b. Production budget in units Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) g. Cost of goods sold budget Suppose Lala Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. e. 2. Print Done - Sales and other information Budgeted sales for March 2017 are 140 units of the Broncos blankets and 195 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $305 for the Broncos blankets and $378 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 2017. . Print Done Finished goods inventory Data relating to finished goods inventory for March 2017 are as follows: Broncos Blanket Rams Blanket 14 19 Beginning inventory in units Beginning inventory in dollars (cost) Target ending inventory in units $ 1,960 $ 2,945 24 29 Print Done Manufacturing overhead information The budgeted variable manufacturing overhead rate for March 2017 is $17 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $14,625. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Print Done Direct-cost inputs Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: February 2017 (actual) March 2017 (budgeted) $ 10 11 14 13 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 8 8 7 9 27 28 Print Done Direct materials Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Broncos Blanket Rams Blanket Red wool fabric 40 yards O yards Black wool fabric 0 20 50 0 Broncos logo patches Rams logo patches 0 65 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket Red wool fabric 30 yards O yards Black wool fabric 0 30 30 0 Broncos logo patches Rams logo patches 0 30 Print Done - Budgeted direct-cost inputs The budgeted direct-cost inputs for each product in 2017 are as follows: Broncos Blanket Rams Blanket 5 yards O yards 0 6 Red wool fabric Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 1 0 0 1 4 hours 5 hours Print Done Additional blanket information The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. . Print Done Lala 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.) . O 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 loon to view the finished goods inventory.) (Click the icon to view additional information.) Read the requiroments d. Prepare the direct manufacturing labor costs budget. (Abbreviation used: DMLH = Direct manufacturing labor hours) Direct Manufacturing Labor Costs Budget For the Month of March Output units DMLH Total Hourly produced per unit DMLH wage rate Total Broncos blankets 150 4.0 600 $ 28 S 16,800 Rams blankets 205 5.0 1,025 28 28,700 S 45,500 Total e. Prepare the manufacturing overhead costs budget. Start by selecing the formula, and calculating the budgeted variable manufacturing overhead costs for March. Variable manufacturing overhead costs