Xiang Manufacturing Company manufactures blue rugs, using wool and dye as direct matenals One rug is budgeted to use 38 skeins of wool at a cost of $4 per skein and 07 gallons of dye at a cost of $7 per gallon All other materials are indirect. At the beginning of the year Xiang has an inventory of 450,000 skeins of wool at a cost of $855,000 and 3,700 gallons of dye at a cost of $21,830 Target ending inventory of wool and dye is zero Xiang uses the FIFO inventory cost flow method (Click the icon to view the additional infor There is no direct manufacturing labor cost for manufacturing labor hours to weave a rug at a budgets 0.3 machine hours to dye each skein Click the icon to view the budgeted overho Read the equirements Requirement 1. Prepare a direct material usage budget in both units and dollars. 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 Material Wool Dye Total Physical Units Budget Direct materials required for Blue rugs skeins Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wool Dye gal Wool Dye Direct materials to be used this period Requirement 2. Calculate the budgeted overhead allocation rates for weaving and dyeing Begin by determining the formula, then calculato the budgeted overhead allocation rate for weaving (Round your answer to the nearest cant) Budgeted manufacturing overhead rate Begin by determining the formula, then calculate the budgeted overhead allocation rate for dyeing. (Round your answer to the nearest cont) Budgeted manufacturing overhead rato Requirement 3. Calculate the budgeted unit cost of a blue rug for the year (Round your answers to two decimal places) Cost per X Requirement 3. Calculate the budgeted unit cost of a blue rug for the year. (Round your answers to two decimal places) Input per Budgeted unit of input unit of output unit cost Wool Dye Direct manufacturing labor Dyeing overhead Weaving overhead 11 X X 4 X Total Requirement 4. Calculate the budgeted cost of goods sold for blue rugs assuming sales of 225,000 rugs(For amounts with a $0 balance, make sure to enter "0" in the appropriate coll) Requirement 4. Calculate the budgeted cost of goods sold for blue rugs assuming sales of 225 000 rugs(For amounts with a $0 balance, make sure to enter "o" in the appropriate cell.) Cost of Goods Sold Budget (a) 225,000 units Beginning finished goods inventory Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory Cost of goods sold Xiang Manufacturing Company manufactures blue rugs, using wool and dye as direct matenals One rug is budgeted to use 38 skeins of wool at a cost of $4 per skein and 07 gallons of dye at a cost of $7 per gallon All other materials are indirect. At the beginning of the year Xiang has an inventory of 450,000 skeins of wool at a cost of $855,000 and 3,700 gallons of dye at a cost of $21,830 Target ending inventory of wool and dye is zero Xiang uses the FIFO inventory cost flow method (Click the icon to view the additional infor There is no direct manufacturing labor cost for manufacturing labor hours to weave a rug at a budgets 0.3 machine hours to dye each skein Click the icon to view the budgeted overho Read the equirements Requirement 1. Prepare a direct material usage budget in both units and dollars. 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 Material Wool Dye Total Physical Units Budget Direct materials required for Blue rugs skeins Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Wool Dye gal Wool Dye Direct materials to be used this period Requirement 2. Calculate the budgeted overhead allocation rates for weaving and dyeing Begin by determining the formula, then calculato the budgeted overhead allocation rate for weaving (Round your answer to the nearest cant) Budgeted manufacturing overhead rate Begin by determining the formula, then calculate the budgeted overhead allocation rate for dyeing. (Round your answer to the nearest cont) Budgeted manufacturing overhead rato Requirement 3. Calculate the budgeted unit cost of a blue rug for the year (Round your answers to two decimal places) Cost per X Requirement 3. Calculate the budgeted unit cost of a blue rug for the year. (Round your answers to two decimal places) Input per Budgeted unit of input unit of output unit cost Wool Dye Direct manufacturing labor Dyeing overhead Weaving overhead 11 X X 4 X Total Requirement 4. Calculate the budgeted cost of goods sold for blue rugs assuming sales of 225,000 rugs(For amounts with a $0 balance, make sure to enter "0" in the appropriate coll) Requirement 4. Calculate the budgeted cost of goods sold for blue rugs assuming sales of 225 000 rugs(For amounts with a $0 balance, make sure to enter "o" in the appropriate cell.) Cost of Goods Sold Budget (a) 225,000 units Beginning finished goods inventory Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory Cost of goods sold
