Homework Answers
|
MIAMI SOLAR Direct materials Budget For Month Ended July 31 |
|
| Budgeted production (Units ) | 4,700 |
| Material requirement per unit | 4 |
| Materials needed for production | 18,800 |
|
Add: Budgeted ending inventory
(lbs) (40% of next month) |
7,840 (4,900 x 4 x 40%) |
| Total materials requirements | 26,640 |
| Less: Beginning inventory (lbs) | -7,520 |
| Materials to be purchased (lbs) | 19,120 |
| Material price per pound | $ 5 |
| Budgeted Cost of direct materials purchases | $ 95,600 |
|
MIAMI SOLAR Direct labor budget For Month Ended July 31 |
|
| Budgeted Production in units | 4,700 |
| DL hours required per unit | 4 |
| Total labor hours needed | 18,800 |
| Direct labor rate per hour | $ 13 |
| Budgeted cost of direct labor | $ 376,000 |
|
MIAMI SOLAR Factory overhead budget For Month Ended August 31 |
|
|
Total direct labor-hours needed ( 4,900 x 4 ) |
19,600 |
|
VOH rate per DL hour ( $ 20 x 70% ) |
$ 14 |
|
Variable overhead (19,600 x $ 14) |
$ 274,400 |
| Fixed overhead | $ 172,000 |
| Budgeted Total overhead | $ 446,400 |
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Each purse requires 3 pounds of direct materials at a cost of $4
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month. The company’s policy is to end each month with direct
materials inventory equal to 30% of the next month’s materials
requirement. At the end of August...
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