Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution MarginGreiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner's master budget andhas assembled the following data for the coming year. The direct labor rate includes wages, all employee-related benefits, and the employer's share of FICA. Labor savingmachinery will be fully operational by March. Also, as of March 1, the company's union contract calls for an increase in direct labor wages that is included in the directlabor rate. Greiner expects to have 6,600 glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 percent of the following month'sprojected sales in inventory. Information on the first four months of the coming year is as follows:January February March AprilEstimated unit sales37,20035,400 40,000 40,000Sales price per unit$80$80$75$75Direct labor hours per unit2.802.802.502.50Direct labor hourly rate$19$19$20$20Direct materials cost per unit$9$9$9$9 Required:Unless otherwise indicated, round all calculated amounts to the nearest dollar or unit.1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year.a. Production budget in units:Greiner CompanyProduction Budget (units)For the First Quarter of the Coming YearJanuaryFebruary MarchTotalUnit salesDesired ending inventoryTotal units requiredLess: Beginning inventoryUnits producedb. Direct labor budget in hours: Round your answers to two decimal places, if required.Greiner CompanyDirect Labor Budget (hours)For the First Quarter of the Coming YearJanuaryFebruary MarchTotalUnits producedDirect labor hours per unitTotal labor budget (hours)c. Direct materials cost budget:

Budgets are the forecasts or estimates to be made for future period of time. Production budget,…

1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year. a. Production budget in units: Greiner Company Production Budget (units) For the First Quarter of the Coming Year January February March Total Unit sales Desired ending inventory Total units required Less: Beginning inventory Units produced b. Direct labor budget in hours: Round your answers to two decimal places, if required. Greiner Company

1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year. a. Production budget in units: Greiner Company Production Budget (units) For the First Quarter of the Coming Year January February March Total Unit sales Desired ending inventory Total units required Less: Beginning inventory Units produced b. Direct labor budget in hours: Round your answers to two decimal places, if required. Greiner Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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