Caribbean Kayaks (CK)Maritza (which means "star of the sea") Joseph is preparing the 2022budget for one of CK's kayaks. Extensive meetings with members of thesales department and executive management team have resulted in thefollowing unit sales projections for 2022.Quarter1,3501kayaks1,300kayaks1,100kayaks950 kayaksQuarterQuarter3Quarter4CK's policy is to have finished goods ending inventory in a quarter equalto 15% of the next quarter's anticipated sales. Preliminary sales projectionsfor 2023 are 1,250 units for the first quarter and 1,550 units for the secondquarter. Ending inventory of finished goods at December 31, 2021, will be250 kayaks.Production of each kayak requires 65 pounds of polyethylene powder anda finishing kit (rope, seat, hardware, etc.). Company policy is that theending inventory of polyethylene powder should be 20% of the amountneeded for production in the next quarter. Assume that the endinginventory of polyethylene powder on December 31, 2021, is 17,600pounds. The finishing kits are outsourced and can be purchased as they areneeded. As a result, CK does not maintain a material amount of finishingkit inventory.The polyethylene powder used in these kayaks' costs $1.85 per pound, andthe finishing kits cost $160 each. Production of a single kayak requires 2.5hours of time by more experienced, type A employees and 4.2 hours ofless-experienced type B employees. The type A employees are paid $30per hour, and the type B employees are paid $15 per hour.Selling and administrative expenses for this line are expected to be $85 perunit sold plus $7,100 per quarter. Manufacturing overhead is assigned at130% of labor costs. 3. Using the format demonstrated in your textbook - Prepare thefollowing budgets (be sure to show/demonstrate ALL calculations- include quarterly AND yearly totals) in excel or google drive:a. production budgetb. direct materials budgetc. direct labor budgetd. manufacturing overhead budgete. selling and administrative budget

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3. Using the format demonstrated in your textbook - Prepare the following budgets (be sure to show/demonstrate ALL calculations - include quarterly AND yearly totals) in excel or google drive: a. production budget b. direct materials budget c. direct labor budget d. manufacturing overhead budget e. selling and administrative budget

3. Using the format demonstrated in your textbook - Prepare the following budgets (be sure to show/demonstrate ALL calculations - include quarterly AND yearly totals) in excel or google drive: a. production budget b. direct materials budget c. direct labor budget d. manufacturing overhead budget e. selling and administrative budget

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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