need answer for all with all working and steps thanks Grady, Inc. manufactures model airplane kits and projects production at 650, 500, 450, and 600 kits for the next four quarters.(Click the icon to view the manufacturing information.)Prepare Grady's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct laborhours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round otheamounts to the nearest whole number.Direct Materials BudgetFor the Year Ended December 31FirstQuarterBudgeted kits to be producedDirect materials (ounces) per kitDirect materials needed for productionPlus: Desired direct materials in ending inventoryTotal direct materials neededLess: Direct materials in beginning inventoryBudgeted purchases of direct materialsDirect materials cost per ounceBudgeted cost of direct materials purchases650SecondQuarter5004ThirdQuarter450FourthQuarter600Total2,200 Direct materials are 4 ounces of plastic per kit and the plastic costs $1 per ounce.Indirect materials are considered insignificant and are not included in the budgetingprocess. Beginning Raw Materials Inventory is 850 ounces, and the companydesires to end each quarter with 10% of the materials needed for the next quarter'sproduction. Grady desires a balance of 200 ounces in Raw Materials Inventory atthe end of the fourth quarter. Each kit requires 0.10 hours of direct labor at anaverage cost of $10 per hour. Manufacturing overhead is allocated using directlabor hours as the allocation base. Variable overhead is $0.20 per kit, and fixedoverhead is $165 per quarter.

Direct material purchase budget :— This budget is prepared to estimate the number and cost direct…

Direct materials are 4 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 850 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Grady desires a balance of 200 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.10 hours of direct labor at an average cost of $10 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.20 per kit, and fixed overhead is $165 per quarter.

Direct materials are 4 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 850 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Grady desires a balance of 200 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.10 hours of direct labor at an average cost of $10 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.20 per kit, and fixed overhead is $165 per quarter.

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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