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Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below.

Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 March April May 3,200 4,500 4,700 Required 2 Required 3 Prepare direct labor budgets for March and April. (Round "DL hours required per unit" answers to two decimal places.) GARDEN YETI Direct Labor Budget Units to produce Direct labor hours required per unit Direct labor hours needed Direct labor cost per hour Cost of direct labor Production Budget Units to produce March $ 0 0 $ Required 1 Required 2 Required 3 March April May 3,200 4,500 4,700 Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. April < Required 1 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Prepare factory overhead budgets for March and April. GARDEN YETI Factory Overhead Budget Complete this question by entering your answers in the tabs below. 0 0 March $ S April 0 $ 0 $ Required 3 > 0 0
Transcribed Image Text:Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 March April May 3,200 4,500 4,700 Required 2 Required 3 Prepare direct labor budgets for March and April. (Round "DL hours required per unit" answers to two decimal places.) GARDEN YETI Direct Labor Budget Units to produce Direct labor hours required per unit Direct labor hours needed Direct labor cost per hour Cost of direct labor Production Budget Units to produce March $ 0 0 $ Required 1 Required 2 Required 3 March April May 3,200 4,500 4,700 Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. April < Required 1 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Prepare factory overhead budgets for March and April. GARDEN YETI Factory Overhead Budget Complete this question by entering your answers in the tabs below. 0 0 March $ S April 0 $ 0 $ Required 3 > 0 0
Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for March and April. GARDEN YETI Direct Materials Budget Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Less: Beginning materials inventory Total materials required (pounds) Add: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases March $ 3,200 25,600 40,000 10,240 50,240 50,240 April 0 $ 4,500 36,000 51,040 51,040 51,040 0
Transcribed Image Text:Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hour at a rate of $14 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for March and April. GARDEN YETI Direct Materials Budget Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Less: Beginning materials inventory Total materials required (pounds) Add: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases March $ 3,200 25,600 40,000 10,240 50,240 50,240 April 0 $ 4,500 36,000 51,040 51,040 51,040 0
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