Hale Specialties manufactures, among other things, woolen blankets for the athletic teams or me two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. The budgeted direct-cost inputs for each product in 2017 are as follows: Bronces Blanket Rams Blanket 5yards O yards Red wool fabric Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 5 hours 4 hours Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Bronces Blanket Rams Blanket 40 yards Red wool fabric Oyards Black wool fabric 20 Broncos logo patches Rams logo patches 50 65 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket O yards Red wool fabric Black wool fabric 30 yards 20 Broncos logo patches Rams logo patches 30 Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: March 2017 (budgeted) February 2017 (actual) Red wool fabric (per yard) Black wool fabric (per yard) Broncos logo patches (per patch) Rams logo patches (per patch) Manufacturing labor cost per hour $10 $11 14 13 6. 27 28 Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. The budgeted variable manufacturing overhead rate for March 2017 is $17 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $14,625. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Data relating to finished-goods inventory for March 2017 are as follows: Broncos Blankets Rams Blankets Beginning inventory in units Beginning inventory in dollars (cost) Target ending inventory in units 14 19 $1,960 $2,945 24 29 Budgeted sales for March 2017 are 140 units of the Broncos blankets and 195 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $305 for the Broncos blankets and $378 for the Rams blankets. Assume the following in your answer: Work-in-process inventories are negligible and ignored. - Direct materials inventory and finished-goods inventory are costed using the FIFO method. - Unit costs of direct materials purchased and finished goods are constant in March 2017.

Hale Specialties manufactures, among other things, woolen blankets for the athletic teams or me two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. The budgeted direct-cost inputs for each product in 2017 are as follows: Bronces Blanket Rams Blanket 5yards O yards Red wool fabric Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 5 hours 4 hours Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Bronces Blanket Rams Blanket 40 yards Red wool fabric Oyards Black wool fabric 20 Broncos logo patches Rams logo patches 50 65 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket O yards Red wool fabric Black wool fabric 30 yards 20 Broncos logo patches Rams logo patches 30 Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: March 2017 (budgeted) February 2017 (actual) Red wool fabric (per yard) Black wool fabric (per yard) Broncos logo patches (per patch) Rams logo patches (per patch) Manufacturing labor cost per hour $10 $11 14 13 6. 27 28 Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. The budgeted variable manufacturing overhead rate for March 2017 is $17 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $14,625. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Data relating to finished-goods inventory for March 2017 are as follows: Broncos Blankets Rams Blankets Beginning inventory in units Beginning inventory in dollars (cost) Target ending inventory in units 14 19 $1,960 $2,945 24 29 Budgeted sales for March 2017 are 140 units of the Broncos blankets and 195 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $305 for the Broncos blankets and $378 for the Rams blankets. Assume the following in your answer: Work-in-process inventories are negligible and ignored. - Direct materials inventory and finished-goods inventory are costed using the FIFO method. - Unit costs of direct materials purchased and finished goods are constant in March 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

100%

prepare Revenues budget for march 2017.

Transcribed Image Text:Hale Specialties manufactures, among other things, woolen blankets for the athletic teams or me two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: - Broncos, with red blankets and the Broncos logo - Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. The budgeted direct-cost inputs for each product in 2017 are as follows: Bronces Blanket Rams Blanket 5yards O yards Red wool fabric Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 5 hours 4 hours Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Bronces Blanket Rams Blanket 40 yards Red wool fabric Oyards Black wool fabric 20 Broncos logo patches Rams logo patches 50 65 Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket O yards Red wool fabric Black wool fabric 30 yards 20 Broncos logo patches Rams logo patches 30 Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: March 2017 (budgeted) February 2017 (actual) Red wool fabric (per yard) Black wool fabric (per yard) Broncos logo patches (per patch) Rams logo patches (per patch) Manufacturing labor cost per hour $10 $11 14 13 6. 27 28

Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted
direct manufacturing labor-hours per blanket. The budgeted variable manufacturing overhead rate for
March 2017 is $17 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for
March 2017 is $14,625. Both variable and fixed manufacturing overhead costs are allocated to each unit
of finished goods.
Data relating to finished-goods inventory for March 2017 are as follows:
Broncos Blankets
Rams Blankets
Beginning inventory in units
Beginning inventory in dollars (cost)
Target ending inventory in units
14
19
$1,960
$2,945
24
29
Budgeted sales for March 2017 are 140 units of the Broncos blankets and 195 units of the Rams blankets.
The budgeted selling prices per unit in March 2017 are $305 for the Broncos blankets and $378 for the Rams
blankets. Assume the following in your answer:
Work-in-process inventories are negligible and ignored.
- Direct materials inventory and finished-goods inventory are costed using the FIFO method.
- Unit costs of direct materials purchased and finished goods are constant in March 2017.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.