Please do not give solution in image format thanku MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $5 per pound and 0.7 directlabor hour at a rate of $10 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is$20,000 per month. The company's policy is to end each month with direct materials inventory equal to 30% of the next month's directmaterials requirement. At the end of August the company had 2,640 pounds of direct materials in inventory. The company's productionbudget reports the following.Production BudgetUnits to produceRequired 1(1) Prepare direct materials budgets for September and October.(2) Prepare direct labor budgets for September and October.(3) Prepare factory overhead budgets for September and October.Complete this question by entering your answers in the tabs below.Required 2Units to produceSeptember4,400October6,700Direct labor hours neededCost of direct laborPrepare direct labor budgets for September and October. (Round "DL hours required per unit" answers to one decimal place.)Required 3MCO LeatherDirect Labor BudgetNovember5,800September October$00 $< Required 100Required 3 >

The budget is prepared to estimate the requirements for the period. The materials budget is prepared…

MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $5 per pound and 0.7 direct abor hour at a rate of $10 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 30% of the next month's direct materials requirement. At the end of August the company had 2,640 pounds of direct materials in inventory. The company's production udget reports the following. Production Budget Units to produce September 4,400 October 6,700 November 5,800 1) Prepare direct materials budgets for September and October. 2) Prepare direct labor budgets for September and October. 3) Prepare factory overhead budgets for September and October.

MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $5 per pound and 0.7 direct abor hour at a rate of $10 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 30% of the next month's direct materials requirement. At the end of August the company had 2,640 pounds of direct materials in inventory. The company's production udget reports the following. Production Budget Units to produce September 4,400 October 6,700 November 5,800 1) Prepare direct materials budgets for September and October. 2) Prepare direct labor budgets for September and October. 3) Prepare factory overhead budgets for September and October.

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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