Homework Help is Here – Start Your Trial Now!
Business
Accounting
MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $18 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 20% of the next month's materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced September 5,000 October 7,200 (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 Budgeted production (unit) Materials requirements per unit (bs) Materials needed for production (be) Budgeted ending inventory (bs) Complete this question by entering your answers in the tabs below. November 5,900 Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September 0 October

MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $18 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 20% of the next month's materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced September 5,000 October 7,200 (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 Budgeted production (unit) Materials requirements per unit (bs) Materials needed for production (be) Budgeted ending inventory (bs) Complete this question by entering your answers in the tabs below. November 5,900 Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September 0 October

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September Budgeted production (units) Materials requirements per unit (lbs.) Materials needed for production (lbs.) Budgeted ending inventory (lbs) Total materials requirements (6) Budgeted beginning inventory (lbs.) Materials to be purchased (lbs.) Direct material cost per lb. Total budgeted direct materials Required 1 Required 2 Required 3 Budgeted production (units) DL hours required per unit Total direct labor hours needed Direct labor rate per hour Total budgeted direct labor $ $ Total direct labor hours needed VOH rate per DL hour Budgeted variable overhead Budgeted fixed overhead Total budgeted factory overhead 0 Counds 0 0 0 Complete this question by entering your answers in the tabs below. 0 $ $ September October 0$ October Prepare direct labor budgets for September and October. (Round "DL hours required per unit" answers to one decimal place.) MCO Leather Direct Labor Budget For the Months of September and October 0 MCO Leather Factory Overhead Budget For the Months of September and October 0 < Required 1 0$ 0 September October Required 1 Required 2 Required 3 Prepare factory overhead budgets for September and October. Complete this question by entering your answers in the tabs below. 0 0 0 0 0 0 < Required 2 Required 2 > Required 3 >
Transcribed Image Text:Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September Budgeted production (units) Materials requirements per unit (lbs.) Materials needed for production (lbs.) Budgeted ending inventory (lbs) Total materials requirements (6) Budgeted beginning inventory (lbs.) Materials to be purchased (lbs.) Direct material cost per lb. Total budgeted direct materials Required 1 Required 2 Required 3 Budgeted production (units) DL hours required per unit Total direct labor hours needed Direct labor rate per hour Total budgeted direct labor $ $ Total direct labor hours needed VOH rate per DL hour Budgeted variable overhead Budgeted fixed overhead Total budgeted factory overhead 0 Counds 0 0 0 Complete this question by entering your answers in the tabs below. 0 $ $ September October 0$ October Prepare direct labor budgets for September and October. (Round "DL hours required per unit" answers to one decimal place.) MCO Leather Direct Labor Budget For the Months of September and October 0 MCO Leather Factory Overhead Budget For the Months of September and October 0 < Required 1 0$ 0 September October Required 1 Required 2 Required 3 Prepare factory overhead budgets for September and October. Complete this question by entering your answers in the tabs below. 0 0 0 0 0 0 < Required 2 Required 2 > Required 3 >
MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $18 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 20% of the next month's materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced September 5,000 October 7,200 (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. Budgeted production (unit) Materials requirements per unit (ib.) Materials needed for production (lbs) Budgeted ending inventory (ib.) Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September November 5,900 0 October 0
Transcribed Image Text:MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $18 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $20,000 per month. The company's policy is to end each month with direct materials inventory equal to 20% of the next month's materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced September 5,000 October 7,200 (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. Budgeted production (unit) Materials requirements per unit (ib.) Materials needed for production (lbs) Budgeted ending inventory (ib.) Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September November 5,900 0 October 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS