Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 9 pounds of direct materials at a cost of $3 perpound and 0.4 direct labor hours at a rate of $20 per hour. Variable manufacturing overhead is charged at a rate of $4 per direct laborhour. Fixed manufacturing overhead is $3,200 per month. The company's policy is to maintain direct materials inventory equal to 20%of the next month's materials requirement. At the end of February the company had 6,280 pounds of direct materials in inventory. Thecompany's production budget reports the following.Production BudgetUnits to be producedMarchApril5,500Мay5,3003,300(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 1Required 2Required 3Prepare factory overhead budgets for March and April.ORNAMENTAL SCULPTURES MFG.Factory Overhead BudgetFor the Months of March and AprilMarchAprilTotal direct labor hours neededVOH rate per DL hourBudgeted variable overhead0 $Budgeted fixed overheadTotal budgeted factory overhead0 $< Required 2Required 3 >%24%24

Name: Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculp
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Description: Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 9 pounds of direct materials at a cost of $3 perpound and 0.4 direct labor hours at a rate of $20 per hour. Variable manufacturing overhead is charged at a rate of $4

Direct materials budget estimates the required purchases for a period. Direct labor budget estimates…

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Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 9 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hours at a rate of $20 per hour. Variable manufacturing overhead is charged at a rate of $4 per direct labor hour. Fixed manufacturing overhead is $3,200 per month. The company's policy is to maintain direct materials inventory equal to 20% of the next month's materials requirement. At the end of February the company had 6,280 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced April 5,500 March May 5,300 3,300 (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.

Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 9 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hours at a rate of $20 per hour. Variable manufacturing overhead is charged at a rate of $4 per direct labor hour. Fixed manufacturing overhead is $3,200 per month. The company's policy is to maintain direct materials inventory equal to 20% of the next month's materials requirement. At the end of February the company had 6,280 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to be produced April 5,500 March May 5,300 3,300 (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.

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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