Homework Help is Here – Start Your Trial Now!
Business
Accounting
Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 Sales Budget in dollars Production Budget in units Direct Materials Budget Direct Labor Budget 2 3 4 5 6 7 8 9 10 11 12 $ 10,000.00 $ 850,000.00 $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget Budgeted Income Statement Budgeted Balance Sheet

Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 Sales Budget in dollars Production Budget in units Direct Materials Budget Direct Labor Budget 2 3 4 5 6 7 8 9 10 11 12 $ 10,000.00 $ 850,000.00 $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget Budgeted Income Statement Budgeted Balance Sheet

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
Topic Video
Question
Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars 2 Production Budget in units 3 5 6 7 8 9 10 11 12 Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard $ 10,000.00 $ 850,000.00 Budgeted Income Statement Budgeted Balance Sheet $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget
Transcribed Image Text:Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars 2 Production Budget in units 3 5 6 7 8 9 10 11 12 Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard $ 10,000.00 $ 850,000.00 Budgeted Income Statement Budgeted Balance Sheet $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
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.
Similar questions
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