Required information[The following information applies to the questions displayed below.]Black Diamond Company produces snowboards. Each snowboard requires 2 pounds of carbon fiber. Management reportsthat 6,400 snowboards and 7,400 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that164,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with4,900 snowboards and 5,400 pounds of carbon fiber in inventory. Carbon fiber costs $13 per pound. Each snowboardrequires 0.5 hour of direct labor at $18 per hour. Variable overhead is budgeted at the rate of $8 per direct labor hour. Thecompany budgets fixed overhead of $1,796,000 for the quarter.4. Prepare the factory overhead budget for the third quarter.BLACK DIAMOND COMPANYFactory Overhead BudgetThird QuarterDirect labor hours neededBudgeted variable overheadBudgeted total factory overhead

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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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Mackinac Inc. produces denim backpacks. The production budget for the next four months is: July 5,500 units, August 7,700 units, September 7,700 units, October 8,100 units. Each backpack requires 0.6 square meters of denim. Mackinac Inc.’s denim inventory policy is 30% of next month’s production needs. On July 1 leather inventory was expected to be 990 square meters. Denim is expected to cost $5.00 per square meter in June, but go up to $6.00 per square meter in July. What is the expected cost of denim purchases in July? Multiple Choice $23,076 $23,176 $22,176 $20,676
MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $3 per pound and 0.7 direct labor hour at a rate of $12 per hour. Variable overhead is budgeted at a rate of $2 per direct labor hour. Budgeted fixed overhead is $11,000 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 2,580 pounds of direct materials in Inventory. The company's production budget reports the following. Production Budget Units to produce Required 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. September 4,300 Complete this question by entering your answers in the tabs below. Units to produce October 6,800 Required 2 Required 3 Prepare direct labor budgets for September and October. (Round "DL…
Required information [The following information applies to the questions displayed below.] Black Diamond Company produces snowboards. Each snowboard requires 3 pounds of carbon fiber. Management reports that 5,300 snowboards and 6,300 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that 153,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with 3,800 snowboards and 4,300 pounds of carbon fiber in inventory. Carbon fiber costs $18 per pound. Each snowboard requires 0.5 hour of direct labor at $23 per hour. Variable overhead is budgeted at the rate of $11 per direct labor hour. The company budgets fixed overhead of $1,785,000 for the quarter. 3. Prepare the direct labor budget for the third quarter. BLACK DIAMOND COMPANY Units to produce Direct labor hours needed Cost of direct labor Direct Labor Budget Third Quarter
Required information [The following information applies to the questions displayed below.) Black Diamond Company produces snowboards. Each snowboard requires 3 pounds of carbon fiber. Management reports that 6,800 snowboards and 7,800 pounds of carbon fiber are in inventory at the beginning of the third quarter, and that 168,000 snowboards are budgeted to be sold during the third quarter. Management wants to end the third quarter with 5,300 snowboards and 5,800 pounds of carbon fiber in inventory. Carbon fiber costs $17 per pound. Each snowboard requires 0.5 hour of direct labor at $22 per hour. Variable overhead is budgeted at the rate of $12 per direct labor hour. The company budgets fixed overhead of $1,800,000 for the quarter. Required: 1. Prepare the production budget for the third quarter. Hint: Desired ending inventory units are given. BLACK DIAMOND COMPANY Production Budget (in units) Third Quarter Total required units Units to produce
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1. 2. On January 1, 2025, Pina Company issued $132,000 of 7%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2025, Grouper Company issued $84,000 of 11%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following.
Forrest Company manufactures phone chargers and has a policy that ending inventory should equal 10% of the next month's budgeted unit sales. October's ending inventory equals 40,000 units. November and December sales are budgeted to be 400,000 units and 350,000 units, respectively. Prepare the production budget for November. FORREST COMPANY Production Budget Desired ending inventory units Total required units Units to produce November
Good Eats Inc. manufactures flatware sets. The budgeted production is for 80,000 sets this year. Each set requires 2.5 hours to polish the material. If polishing labor costs $15.00 per hour, determine the direct labor cost budget for polishing for the year.$____
Galactic Incorporated manufactures flying drone toys. Sales units for January, February, March, April, and May were 380, 360, 432, 392, and 460 respectively. The company' s policy for ending finished goods is 25 percent of next month's sales. Determine production budget for the first quarter. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next month's materials requirement. Determine direct materials purchases budget with respect to LED lights for the first quarter.
Vishano

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