Homework Help is Here – Start Your Trial Now!
Business
Accounting
Wilber, Inc. manufactures model airplane kits and projects production at 500, 330, 400, and 450 kits for the next four quarters. A (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Wilber's direct materials budget. Wilber, Inc. Direct Materials Budget O More Info For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials are 2 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 930 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Wilber desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $125 per quarter. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases

Wilber, Inc. manufactures model airplane kits and projects production at 500, 330, 400, and 450 kits for the next four quarters. A (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Wilber's direct materials budget. Wilber, Inc. Direct Materials Budget O More Info For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials are 2 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 930 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Wilber desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $125 per quarter. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases

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

Help please

Wilber, Inc. manufactures model airplane kits and projects production at 500, 330, 400, and 450 kits for the next four quarters. 1 (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Wilber's direct materials budget. Wilber, Inc. Direct Materials Budget - X More Info For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials are 2 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 930 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Wilber desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $125 per quarter. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less: Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.)
Transcribed Image Text:Wilber, Inc. manufactures model airplane kits and projects production at 500, 330, 400, and 450 kits for the next four quarters. 1 (Click the icon to view the manufacturing information.) Prepare Wilber's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Wilber's direct materials budget. Wilber, Inc. Direct Materials Budget - X More Info For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials are 2 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 930 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Wilber desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $125 per quarter. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less: Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
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.
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