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Direct materials cost per kit Direct labor cost per kit Manufacturing overhead best per kit Total projected manufacturing cost per kit For the Year Ended December 31 First Second Fourth I Third Quarter Quarter Quarter Quarter Total $ Beginning inventory Kits produced and sold $ 0 Total budgeted cost of goods sold Kelvin, Inc. manufactures model airplane kits Direct materials are three ounces of plastic per kit and the plastic costs $5 per ounce Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.25 hours of direct labor at an average cost of $55 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: (Click the icon to view the budgets.) Kelvin projects sales of 200, 300, 700, and 600 kits for the next four quarters, Kelvin has no kits in beginning inventory Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $XXX) Total projected manufacturing cost per kit Reference Kelvin, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 360 150 300 250 3 1,060 3 3 3 3 3 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed 750 900 1,080 90 450 180 3,180 250 216 250 966 1,170 630 1,150 3,430 Reference 630 1,150 180 3,430 "910 90 970 540 5 S 2,520 5 5ls Total direct materials needed 966 1.170 Less: Direct materials in beginning inventory 910 216 Budgeted purchases of direct materials 56 954 Direct materials cost per ounce 5$ 5$ 280||$ Budgeted cost of direct materials purchases 4.770 $ Kelvin, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third 2,700 4,850 12,600 Fourth Quarter Quarter Quarter Quarter Total Rudolite in hand 250 30 ol ann O Points: 0 of 1 sa Reference First Second Third Fourth Quarter Quarter Quarter Quarter Total 150 Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production 250 0.25 360 0.25 300 0.25 0.25 1,080 0.25 62.50 55$ 90.00 55 37.50 55$ 75,00 55$ Direct labor cost per hour $ $ 265.00 55 Budgeted direct labor cost 3,438 $ 4,950 $ 2,063$ 4.125$ 14,575 Kelvin, Inc. Manufacturing Overhead Budget For the Year Ended December 31 Print Done swer earch ORI 99 91% Reference Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 250 360 150 300 0.50 $ 1,060 0.50 $ 0.50 $ 0.50 $ 0.50||$ Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs $ 530,00 125.00 $ 1130.00 255.00 $ 180.00 $ 130.00 75.00 s 130,00 150.00 $ 130.00 520.00 $ 310,00 $ 205.00|| 280.00 ls 1,050.00 Print Done Reference - Quarter Quarter Quarter Quarter Total 360 150 250 0.50||$ 300 0.50 $ 0.50||$ 0.50 $ 1,060 0.50 Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs $ 125.00||$ 130.00 180.00 $ 130.00 75.00 $ 130.00 150.00 $ 130.00 530.00 520.00 255.00 $ 310.00 $ 205.00 $ 280.00 $ 1.050.00 62.50 90.00 37.50 75.00 265.00 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate ACA 1,050,00 3.96