Arryn Corporation is a manufacturing that produces high end jewellery. For the upcoming festivity the company...
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Arryn Corporation is a manufacturing that produces high end jewellery. For the upcoming festivity the company will produce a limited-edition collection called "Valarian' and "Vale'. This product will be launch early next year. The following information was provided for first quarter 2022. (i) Production of the jewellery will utilize the following materials: Valarian (RM) Vale (RM) 60 Crystal at RM12 per unit Steel at RM11 per unit Fyre at RM16 per unit 72 66 44 48 48 (ii) The ending inventories at year end 2021 is expected as follows: Valarian Vale Units 120 110 Crystal Steel Fyre 2.400 1,800 3,200 (iii) Production of the jewellery requires three types of labour that are unskilled, semi-skilled and skilled labour. Skilled labour utilised is 4 hours and 3 hours respectively for each units Valarian and Vale. Each unit of Vale requires 3 hours of semi-skilled and 3 hours of unskilled labour. Valarian in the other hand requires 2 hours each of semi-skilled and unskilled labour for every jewellery item. The labour cost for skilled, semi-skilled and unskilled labour is RM14, RM8 and RM4 respectively. (iv) The company policy is to maintain ending inventories for all the product 30% lower that its recorded number at the beginning of the period. Closing inventories for all materials is to be set 15% lower than its opening inventory for the period. (iv) For the first quarter of 2022 the expected sales unit of Valarian is 3,450 units while for Vale is 2,580 units. The selling price for Valarian and Vale is RM850 and RM1,120 respectively. Required for first quarter 2022: (a) Production budget. (5 marks) (b) Material usage budget. (4 marks) (c) Material purchase budget. (9 marks) (d) Labour budget. (7 marks) [25 Mark] Arryn Corporation is a manufacturing that produces high end jewellery. For the upcoming festivity the company will produce a limited-edition collection called "Valarian' and "Vale'. This product will be launch early next year. The following information was provided for first quarter 2022. (i) Production of the jewellery will utilize the following materials: Valarian (RM) Vale (RM) 60 Crystal at RM12 per unit Steel at RM11 per unit Fyre at RM16 per unit 72 66 44 48 48 (ii) The ending inventories at year end 2021 is expected as follows: Valarian Vale Units 120 110 Crystal Steel Fyre 2.400 1,800 3,200 (iii) Production of the jewellery requires three types of labour that are unskilled, semi-skilled and skilled labour. Skilled labour utilised is 4 hours and 3 hours respectively for each units Valarian and Vale. Each unit of Vale requires 3 hours of semi-skilled and 3 hours of unskilled labour. Valarian in the other hand requires 2 hours each of semi-skilled and unskilled labour for every jewellery item. The labour cost for skilled, semi-skilled and unskilled labour is RM14, RM8 and RM4 respectively. (iv) The company policy is to maintain ending inventories for all the product 30% lower that its recorded number at the beginning of the period. Closing inventories for all materials is to be set 15% lower than its opening inventory for the period. (iv) For the first quarter of 2022 the expected sales unit of Valarian is 3,450 units while for Vale is 2,580 units. The selling price for Valarian and Vale is RM850 and RM1,120 respectively. Required for first quarter 2022: (a) Production budget. (5 marks) (b) Material usage budget. (4 marks) (c) Material purchase budget. (9 marks) (d) Labour budget. (7 marks) [25 Mark]
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