Chapter 22 Exercises Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co 416 7 points Exercise 22-16 (Algo) Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $4 per pound and 0.4 direct labor hour at a rate of $15 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $4,900 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in Inventory. The company's production budget reports the following Production Budget March April May Units to produce 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for March and April. GARDEN YETI Direct Materials Budget March April Units to produce 3.2004.500 O Materials required per unit (pounds) 9 Materials needed for production (pounds) 25.800 3.000 Add: Desired ending materials inventory 10,000 11.280 Total materials required (pounds) 36,400 47.280 Materials to purchase (pounds) Cost of direct materials purchases 36,400 47,200 0 7 4.16 points Exercise 22-16 (Algo) Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $4 per pound and 0.4 direct labor hour at a rate of $16 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $4,900 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April (3) Prepare factory overhead budgets for March and April. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct labor budgets for March and April. (Round "DL hours required per unit answers to two decimal places.) Units to produce GARDEN YETI Direct Labor Budget March April Direct labor hours needed B 0 Cost of direct labor 0 $ 0 416 7 points Exercise 22-16 (Algo) Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $4 per pound and 0.4 direct labor hour at a rate of $16 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour Budgeted fixed overhead is $4,900 per month. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. At the end of February the company had 10,240 pounds of direct materials in inventory. The company's production budget reports the following Production Budget Units to produce March April May 3,200 4,500 4,700 (1) Prepare direct materials budgets for March and April (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare factory overhead budgets for March and April. GARDEN YETI Factory Overhead Budget March April Direct labor hours needed Budgeted variable overhead is Budgeted total factory overhead 3 $ 0