Homework: Chapter 6 Homework Problems Save Score: 0 of 8 pts 14 of 16 (14 complete) HW Score: 59 82%, 16.75 of 28 pts P6-35 (similar to) Question Help SI Lieux Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools Click the icon to view additional information) Click the icon to view the budgeted direct cost) (Click the icon to view the direct materials) E (Click the icon to view the direct-cost inputs.) Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor hours per blanket (Click the icon to view the overhead information) (Click the icon to view the finished goods inventory) Click the icon to view additional information.) Read the requirements ac SL Requirement 1. Prepare the following budgets a. Prepare the revenues budget al Revenues Budget For the Month of March Units Selling Price 150 S 393 Total revenues n od Broncos Blankets Rams Blankets 200 474 Total Enter any number in the edit fields and then click Check Answer Clear All Check Answer 11 parts remaining i Additional Blanket Information ct-cost in - X ing bud - Budge The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: Broncos, with red blankets and the Broncos logo Rams with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets th of Me elling P Print Done opalinformation . Honott inte varbaad infor ud Budgeted Direct-Cost Inputs - X re The budgeted direct-cost inputs for each product in 2017 are as follows: 0 Rams Blanket Broncos Blanket 6 yards 0 yards 7 je 0 OI Red wool fabric Black wool fabric Broncos logo patches Rams logo patches Direct manufacturing labor 1 0 0 1 5 hours 6 hours Print Done Direct Materials es 1 h dit Unit data pertaining to the direct materials for March 2017 are as follows: Actual Beginning Direct Materials Inventory (3/1/2017) Broncos Blanket Rams Blanket ed ed 45 yards Red wool fabric Black wool fabric fol O yards 25 0 get 55 0 Broncos logo patches Rams logo patches 0 70 en M Target Ending Direct Materials Inventory (3/31/2017) Broncos Blanket Rams Blanket 0 Red wool fabric 35 yards O yards 35 3 Black wool fabric 0 3 35 0 Broncos logo patches Rams logo patches 0 35 fi Print Done ew.additional information Click the icon to Lawrtho anachoadinformation eV i Direct-Cost Inputs - X eV 62 Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: February 2017 (actual) March 2017 (budgeted) Red wool fabric (per yard) 11 $ 12 Black wool fabric (per yard) 16 15 Broncos logo patches (per patch) 9 9 Rams logo patches (per patch) 8 10 Manufacturing labor cost per hour 28 29 On Print Done Trect materials a (Click the icon to view additional information are Manufacturing Overhead Information - X 100 je The budgeted variable manufacturing overhead rate for March 2017 is $18 per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $16,480. Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. OI Print Done view i Sales and Other Information - view Dare th jes by Re Budgeted sales for March 2017 are 150 units of the Broncos blankets and 200 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $393 for the Broncos blankets and $474 for the Rams blankets. Assume the following in your answer. Work-in-process inventories are negligible and ignored. w Direct materials inventory and finished goods inventory are costed using the FIFO method. Unit costs of direct materials purchased and finished goods are constant in March 2017 Fort Unit Print Done he on the bacie of budastad direct.canufacturina labor bu - X i Requirements le e a. TE C. 1. Prepare the following budgets for March 2017 Revenues budget b. Production budget in units Direct material usage budget and direct material purchases budget d. Direct manufacturing labor costs budget Manufacturing overhead costs budget f. Ending inventories budget (direct materials and finished goods) w g. Cost of goods sold budget 2. Suppose Lieux Specialties decides to incorporate continuous improvement into its budgeting process. Describe two areas where it could incorporate continuous improvement into the budget schedules in requirement 1. e. Print Done