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Required information Problem 22-1A Manufacturing: Preparing production and manufacturing budgets LO P1 [The following information applies to the questions displayed below.) Black Diamond Company produces snow skis. Each ski requires 3 pounds of carbon fiber. The company's management predicts that 6,300 skis and 7,300 pounds of carbon fiber will be in inventory on June 30 of the current year and that 163,000 skis will be sold during the next (third) quarter. A set of two skis sells for $430. Management wants to end the third quarter with 4,800 skis and 5,300 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $12 per pound. Each ski requires 0.4 hours of direct labor at $17 per hour. Variable overhead is applied at the rate of $7 per direct labor hour. The company budgets fixed overhead of $1,795,000 for the quarter. Problem 22-1A Part 1 Required: 1. Prepare the third-quarter production budget for skis. BLACK DIAMOND COMPANY Production Budget (in units) Third Quarter Budgeted ending inventory (units) Budgeted units sales for quarter Required units of available production Budgeted beginning inventory (units) Units to be manufactured Required information Problem 22-1A Manufacturing: Preparing production and manufacturing budgets LO P1 [The following information applies to the questions displayed below.) Black Diamond Company produces snow skis. Each ski requires 3 pounds of carbon fiber. The company's management predicts that 6,300 skis and 7,300 pounds of carbon fiber will be in inventory on June 30 of the current year and that 163,000 skis will be sold during the next (third) quarter. A set of two skis sells for $430. Management wants to end the third quarter with 4,800 skis and 5,300 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $12 per pound. Each ski requires 0.4 hours of direct labor at $17 per hour. Variable overhead is applied at the rate of $7 per direct labor hour. The company budgets fixed overhead of $1,795,000 for the quarter. Problem 22-1A Part 2 2. Prepare the third-quarter direct materials (carbon fiber) budget; include the dollar cost of purchases. BLACK DIAMOND COMPANY Direct Materials Budget Third Quarter Budgeted production Materials requirements per unit (lbs.) Materials needed for production (lbs.) Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Budgeted beginning inventory (lbs.) Direct materials to be purchased (lbs.) Direct materials price per pound Budgeted cost of direct materials purchases Required information Problem 22-1A Manufacturing: Preparing production and manufacturing budgets LO P1 [The following information applies to the questions displayed below.] Black Diamond Company produces snow skis. Each ski requires 3 pounds of carbon fiber. The company's management predicts that 6,300 skis and 7,300 pounds of carbon fiber will be in inventory on June 30 of the current year and that 163,000 skis will be sold during the next (third) quarter. A set of two skis sells for $430. Management wants to end the third quarter with 4,800 skis and 5,300 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $12 per pound. Each ski requires 0.4 hours of direct labor at $17 per hour. Variable overhead is applied at the rate of $7 per direct labor hour. The company budgets fixed overhead of $1,795,000 for the quarter. Problem 22-1A Part 3 3. Prepare the direct labor budget for the third quarter. BLACK DIAMOND COMPANY Direct Labor Budget Third Quarter Units to be produced Labor requirements per unit (hours) Total labor hours needed Direct labor rate (per hour) Budgeted direct labor cost Required information Problem 22-1A Manufacturing: Preparing production and manufacturing budgets LO P1 [The following information applies to the questions displayed below.] Black Diamond Company produces snow skis. Each ski requires 3 pounds of carbon fiber. The company's management predicts that 6,300 skis and 7,300 pounds of carbon fiber will be in inventory on June 30 of the current year and that 163,000 skis will be sold during the next (third quarter. A set of two skis sells for $430. Management wants to end the third quarter with 4,800 skis and 5,300 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $12 per pound. Each ski requires 0.4 hours of direct labor at $17 per hour. Variable overhead is applied at the rate of $7 per direct labor hour. The company budgets fixed overhead of $1,795,000 for the quarter. Problem 22-1A Part 4 4. Prepare the factory overhead budget for the third quarter. BLACK DIAMOND COMPANY Factory Overhead Budget Third Quarter Total labor hours needed