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Surrey Bikes, Inc. manufactures double benches for resorts and other vacation properties Management is preparing the budget 2022 and has asked for the accountants hatp. Sules in 2021 were 600 unit. They are bringing on a ww customer and management is expecting to increase 2022. They will increase the sing price ta $3,300 this year to account for anticipated rising cost Surrey Bakes the Sales budget For the Year Ended Deranber 31, 2023 Lipecs units Unit se price Total At the end of 2021, here were to be in invertory to 2022. Management would be to start 2022 with inventory on hand. They would like to budget to end 2012 with to completed and finished Bikes Surrey Bikes, in Production For the Year Ended December 31, 2022 Especiais unite Add Degredunding finished goods units fonding balance an Total bred units Les Binning Finished goods unita (ending balance 2021) Required production units Se Management expects to end 2021 with some direct material. They want to make sure that at the end of 2022. they have antugh direct materials on hand to start production right away in 2023 Per Unit Expedie Ending Bad Ending Bence 2022 Cos 2021 2023 Electricaleta direct materiale 70 50 150 Wheel antire sets direct materials 4 wheet & tire sets 10 200 400 Metales direct materials 290 pounds 05 1.000 5.000 Canvas tri direct materials 3 yards 10 20 200 Surtoy Bikes, Inc. Direct Materiais de For the Year Ended December 1, 22 Required production units Electric sets per unit produced Total need for production Add: Deranding drest materials Total med Eigning direct materials Dveche purchase pe Total cost of electrical et direct materiale purchases Requr production units Where are per unit produced Yonline and resets needed for production Adid bezred ending direct materials (ording balance 2022) Total miris required Lese: Binning direct materials anting talunce 2021 Dres purchases Cest porn Total cost of them and tiresets direct materials purchases Requr production unite Metal pis direct materiais pounds per un produced Total points ronded for production Add De red ending direct materials in gounde landing balance 29122 Lomas Red Leginning direct materials in pounds nating lance 2021 Dieu Cost per pound Total cost of metal para direct mariale purchases Required production units Canvas direct material yards per unit produced Total yeded for production Add Degrending dresaterals in and funding on 2022) Total med LINE Eonning direct materials in pandanghalance 2011 Diferentes Golpeyard Totalco of canvas direct materialer Total cost of ALL direct materials purchases Management expects that it will take 50 hours of direct labor to manufacture each bike Direct laboris billed at $20/hour. Surrey Bikes, Inc. Direct Labor Budget For the Year Ended December 31, 2022 Units to the produced Direct tailor time (hours) per unit Total required direct labor hours Direct fator cost per hour Total direct labor cost Machine usage is the only component of manufacturing overhead. It will take 75 machine hours per bike and the cost is $8/hour. Surrey Bikes, Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2022 Units to the produced Machine hours per unit Total required machine hours Machine ost per hour Total manufacturing overhodd Management also anticipates the following fixed costs, some anticipated changes from last year Building and Equipment Depreciation Company Insurance Company Advertising Selling and Administrative Salaries and Benefits $45,000 $23.000 $117,000 $300,000 Surrey Bikes, Inc. Selling and Administrative Expense Budget For the Year Ended December 31, 2022 Fixed expenses Building and Equipment Depreciation Company Insurance Company Advertising Selling and administrative salaries and benefits Total selling and administrave expenbes Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It is $10,000 per year, Management anticipates a 20% tax rate for 2022 Surrey Bikes, Inc Budget Income Statement For the Year Ended December 31, 2022 Sales "Cost ofoods sold Gross profit Selling and administrative expenses Income from operations Interest Expense Income Epfore income taxes Income tax expense Not Incore "Supplemental Schedule.cpos ContBudget phir Unit Cost Elephant Electrical sets direct materials Wheel & tire sets Motal parts direct materials: Canvas direct materials Direct labor Manufacturing overhead - machine hours Unit Cost Total Quantity set set pounds Iyards hour hour CH24 Budget Project Requirements Additional Info - Actual Costs Variance Formulas CH22 Budget Surrey Bikes, Inc, manufactures double bench bikes for resorts and other vacation properties. Management now wants the accountants to complete an analysis to compare the budgeted costs to standard costs for 2022. During the year 2022, the company completed 680 bikes. Let's discuss changes from budget and standard that occurred during 2022. Overall, the company was able to increase several efficiencies. However, the company also experienced some increased costs. Use this information to complete the CH24 Budet Variances tab; the green section. Electrical Parts Direct Materials The purchase price increased by $2.50 per set. There was also an increase in freight of by $0.25 per set. Wheels and Tires Direct Materials: The company was able to secure the same materials from a new supplier at a cost of $9/set. However, freight cost increased by $0.50 per wheel and tire set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound. Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard, The acual cost of the canvas fabric was $4.95 per yard. Direct labor: Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2022 and brought hours down by Shours/unitt The company provided a $1/hour raisel This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed Using this information, computer the budget variances incurred during 2022 Surrey Bikes, Inc. manufactures double benches for resorts and other vacation properties Management is preparing the budget 2022 and has asked for the accountants hatp. Sules in 2021 were 600 unit. They are bringing on a ww customer and management is expecting to increase 2022. They will increase the sing price ta $3,300 this year to account for anticipated rising cost Surrey Bakes the Sales budget For the Year Ended Deranber 31, 2023 Lipecs units Unit se price Total At the end of 2021, here were to be in invertory to 2022. Management would be to start 2022 with inventory on hand. They would like to budget to end 2012 with to completed and finished Bikes Surrey Bikes, in Production For the Year Ended December 31, 2022 Especiais unite Add Degredunding finished goods units fonding balance an Total bred units Les Binning Finished goods unita (ending balance 2021) Required production units Se Management expects to end 2021 with some direct material. They want to make sure that at the end of 2022. they have antugh direct materials on hand to start production right away in 2023 Per Unit Expedie Ending Bad Ending Bence 2022 Cos 2021 2023 Electricaleta direct materiale 70 50 150 Wheel antire sets direct materials 4 wheet & tire sets 10 200 400 Metales direct materials 290 pounds 05 1.000 5.000 Canvas tri direct materials 3 yards 10 20 200 Surtoy Bikes, Inc. Direct Materiais de For the Year Ended December 1, 22 Required production units Electric sets per unit produced Total need for production Add: Deranding drest materials Total med Eigning direct materials Dveche purchase pe Total cost of electrical et direct materiale purchases Requr production units Where are per unit produced Yonline and resets needed for production Adid bezred ending direct materials (ording balance 2022) Total miris required Lese: Binning direct materials anting talunce 2021 Dres purchases Cest porn Total cost of them and tiresets direct materials purchases Requr production unite Metal pis direct materiais pounds per un produced Total points ronded for production Add De red ending direct materials in gounde landing balance 29122 Lomas Red Leginning direct materials in pounds nating lance 2021 Dieu Cost per pound Total cost of metal para direct mariale purchases Required production units Canvas direct material yards per unit produced Total yeded for production Add Degrending dresaterals in and funding on 2022) Total med LINE Eonning direct materials in pandanghalance 2011 Diferentes Golpeyard Totalco of canvas direct materialer Total cost of ALL direct materials purchases Management expects that it will take 50 hours of direct labor to manufacture each bike Direct laboris billed at $20/hour. Surrey Bikes, Inc. Direct Labor Budget For the Year Ended December 31, 2022 Units to the produced Direct tailor time (hours) per unit Total required direct labor hours Direct fator cost per hour Total direct labor cost Machine usage is the only component of manufacturing overhead. It will take 75 machine hours per bike and the cost is $8/hour. Surrey Bikes, Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2022 Units to the produced Machine hours per unit Total required machine hours Machine ost per hour Total manufacturing overhodd Management also anticipates the following fixed costs, some anticipated changes from last year Building and Equipment Depreciation Company Insurance Company Advertising Selling and Administrative Salaries and Benefits $45,000 $23.000 $117,000 $300,000 Surrey Bikes, Inc. Selling and Administrative Expense Budget For the Year Ended December 31, 2022 Fixed expenses Building and Equipment Depreciation Company Insurance Company Advertising Selling and administrative salaries and benefits Total selling and administrave expenbes Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It is $10,000 per year, Management anticipates a 20% tax rate for 2022 Surrey Bikes, Inc Budget Income Statement For the Year Ended December 31, 2022 Sales "Cost ofoods sold Gross profit Selling and administrative expenses Income from operations Interest Expense Income Epfore income taxes Income tax expense Not Incore "Supplemental Schedule.cpos ContBudget phir Unit Cost Elephant Electrical sets direct materials Wheel & tire sets Motal parts direct materials: Canvas direct materials Direct labor Manufacturing overhead - machine hours Unit Cost Total Quantity set set pounds Iyards hour hour CH24 Budget Project Requirements Additional Info - Actual Costs Variance Formulas CH22 Budget Surrey Bikes, Inc, manufactures double bench bikes for resorts and other vacation properties. Management now wants the accountants to complete an analysis to compare the budgeted costs to standard costs for 2022. During the year 2022, the company completed 680 bikes. Let's discuss changes from budget and standard that occurred during 2022. Overall, the company was able to increase several efficiencies. However, the company also experienced some increased costs. Use this information to complete the CH24 Budet Variances tab; the green section. Electrical Parts Direct Materials The purchase price increased by $2.50 per set. There was also an increase in freight of by $0.25 per set. Wheels and Tires Direct Materials: The company was able to secure the same materials from a new supplier at a cost of $9/set. However, freight cost increased by $0.50 per wheel and tire set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound. Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard, The acual cost of the canvas fabric was $4.95 per yard. Direct labor: Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2022 and brought hours down by Shours/unitt The company provided a $1/hour raisel This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed Using this information, computer the budget variances incurred during 2022