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Required information Problem 9-42 Preparation of Master Budget (LO 9-3, 9-4, 9-5) [The following information applies to the questions displayed below.] FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box Direct material required per 100 boxes: Paperboard ($0.28 per pound) 25 pounds 65 pounds Corrugating medium ($0.14 per pound) 15 pounds 25 pounds Direct labor required per 100 boxes ($15.00 per hour) 0. 40 hour 0.80 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 470,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. Indirect material $ 14, 250 Indirect labor 60,990 Utilities 46,500 Property taxes 31,000 Insurance 24, 000 Depreciation 54,500 Total $231, 240 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel $136, 500 Advertising 30,500 Management salaries and fringe benefits 151,000 Clerical wages and fringe benefits 47,000 Miscellaneous administrative expenses 7, 600 Total $372, 600 The sales forecast for the next year is as follows: Sales Volume Sales Price Box type C 475, 000 boxes $145. 00 per hundred boxes Box type P 475, 000 boxes 205.00 per hundred boxes The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Expected Inventory Desired Ending Inventory January 1 December 31 Finished goods: Box type c 15,500 boxes 10,500 boxes Box type P 25,500 boxes 20,500 boxes Raw material: Paperboard 16,000 pounds 6,000 pounds Corrugating medium 7,000 pounds 12,000 pounds Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Problem 9-42 Part 4 4. Prepare the direct-labor budget for the next year. (Do not round intermediate calculations. Round "Direct labor required per box (hours)" to 4 decimal places.) Box C Box P Total Production requirements (number of boxes) Direct labor required per box (hours) Direct labor required for production (hours) Direct-labor rate Total direct-labor cost