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eBook Calculator Print item Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12 bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Units Cost Direct Materials Cost per Case Behavior per Case per Unit Cream base Variable 100 oz $0.02 $2.00 Natural oils Variable 30 oz. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Time Labor Rate Cost Behavior Direct Labor Cost per Case Department per Case per Hour $6.00 $18.00 20 min Variable Mixing 14.40 1:20 5 Variable Filling $7.20 25 min FACTORY OVERHEAD Saber for Check My Work 1 more Check My Work uses remaining 3 All work saved a oo o EA okerStake AssignmentSessionLocator Sinprogress-false eBook Calculator Printem $19,560 Part B - August Budgets During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Case Cost 300 $12,000 Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 175 7,000 Materials Inventory: Oils Cream Base (ors.) Bottles (bottles) (ozs.) 250 290 600 Estimated materials inventory, August 1 Desired materials inventory, August 31 1,000 360 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per un or estimated units per case operating data from January Required: Previous Check My Work 1 more Check My Work uses remaining Sad All work saved 0 a o E myninentSessionLocator=&inprogress-false TR Cost Per Una Cala x eBook Calculator Print Item Gene Spor Inc Direct Labor Cost Budget For the Month Ended August 31 Mixing Filling Total Hours required for production: Hand and body lotion Hourly rate Total direct labor cost 8. Prepare the August factory overhead cost budget. If an amount box does not require an entry, leave it blank. Genuine Spice Inc. Factory Overhead Cost Budget For the Month Ended August 31 Total Variable Fixed Factory overhead: Utilities Facility lease Equipment depreciation Supplies Total factory overhead cost Save and Work 1 more Check My Work uses remaining HULLETIN Budgeted Income Statement For the Month Ended August 31 Revenue from sales Finished goods inventory, August 1 Direct Materials: Direct materials inventory, August 1 Direct materials purchases Less direct materials inventory, August 31 Cost of direct materials placed in production Direct labor Factory overhead Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, August 31 Cost of goods sold Gross profit Selling expenses Income before income tax remaining eBook Calculator Print item Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12 bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Units Cost Direct Materials Cost per Case Behavior per Case per Unit Cream base Variable 100 oz $0.02 $2.00 Natural oils Variable 30 oz. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Time Labor Rate Cost Behavior Direct Labor Cost per Case Department per Case per Hour $6.00 $18.00 20 min Variable Mixing 14.40 1:20 5 Variable Filling $7.20 25 min FACTORY OVERHEAD Saber for Check My Work 1 more Check My Work uses remaining 3 All work saved a oo o EA okerStake AssignmentSessionLocator Sinprogress-false eBook Calculator Printem $19,560 Part B - August Budgets During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory Case Cost 300 $12,000 Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 175 7,000 Materials Inventory: Oils Cream Base (ors.) Bottles (bottles) (ozs.) 250 290 600 Estimated materials inventory, August 1 Desired materials inventory, August 31 1,000 360 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per un or estimated units per case operating data from January Required: Previous Check My Work 1 more Check My Work uses remaining Sad All work saved 0 a o E myninentSessionLocator=&inprogress-false TR Cost Per Una Cala x eBook Calculator Print Item Gene Spor Inc Direct Labor Cost Budget For the Month Ended August 31 Mixing Filling Total Hours required for production: Hand and body lotion Hourly rate Total direct labor cost 8. Prepare the August factory overhead cost budget. If an amount box does not require an entry, leave it blank. Genuine Spice Inc. Factory Overhead Cost Budget For the Month Ended August 31 Total Variable Fixed Factory overhead: Utilities Facility lease Equipment depreciation Supplies Total factory overhead cost Save and Work 1 more Check My Work uses remaining HULLETIN Budgeted Income Statement For the Month Ended August 31 Revenue from sales Finished goods inventory, August 1 Direct Materials: Direct materials inventory, August 1 Direct materials purchases Less direct materials inventory, August 31 Cost of direct materials placed in production Direct labor Factory overhead Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, August 31 Cost of goods sold Gross profit Selling expenses Income before income tax remaining