Question: Please show calculations for each Data Table - A) for the year ending December 31, 2017. Direct materials Data Table - Metal Fabric $ 2
Please show calculations for each




Data Table - A) for the year ending December 31, 2017. Direct materials Data Table - Metal Fabric $ 2 per pound (same as in 2016) $ 3 per yard (same as in 2016) $ 21 per hour Direct manufacturing labor Schedule 2: Production Budget (in Units) for the Year Ending December 31, 2017 Content of Each Product Unit Knox Ayer Product Budgeted units sales 6,000 Knox Ayer 22,700 1,700 700 Metal 3 pounds 4 pounds Add target ending finished goods inventory Total required units 6,700 Fabric 1 yard 3 yards 24,400 3,400 Deduct beginning finished goods inventory 700 Direct manufacturing labor 0.05 hours 0.2 hours Units of finished goods to be produced 21,000 6,000 Direct Materials Metal Fabric Print Done 18,000 pounds 8,000 yards Beginning inventory Target ending inventory 16,000 pounds 6,000 yards ending December 31, 2017. Print Done Magnify Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 21,000 Knox lamps and 6,000 Ayer lamps in 2017. (Click the icon to view the information.) (Click the icon to view the December 31, 2017 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Sche December 31, 2017. (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2017. Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2017 Material 1 Data Table Metal Fabric Total Physical Units Budget Direct materials required for Knox lamps lbs. yards Schedule 2: Production Budget (i for the Year Ending December 31 Direct materials required for Ayer lamps lbs. yards Total quantity of direct materials to be used Ibs. yards Budgeted units sales Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Add target ending finished goods inventory Total required units Deduct beginning finished goods inventory Metal Fabric Units of finished goods to be produced To be purchased and used this period III I Metal Print Done Fabric Direct materials to be used this period (b). Calculate the direct materials purchase budget in quantity and dollars (label it Schedule 3B) for the year ending December 31, 2017. Schedule 3B: Direct Material Purchases Budget for the Year Ending December 31, 2017 Materials Metal Fabric Total Ibs. yards Physical Units Budget To be used in production Add target ending inventory Total requirements Ibs. yards lbs. yards Deduct beginning inventory lbs. yards Purchases to be made lbs. yards Cost Budget Metal Fabric NI Direct materials to be purchased this period (c). Calculate the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2017. (Enter the DMLH per unit to two decimal places. Abbreviations used: DMLH = Direct manufacturing labor-hours.) Schedule 4: Direct Manufacturing Labor Costs Budget for the Year Ending December 31, 2017 Output units DMLH Total Hourly produced hours per unit wage rate Total Knox Ayer Total
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