Reference no: EM13499592
Iguana, Inc., manufactures bamboo picture frames that sell for $23 each. Each frame requires 5 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $11.00 per hour. Iguana has the following inventory policies:
Ending finished goods inventory should be 40 percent of next month’s sales.
Ending raw materials inventory should be 20 percent of next month’s production.
Expected unit sales (frames) for the upcoming months follow:
March 280
April 250
May 310
June 420
July 370
August 430
Variable manufacturing overhead is incurred at a rate of $.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200.00 ($600.00 per month) for expected production of 4,112 units for the year. Selling and administrative expenses are estimated at $600.00 per month plus $.60 per unit sold.
Required:
Compute the following for Iguana, Inc., for the second quarter (April, May, and June). (Round your dollar amounts to 2 decimal places and your per unit amounts to the nearest whole number. Round intermediate calculations to 1 decimal place for direct labor hours and to 2 decimal places for per unit costs.)
April May June 2nd Quarter Total
1. Budgeted Sales Revenue
2. Budgeted Production in Units
3. Budgeted Cost of Raw Material Purchases
4. Budgeted Direct Labor Cost
5. Budgeted Manufacturing Overhead
6. Budgeted Cost of Goods Sold
7. Total Budgeted Selling and Adm. Expenses
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