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George Inc. ("the company") needs your help with preparing their operating budgets for the coming year. They have asked you to focus on their sweatshirt product line for January, 2021.
The following information is available:
January estimated sales, 32,000 units.Sales price, $35 per unit.Closing inventory on December 31, 2020, is 2,400 units.Desired ending inventory is 10% of the current month's sales.Each unit requires 0.75 hour of direct labour at a cost of $16 per hour.Each unit is made of 1.8 meters of high quality fabric which costs $12 per metre.The company's inventory policy is to have 850 meters of direct materials in inventory at the end of each month. Closing direct material inventory on December 31, 2020, was as expected.The company's variable overhead rate is $13 per direct labour hour.The company's fixed overhead is budgeted at $3,900 per month.
Required:
Problem 1: Prepare the company's Sales Budget and Production Budget using the information provided above.
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