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Question - Swisher Toys is preparing its budget for 2017. Production for the first quarter is expected to be 600,000 toy dump trucks. Production for the subsequent quarters will be 625,000 trucks, 700,000 trucks, and 850,000 trucks.
Each truck requires 3.0 pounds of resin, which is used to produce the trucks. Each pound of resin costs $0.50. Swisher will have 325,000 pounds of resin on hand at the end of 2017 and wants to have 500,000 pounds of resin in inventory at the end of 2018. Ending inventory for resin for the first, second, and third quarters will be 340,000 pounds, 360,000 pounds, and 450,000 pounds.
Prepare the direct materials budget by quarter and in total for 2018.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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