Reference no: EM132829285
Question - Consider the following budget assumptions of NeverWinter, Michigan-based manufacturer of snowboards, for the next month:
- Sales volume of 500 snowboards. Average Price $400. 50% of revenues collected in the month of sales and 50% in the following month.
- Purchasing costs of fiberglass and other materials required for the production = $25,000.
- 30 direct labor workers manufacture the snowboards, each working 140 hrs at an hourly rate of $10 per hour.
- Variable manufacturing overhead are $3 per snowboard. Monthly fixed manufacturing overhead are $10,000, including $1,000 of manufacturing depreciation.
- Sales commissions are 4% of revenues paid in cash.
- Monthly General and Administrative expenses are $9,500.
- No inventory.
- Beginning Balance of Retained Earnings is equal to $5,000.
- Beginning Balance of Accounts Receivables is $2,500
Required - Prepare the following:
1) Sales revenue budget
2) Material cost budget
3) Labor cost budget
4) Production overhead cost budget
5) SG&A budget
6) Budgeted Income statement.
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