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Question - Preparing an Ending Finished Goods Inventory Budget - Andrews Company manufactures a line of office chairs. Each chair takes $16 of direct materials and uses 1.9 direct labor hours at $20 per direct labor hour. The variable overhead rate is $1.30 per direct labor hour, and the fixed overhead rate is $1.60 per direct labor hour. Andrews expects to have 770 chairs in ending inventory. There is no beginning inventory of office chairs.
Required -
1. Calculate the unit product cost.
2. Calculate the cost of budgeted ending inventory.
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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