Reference no: EM133069463
Question - LEE Company is doing the budget for month November 2021.The following data are provided. The company manufactures tables for schools
Sales in units 36,250
Budgeted manufacturing overhead $25000
Budgeted activity [DLH] 6600 hours
Desired Ending Inventory 2100 units
Beginning Inventory (production) 1600 units
Hourly Rate for Direct Labour $37.20
For each television produced, they need 3 square feet of wood and metal that cost $54.50 per square foot. The company started the month with 450 TV in stock and it has decided to keep 300 TV as ending inventory.
The company uses 5 hours of direct labour to make one TV.
The company uses DLH as the cost driver to allocate manufacturing overhead.
At the end of production it charges 35% margin over the unit cost.
Required -
1. Make a production budget in units.
2. Prepare a budget for the raw materials needed.
3. Prepare a direct labour budget for the month.
4. Allocate cost to manufacturing overhead using direct labour hours as the activity [company uses Plant wide Predetermined Rate].
5. What is the budgeted total product cost? Calculate the unit cost.
6. Using the margin provided, make a sales budget for the month.
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