Reference no: EM132213918
Question: The following production-overheead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 495,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours.
Indirect material ........................ $ 10,500
Indirect labor ................................. 50,000
Utilities........................................... 25,000
Property taxes............................... 18,000
Insurance ..................................... 16,000
Depreciation.................................. 29,000
Total ........................................... $148,500
The following selling and administrative expenses are anticipated for the next year.
Salaries and fringe benefits of sales personnel $75,000
Advertising 15,000
Management salaries and fringe benefits 90,000
Clerical wages and fringe benefits 26,000
Miscellaneous adminstrative expenses 4,000
Total $210,000
The sales forecast for the next year is as follows :
Sales Volume Sales price
Box type C 500,000 boxes $90.00 per hundred boxes
Box type P 500,000 boxes $130.00 per hundred boxes
The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year.
Expected Inventory Desired Ending
January 1 Inventory December 31
Finished goods
Box type C 10,000 boxes 5,000 boxes
Box type P 20,000 boxes 15,000 boxes
Raw Material
Paperboard 15,000 puonds 5000 pounds
Corrugating mediun 5000 pounds 10,000 pounds
Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Include the following schedules.
1. Sales budget.
2. Production budget.
3. Direct-material budget.
4. Direct-labor budget.
5.Production-overhead budget.
6. Selling and administrative expense budget
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