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Joshua Hill, Oriole & Hill Fabricators' production manager, has just completed the company's production budget and direct labor budget for the first quarter. January February March Quarter Budgeted unit sales + Budgeted ending inventory 22,000 28,000 32,000 82,000 8,400 9,600 10,800 10,800 Total units required 30,400 37,600 42,800 92,800 - Beginning inventory Budgeted production 2,600 8,400 9,600 2,600 90,200 27,800 29,200 33,200 January February March Quarter Budgeted production Standard DLH per unit 27,800 29,200 33,200 90,200 0.30 0.30 0.30 0.30 Total DLH required 8,340 8,760 9,960 27,060 Standard wage rate Budgeted DL cost $17 $460,020 $17 $17 $17 $141,780 $148,920 $169,320 He has identified the following monthly expenses that will be needed to support the company's manufacturing process. Fixed Overhead Variable Overhead per month per DLH Depreciation $33,000 Indirect materials 18,500 $1.20 Indirect labor 26,000 $0.20 Utilities 19,000 $0.15 Property taxes 4,300 Maintenance 4,000 $0.20 The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, e-g. 52.75 and all other answers to 0 decimal places, eg. 5,275.) January February March %24 %24 > > > >

Joshua Hill, Oriole & Hill Fabricators' production manager, has just completed the company's production budget and direct labor budget for the first quarter. January February March Quarter Budgeted unit sales + Budgeted ending inventory 22,000 28,000 32,000 82,000 8,400 9,600 10,800 10,800 Total units required 30,400 37,600 42,800 92,800 - Beginning inventory Budgeted production 2,600 8,400 9,600 2,600 90,200 27,800 29,200 33,200 January February March Quarter Budgeted production Standard DLH per unit 27,800 29,200 33,200 90,200 0.30 0.30 0.30 0.30 Total DLH required 8,340 8,760 9,960 27,060 Standard wage rate Budgeted DL cost $17 $460,020 $17 $17 $17 $141,780 $148,920 $169,320 He has identified the following monthly expenses that will be needed to support the company's manufacturing process. Fixed Overhead Variable Overhead per month per DLH Depreciation $33,000 Indirect materials 18,500 $1.20 Indirect labor 26,000 $0.20 Utilities 19,000 $0.15 Property taxes 4,300 Maintenance 4,000 $0.20 The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, e-g. 52.75 and all other answers to 0 decimal places, eg. 5,275.) January February March %24 %24 > > > >

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 3PB: TIB makes custom guitars and prepared the following sales budget for the second quarter It also has...
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Question 7 

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The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) January February March Quarter $ $ $ $ $ $ $ %24 %24 %24 %24 %24 > > > > > >
Transcribed Image Text:The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) January February March Quarter $ $ $ $ $ $ $ %24 %24 %24 %24 %24 > > > > > >
Joshua Hill, Oriole & Hill Fabricators' production manager, has just completed the company's production budget and direct labor budget for the first quarter. January February March Quarter Budgeted unit sales 22,000 28,000 32,000 82,000 + Budgeted ending inventory 8,400 9,600 10,800 10,800 Total units required 30,400 37,600 42,800 92,800 - Beginning inventory Budgeted production 2,600 8,400 9,600 2,600 27,800 29,200 33,200 90,200 January February March Quarter Budgeted production 27,800 29,200 33,200 90,200 Standard DLH per unit 0.30 0.30 0.30 0.30 Total DLH required 8,340 8,760 9,960 27,060 Standard wage rate $17 $17 $17 $17 Budgeted DL cost $141,780 $148,920 $169,320 $460,020 He has identified the following monthly expenses that will be needed to support the company's manufacturing process. Fixed Overhead Variable Overhead per month per DLH Depreciation $33,000 Indirect materials 18,500 $1.20 Indirect labor 26,000 $0.20 Utilities 19,000 $0.15 Property taxes 4,300 Maintenance 4,000 $0.20 The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) January February March $ $ $ %24 %24 %24 %24 > > > >
Transcribed Image Text:Joshua Hill, Oriole & Hill Fabricators' production manager, has just completed the company's production budget and direct labor budget for the first quarter. January February March Quarter Budgeted unit sales 22,000 28,000 32,000 82,000 + Budgeted ending inventory 8,400 9,600 10,800 10,800 Total units required 30,400 37,600 42,800 92,800 - Beginning inventory Budgeted production 2,600 8,400 9,600 2,600 27,800 29,200 33,200 90,200 January February March Quarter Budgeted production 27,800 29,200 33,200 90,200 Standard DLH per unit 0.30 0.30 0.30 0.30 Total DLH required 8,340 8,760 9,960 27,060 Standard wage rate $17 $17 $17 $17 Budgeted DL cost $141,780 $148,920 $169,320 $460,020 He has identified the following monthly expenses that will be needed to support the company's manufacturing process. Fixed Overhead Variable Overhead per month per DLH Depreciation $33,000 Indirect materials 18,500 $1.20 Indirect labor 26,000 $0.20 Utilities 19,000 $0.15 Property taxes 4,300 Maintenance 4,000 $0.20 The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $13.00 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Oriole & Hill's manufacturing overhead budget for the first quarter. (Round per unit answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) January February March $ $ $ %24 %24 %24 %24 > > > >
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