Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-10 (Algo) Manufacturing: Direct labor budget LO P1 Each unit requires 4 hours of direct labor at a rate of $19 per hour. Prepare a direct labor budget for July. Units to produce MIAMI SOLAR Direct Labor Budget Direct labor hours needed Cost of direct labor July 4,500

Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-10 (Algo) Manufacturing: Direct labor budget LO P1 Each unit requires 4 hours of direct labor at a rate of $19 per hour. Prepare a direct labor budget for July. Units to produce MIAMI SOLAR Direct Labor Budget Direct labor hours needed Cost of direct labor July 4,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company produces industrial rotors and provides the following additional information about steel, which is a direct material for the rotors: Pounds of steel needed per rotor Steel cost At the end of each month, the company wants to have 30% of the raw materials that will be needed for the next month on hand. Budgeted rotor production for the next two months is: November December 9 pounds $2.34/pound 10,000 rotors 8,000 rotors What will be the budgeted cost of steel purchases for November? (Round the final answer to the nearest dollars and cents and remember that your final answer should be a cost, not a number of pounds.)
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Prepare the company's flexible budget for August.
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Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner's master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee-related benefits, and the employer's share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the company's union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,600 glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 percent of the following month's projected sales in inventory. Information on the first four months of the coming year is as follows: January February March April Estimated unit sales 37,200 35,400 40,000 40,000 Sales price per unit $80 $80 $75 $75 Direct labor…
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