manufactures model airplane kits and projects production at 300​, 120​, 350​, and 550 kits for the next four quarters

Cameron​, Inc. manufactures model airplane kits and projects production at 300​, 120​, 350​, and 550 kits for the next four quarters. 1​(Click the icon to view the manufacturing​ information.) Prepare Cameron​’s direct materials​ budget, direct labor​ budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for​ production, budgeted overhead​ costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Cameron​’s direct materials budget. Cameron, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total (1) Direct materials (ounces) per kit Direct materials needed for production Plus: (2) Total direct materials needed Less: (3) Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Prepare the direct labor budget. ​(Enter any hours as a decimal to two​ places, X.XX, and round all other amounts to the nearest whole​ number.) Cameron, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total (4) (5) Direct labor hours needed for production (6) Budgeted direct labor cost Prepare the manufacturing overhead budget. ​(Enter all costs and hours as a decimal to two​ places, X.XX. Abbreviations​ used: VOH​ = variable manufacturing​ overhead; FOH​ = fixed manufacturing​ overhead.) Cameron, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total (7) VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 1: More Info Direct materials are seven ounces of plastic per kit and the plastic costs ​$5 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 950 ​ounces, and the company desires to end each quarter with 10​% of the materials needed for the next​ quarter’s production. Cameron desires a balance of 290 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $15 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per​ kit, and fixed overhead is $130 per quarter. (1) Budgeted kits to be produced Budgeted kits to be sold Desired direct materials in ending inventory Direct materials in beginning inventory (2) Budgeted kits to be produced Budgeted kits to be sold Desired direct materials in ending inventory Direct materials in beginning inventory (3) Budgeted kits to be produced Budgeted kits to be sold Desired direct materials in ending inventory Direct materials in beginning inventory (4) Budgeted kits to be produced Budgeted kits to be sold Desired kits in ending inventory Kits in beginning inventory (5) Direct labor cost per hour Direct labor hours per unit (6) Direct labor cost per hour Direct labor hours per unit (7) Budgeted kits to be produced Budgeted kits to be sold

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