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Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars. 2 3 4 5 6 7 8 9 10 11 12 Production Budget in units Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate $ 10,000.00 $ 850,000.00 $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget Budgeted Income Statement Budgeted Balance Sheet

Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars. 2 3 4 5 6 7 8 9 10 11 12 Production Budget in units Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate $ 10,000.00 $ 850,000.00 $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget Budgeted Income Statement Budgeted Balance Sheet

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars 2 Production Budget in units 3 5 6 7 8 9 10 11 12 Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard $ 10,000.00 $ 850,000.00 Budgeted Income Statement Budgeted Balance Sheet $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget
Transcribed Image Text:Radical Boards, Inc. manufactures and sells a single model of snowboard, the Vortex. In the summer of 2022, Iggy Sawdust, CPA, provided data for the 2022 budget: Direct Material Requirements (per snowboard) Wood Fiberglass Direct Labor Requirements Expected sales during 2022 - 1000 units at $450 per unit Expected inventory balances: Finished Goods Wood Raw Material Fiberglass Raw Material Other data: Wood Fiberglass Direct labor Variable Overhead Fixed Overhead Overhead Driver Variable marketing costs Expected sales visits in 2022 Fixed non-overhead costs 5 board feet (b.f.) 6 yards 5 hours 1/1/2022 100 2000 b.f. 1000 yards 12/31/2022 200 1500 b.f. 2000 yards Unit Prices $30.00 per b.f. $5.00 per yard $25.00 per hour $7.00 per dih $66,000 DL Hours $250 per sales visits 30 $30,000 The unit cost for ending FG inventory at 12/31/21 was $374.80. Ignore Work In Process The December 2022 Budget Includes the following selected balances: Cash Property, Plant, and Equipment Current Liabilities Long Term Liabilities Capital Stock Retained Earnings at balance at 12/31/21 Required: Prepare the following reports for the year 2022 1 Sales Budget in dollars 2 Production Budget in units 3 5 6 7 8 9 10 11 12 Direct Materials Budget Direct Labor Budget Manufacturing Overhead Budget Predetermined Overhead Rate Estimated Overhead to be Applied to One Snowboard Calculate the cost to manufacture a snowboard $ 10,000.00 $ 850,000.00 Budgeted Income Statement Budgeted Balance Sheet $ 17,000.00 $ 178,000.00 $ 600,000.00 $184,980.00 Budgeted Ending Inventory for Materials and Finished Goods Cost of Goods Sold Budget
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