=================================================== ACCT 556 Week 4 Homework Problems
The Hale Company finished their sales projections for the coming year. The company produces one product. Part of next year’ s sales projections are as follows: Engineering has developed the following standards upon which the production budgets will be developed: Item Standard Materials usage 5 lbs per unit Material price per pound $ 1.50 per pound Labor usage 0.4 hours per unit Labor rate $ 30 per hour Machine hours 3 machine hours per unit
The Hale Company uses a modified allocation method for allocating overhead costs. The rates that will be used in the coming year are as follows:
Required: Prepare the following production budgets for July, August, and September for the Hale Company: 1. Production budget 2. Materials purchase budget 3. Direct labor budget 4. Overhead budget For the quarter( quarter totals only), prepare the: 5. Cost of goods manufactured budget
=================================================== ACCT 556 Week 4 Homework Problems
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