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Selected information concerning sales and production for Equipment, Inc. for the month of August 2018...

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Accounting

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Selected information concerning sales and production for Equipment, Inc. for the month of August 2018 are below. Use the information to prepare the following budgets: 1) Sales Budget, 2) Production Budget, 3) Direct Materials Budget, and 4) Direct Labor Budget. Basketball Football Estimated Sales 5,000 units at $25 per unit 10,000 units at $40 per unit Direct Materials Plastic Foam Estimated Inventories, August 1, 2018: Finished Goods 5,500 lbs Basketball 2,600 units @ $10/unit 11,500 lbs Football 4,100 units @ $12/unit Total Finished Goods $ 26,000 $ 49,200 75,200 Estimated Inventories, August, 31, 2018 Direct Materials Plastic Foam 4,000 lbs 10,000 lbs Basketball Football Finished Goods 2,000 units @ $10/unit 6,500 units @ $12/unit Total Finished Goods $ 20,000 $ 36,000 56,000 There are no desired Work in Process Inventories for August 31, 2018: Direct Materials used in Production Basketball Football Plastic 2.25 lb per unit 3.50 lb per unit Foam .75 lb per unit 1.50 lb per unit Plastic Foam Cost per pound for Direct Materials $ $ 4.50 1.25 Basketball Football Direct Labor Rate Direct Labor Requirements Molding Assembly 1.5 DLH per unit 225 DLH per unit 2.0 DLH per unit 3.0 DLH per unit $ 15.00 $ 20.00

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