# The production budget

1) ​The following information is taken from the production budget for the first quarter:

 Beginning inventory 3,200 units Budgeted sales for the quarter 335,000 units

How many units should be produced during the quarter if the company desires 3,900 units available to start the next quarter?

2) Problem #1 – 16 points

Star, Inc. produces several models of clocks. An outside supplier has offered to produce the commercial clocks for Star, Inc for \$15 each. Star, Inc needs 600 clocks annually. If Star, Inc. chooses to make its commercial clocks, the following unit costs for producing commercial clocks are provided:

 Unit costs Direct materials \$2 Direct labor 4 Variable overhead 3 Fixed overhead 10

Required: If Star, Inc. chooses to buy the clocks from the outsider supplier, 80% of fixed overhead costs is UNAVOIDABLE. Prepare an incremental analysis which shows the effect of the make-or-buy decision.  Copy and paste the table and questions below into the answer box and use it to complete the incremental analysis.

 Buy Make Direct Material Direct Labor Variable Overhead Fixed Overhead Purchase Price Total Costs

Star, Inc. should make or buy the commercial clocks?_________________________
Why?____________________________________________________________________

Problem #2– 15 points

Modern Design provided the following budgeted information for June through August:

 June July August Projected merchandise purchase \$10,400 \$12,300 \$11,500 Projected credit sales \$9,600 \$12,000 \$8,000

The company pays 10% of merchandise purchases in the month of purchasing, 80% in the following month of purchasing, and 10% in the second month following purchasing.

Required: How much are budgeted cash payments for June, July and August?

Copy and paste the questions below into the answer box and enter your answer. (show your calculation steps!!)

Cash payments for June=______________________

Cash payments for July=______________________

Cash payments for August=_______________________

Problem #3 – 15 points

During June, Joss Co. incurs 900 hours of direct labor at an hourly cost of \$15 in producing 320 units of its finished product. Joss’s standard labor cost per hour is \$22 and standard hour used to produce one unit of finished product is 3 hours.

Required: Compute the total, price, and quantity labor variances for Joss Co. during June

Copy and paste the questions below into the answer box and enter your answer. (show your calculation steps!!)

Total labor variance=_________________

Labor price variance =________________

Labor quantity variance=________________

Problem #3 – 15 points

During June, Joss Co. incurs 900 hours of direct labor at an hourly cost of \$15 in producing 320 units of its finished product. Joss’s standard labor cost per hour is \$22 and standard hour used to produce one unit of finished product is 3 hours.

Required: Compute the total, price, and quantity labor variances for Joss Co. during June

Copy and paste the questions below into the answer box and enter your answer. (show your calculation steps!!)

Total labor variance=_________________

Labor price variance =________________

Labor quantity variance=________________

Problem #3 – 15 points

During June, Joss Co. incurs 900 hours of direct labor at an hourly cost of \$15 in producing 320 units of its finished product. Joss’s standard labor cost per hour is \$22 and standard hour used to produce one unit of finished product is 3 hours.

Required: Compute the total, price, and quantity labor variances for Joss Co. during June

Copy and paste the questions below into the answer box and enter your answer. (show your calculation steps!!)

Total labor variance=_________________

Labor price variance =________________

Labor quantity variance=________________

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