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Oriole Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020.
1. | Sales: quarter 1, 28,400 bags; quarter 2, 44,000 bags. Selling price is $62 per bag. | |
2. | Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. | |
3. | Desired inventory levels: |
Type of Inventory
|
January 1
|
April 1
|
July 1
|
|||
Snare (bags) | 8,100 | 12,500 | 18,300 | |||
Gumm (pounds) | 9,100 | 10,400 | 13,100 | |||
Tarr (pounds) | 14,300 | 20,200 | 25,400 |
4. | Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. | |
5. | Selling and administrative expenses are expected to be 15% of sales plus $180,000 per quarter. | |
6. | Interest expense is $100,000. | |
7. | Income taxes are expected to be 30% of income before income taxes. |
Your assistant has prepared two budgets: (1) the manufacturing
(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)
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