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I. In proper report format, prepare the following budgets for the second quarter: Production budget,...

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Accounting

I. In proper report format, prepare the following budgets for the second quarter: Production budget, Direct materials purchases budget, direct labor budget, manufacturing overhead budget

II. Using a fixed overhead per unit of $17.75, calculate the budgeted manufacturing cost per light

III. Prepare the budgeted COGS for April & May

***** Goldfish Lighting produces LED lights for aquariums. The following information is provided: Sales: April: 300 units May: 280 units June: 352 units 2 July: 380 units Direct materials of 2 LED lighting strips cost $15 each. Fixed overhead is $5,500 per month Variable overhead is $4 per unit Laborers are paid $15 per hour Each unit takes 3 hours to be produced Ending finished goods are required to be 25% of the following months sales. Ending direct materials are required to be 20% of the following months materials requirement.

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