COLLÈGE AVALON Spring 2022 Name: Production Budgeting Assignment #1 Instructions: You have one week (May 4th) to complet

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College Avalon Spring 2022 Name Production Budgeting Assignment 1 Instructions You Have One Week May 4th To Complet 1 (183.86 KiB) Viewed 23 times

COLLÈGE AVALON Spring 2022 Name: Production Budgeting Assignment #1 Instructions: You have one week (May 4th) to complete this assignment. You may not work in teams or ask any of your colleagues for help in any way. This assignment is graded on 10% and will count for 10% of your final mark. A passing grade for this quiz is 6%. The assignment will be grades as follows: Total 2% 2% 2% Criteria Monthly & Total Production Needs Monthly & Total Direct Materials Budget Monthly & Total Direct Labour Budget Monthly & Total Direct Variable Overhead Monthly & Total Direct Fixed Overhead Monthly & Total Quarterly Profit Total 2% 1% 1% 10% You have been hired as the Production Planner for Montreal-based Aero Inc. which makes engineering components (see image below) for various industries such as the Aerospace, Medical, Transportation and Consumer Products industries. The sales manager has provided the following sales forecast for Q1 of 2022: Jan. Feb. March April 150 100 150 200 The company has a policy of maintaining 10% of the next month's production as its monthly ending inventory. It had 50 units in stock on January 1st 2022. Its material costs are $25 per unit. It takes each of its 5 employees 2 hours to make each component. The company's direct overhead (variable) is $3 per labour hour per month. Its fixed overhead is $10,000 per month. It sells each unit/product to its customers for $115. Create a monthly production schedule (January, February and March) budget showing the total monthly production needs and calculate the Direct Materials, Direct Labor Costs and Direct Variable Overhead Costs and Direct Fixed Overhead Costs. Also indicate the totals for each item for the quarter. Finally calculate the monthly_profit it earns each month. (_(Revenues – Expenses = Profit)