Comprehensive operating budget, budgeted balance sheet Slopes, Inc., manufactures and sells snowboards. Slopes manufactures a single model, the Pipex....

Comprehensive operating budget, budgeted balance sheetSlopes, Inc., manufactures and sells snowboards. Slopes manufactures a single model, the Pipex. In the summer of 2009, Slopes's management accountant gathered the following data to prepare budgets for 2010: 5 board feet (b.f.) per snowboard 6 yards per snowboard 5 hours per snowboard Materials and labor requirements Direct materials Wood Fiberglass Direct manufacturing labor Slopes's CEO expects to sell 1,000 snowboards during 2010 at an estimated retail price of $450 per board. Further, he expects 2010 beginning inventory of 100 boards and would like to end 2010 with 200 snowboards in stock. Direct materials inventories Beginning Inventory 1/1/2010       Ending Inventory 12/31/2010 Wood     2,000 1,500 Fiberglass 1,000 2,000 Variable manufacturing overhead is $7 per direct manufacturing labor-hour. There are also $66,000 in fixed manufacturing overhead costs budgeted for 2010. Slopes combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $250 per sales visit. The marketing plan calls for 30 sales visits during 2010. Finally, there are $30,000 in fixed nonmanufacturing costs budgeted for 2010. Other data includes:                                2006 Unit Price              2007 Unit Price Wood $28.00 per b.ft. $30.00 per b.ft. Fiberglass $ 4.80 per yard $ 5.00 per yard Direct manufacturing labor $24.00 per hour $25.00 per hour The inventoriable unit cost for ending finished goods inventory on December 31,2009, is $374.80. Assume Slopes uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted balances at December 31, 2010, in the selected accounts are: Cash $ 10,000 Property, plant, and equipment (net) 850,000 Current liabilities 17,000 Long-term liabilities 178,000 Stockholders' equity 800,000Required:1.Prepare the 2010 revenues budget (in dollars). 2.Prepare the 2010 production budget (in units). 3.Prepare the direct material usage and purchases budgets for 20104.Prepare a direct manufacturing labor budget for 20105.Prepare a manufacturing overhead budget for 20106.What is the budgeted manufacturing overhead rate for 2010? 7.What is the budgeted manufacturing overhead cost per output unit for 2010? 8.Calculate the cost of a snowboard manufactured in 2010. 9.Prepare an ending inventory budget for both direct materials and finished goods for 2010. 10.Prepare a cost of goods sold budget for 2010. 11.Prepare the budgeted income statement for Slopes, Inc., for the year ending December 31, 2010. 12.Prepare the budgeted balance sheet for Slopes, Inc., as of December 31, 2010.