Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,100 units (solar panels).in July and 5,100 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 3 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 3,060 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 5,100

Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,100 units (solar panels).in July and 5,100 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 3 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 3,060 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 5,100

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 5EA: Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700...

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Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700 in April. Each pole requires a half pound of material, which costs $1.20 per pound. The companys policy is to have enough material on hand to equal 10% of the next months production needs and to maintain a finished goods inventory equal to 25% of the next months production needs. What is the budgeted cost of purchases for March?
Salisbury Bottle Company manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: At the beginning of March, Salisburys management planned to produce 500,000 bottles. The actual number of bottles produced for March was 525,000 bottles. The actual costs for March of the current year were as follows: a. Prepare the March manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for Salisbury, assuming planned production. b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for March. c. Interpret the budget performance report.
Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $18 per hour. Desired inventory levels are: Â Prepare a sales budget, production budget. direct materials budget for silicon and solution, and a direct labor budget.
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Required information Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) in July and 5,800 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 2 pounds of direct materials, which cost $6 per pound. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. As of June 30, the company has 4,480 pounds of direct materials in inventory. Prepare the direct materials budget for July. MIAMI SOLAR Direct Materials Budget Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Add: Desired ending materials inventory Total materials required (pounds) Less: Beginning materials inventory (pounds) Materials to purchase (pounds); Materials cost per pound Cost of direct materials purchases $ July 5,600 2 11,200 4,640 15,840…
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-10 (Algo) Manufacturing: Direct labor budget LO P1 Each unit requires 4 hours of direct labor at a rate of $19 per hour. Prepare a direct labor budget for July. Units to produce MIAMI SOLAR Direct Labor Budget Direct labor hours needed Cost of direct labor July 4,500
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-11 (Algo) Manufacturing: Factory overhead budget LO P1 Each unit requires 4 hours of direct labor at a rate f $19 per hour. The company applies variable overhead at the rate of $18 per direct labor hour. Budgeted fixed factory overhead is $185,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead August
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 4 pounds of direct materials, which cost $6 per pound. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. As of June 30, the company has 7,200 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 4,500
Required Information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,500 units in August. QS 20-15 Manufacturing: Factory overhead budget LO P1 Each unit requires 4 hours of direct labor at a rate of $15 per hour. Variable factory overhead is budgeted to be 60% of direct labor cost, and fixed factory overhead is $171,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Budgeted total overhead