Garry Corporation's most recent production budget indicates the following required production: Required production 210,000 175,000 110,000 (units) Each unit of finished product requires 3 pounds of raw materials. The company maintains raw materials inventory equal to 25% of the next month's expected production needs. How many pounds of raw material should Garry plan on purchasing for the month of November? Multiple Choice ● October November December ● ● 793,750 893,500 1,012,500 476,250

Garry Corporation's most recent production budget indicates the following required production: Required production 210,000 175,000 110,000 (units) Each unit of finished product requires 3 pounds of raw materials. The company maintains raw materials inventory equal to 25% of the next month's expected production needs. How many pounds of raw material should Garry plan on purchasing for the month of November? Multiple Choice ● October November December ● ● 793,750 893,500 1,012,500 476,250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You are provided the following production information for the month of October 2020 Material A Material B Material C Opening WIP Cost RO R5,622 R4 235 Current Months' Cost R57,885 R66,368 R36,329 Equivalent Units 6,264 units 9.863 units 7.959 units If a FIFO system is used, what is the cost per equivalent unit for Material C?
Assume that a company expects to produce 11,200, 12,200, and 14,200 units of finished goods in January, February, and March, respectively. Each unit of finished goods requires 4 pounds of raw material and each pound of raw material costs $4.00. The company always maintains an ending raw materials inventory equal to 30% of next month's production needs. What is the amount of expected raw materials purchases for February? Multiple Choice О $167,360 О $195,200 О $153,600 о $204,800
The required production of Libra Manufacturers for October 2024 is 10 000 units of Product A. Each unit requires two kilograms of materials. The manufacturer desires an inventory of 2 000 kilograms of materials on 31 October 2024 but expects to have an inventory of 1 400 kilograms on 01 October 2024. How many kilograms of materials should be purchased? O A. 20 000 OB. 20 600 O C. 19 400 OD. 10 600
33. Use the following information for questions 33-36: Lovely Manufacturing has scheduled production as follows for the next several months: Months Production January 1,000 February March 1,200 1,400 Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. The beginning inventory of raw materials in pounds for January should be: а. 250 b. 500 с. 1,000 d. 200 34. The desired ending inventory of raw materials in pounds for February is: а. 350 b. 200 с. 1,400 d. 500 35. The pounds of raw materials purchased during January is: а. 1.000 b. 2,000 с. 2,100 d. 2.600 36. The pounds of raw materials used for February production is а. 2.400 b. 2,500 с. 3,000 d. 3,100
VARIABLE COSTING AND ABSORPTION COSTINGUmdloti Ltd, which manufactures liquid hand soap, commenced operations on 01 November 2021. Standard production for a typical month is expected to be 160 000 bottles. During November 2021 the company manufactured 170 000 bottles of hand soap. On 30 November 2021 there were 46 000 bottles of hand soap in inventory. Manufacturing and commercial costs during November 2021 were as follows:Direct materials R212 500Direct labour R680 000Variable manufacturing overheads R37 400Variable marketing costs R135 160Fixed administration costs R84 320Fixed manufacturing overheads R113 900The hand soap was sold at R12 per bottle during November 2021. During December 2021, Umdloti Ltd decided to increase the selling price by 10% because the fixed manufacturing costs increased by R27 100 and the variable marketing costs increased by R0.11 per unit sold with effect from 01 December 2021. The company manufactured 150 000 bottles of hand soap during December 2021.…
6. The controller of Jema Company has requested a quick estimate of the manufacturing supplies that it needs for the month of July when the expected production are 470,000 units. Below are the actual data from the prior three months of operations. Production in units Manufacturing supplies P723,060 853,560 766,560 March April May 450,000 540,000 480,000 Using these data and the high-low method, what is the reasonable estimate of the cost of manufacturing supplies that would be needed for July? (Assume that this activity is within the relevant range.) A. P 805,284 P1,188,756 С. Р 755,196 D. P 752,060 В.
2. Lens Junction has required production of 15,400 units in January and 18,100 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound and 3 ounces of solution costing $3 per ounce. Desired inventory levels are: Jan. Feb. Mar. Beginning Inventory: Finished Goods (units) 4,500 4,900 5,000 DM - Silicon (pounds) 8,500 9,100 9,200 DM - Solution (ounces) 11,200 12,000 13,000 PLEASE NOTE: Units are rounded to whole numbers with commas as needed (i.e. 1,234) - no labels. All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345), except for any "per" amounts (units, pounds, ounces, or dollars), which are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56) - no labels. Cost per Pound Desired Ending Inventory DM per Unit Ounces Needed for Production Required DM Ounces Pounds Needed for Production Units to be Produced Total Cost of DM Purchase Required DM Pounds…
•The material DX is used uniformly throughout the year. The data about annual requirement, ordering cost and holding cost of this material is given below: • Annual requirement: 3,400 units • Ordering cost: OMR 15 per order • Holding cost: OMR 0.70 per unit •What will be the economic order quantity (EOQ) of material DX a. 3817.254 b. 318.72 c. 381.72 d. 3187.254 ....... Answer the Question based the data given below Opening Stock 25000 Closing Stock 35000 Net purchases 130000 Manufacturing expenses 30000 What will be the inventory turnover ratio? a. 6 b. 5 c. 4.5 d. 4
Activity-based costing uses numerous cost pools and numerous cost drivers. one plantwide pool and numerous cost drivers. Ⓒone plantwide pool and a single cost driver. O departmental pools and a single cost driver. Save for Later O i 2 H C
Cost of Goods Manufactured Refer to Brief Exercise 2-1. For next year, Bob’s Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials ? Direct labor Variable overhead Fixed overhead $ 100,000 60,000 260,000 Next year, Bob’s Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Required: 1. Prepare a statement of cost of goods manufactured in good form. 2. What if the ending inventory of direct materials decreased by $3,000? Which line items on the statement of cost of goods manufactured would be affected and in what direction (increase or decrease)? Direct Materials Inventory $9,500 5,000 Work-in-Process Inventory $4,500 .
Use the following information for questions 33-36: Lovely Manufacturing has scheduled production as follows for the next several months: Months Production January 1,000 February 1,200 March 1,400 Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. 1.The pounds of raw materials purchased during January is? 2. The pounds of raw materials used for February production is?
A company has received a special order from a customer to make 5,000 units of acustomized product. The direct materials cost per unit of the customized product is$15, the direct labor cost per unit is $5, and the manufacturing overhead per unit is$18, including $6 of variable manufacturing overhead. If the company has sufficientavailable manufacturing capacity, what is the minimum price that can be accepted forthe special order?a. $24 c. $32b. $26 d. $38