April May June July August 3,500 3,805 4,570 4,125 3,980 Croy's finished goods inventory policy is to have 50 percent of the next month's sales on hand at the end of each month Direct materials costs $2.60 per pound, and each unit requires 2 pounds. Direct materials inventory policy is to have 50 percent of the next month's production needs on hand at the end of each month. Direct materials on hand at March 31 totaled 3,653 pounds. Required: 1. Determine budgeted production for April, May, and June 2. Determine budgeted cost of materials purchased for April and May Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted production for April, May, and June. (Do not round your intermediate calculations and round your final answers to the nearest whole number.)

April May June July August 3,500 3,805 4,570 4,125 3,980 Croy's finished goods inventory policy is to have 50 percent of the next month's sales on hand at the end of each month Direct materials costs $2.60 per pound, and each unit requires 2 pounds. Direct materials inventory policy is to have 50 percent of the next month's production needs on hand at the end of each month. Direct materials on hand at March 31 totaled 3,653 pounds. Required: 1. Determine budgeted production for April, May, and June 2. Determine budgeted cost of materials purchased for April and May Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted production for April, May, and June. (Do not round your intermediate calculations and round your final answers to the nearest whole number.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lens Junction sells lenses for $44 each and is estimating sales of 15,000 units in January and 19,000 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 $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,700 4,700 5,200 Direct materials: silicon 8,400 9,000 9,100 Direct materials: solution 11,300 12,100 13,100 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank e3844e01cfa6fde_1 fill in the blank e3844e01cfa6fde_2 Sales Price per Unit $fill in the blank e3844e01cfa6fde_3 $fill in the blank e3844e01cfa6fde_4 Total Sales Revenue $fill in the blank e3844e01cfa6fde_5 $fill in the blank e3844e01cfa6fde_6 Total $fill in the blank e3844e01cfa6fde_7…
Crest Products expects the following sales of its single product Units September October November December January Required: Crest has an ending finished goods Inventory policy of 30% of the next month's sales needs. September 1 Inventory is projected to be 7,400 units. Each finished unit requires 2 units of Component X and 3 units of Component Z. August 1 materials Inventory includes 3,000 units of Component X and 159,000 units of Component Z. Crest desires to maintain a Component X Inventory equal to 10% of next month's production needs and a Component Z Inventory equal to 20% of next month's production needs. a. Prepare a production budget for Crest for the quarter ending December 31. 26,800 19,700 16,100 18,700 16,000 Crest Products Production Budget For the Quarter Ending December 31 October November Budgeted unit sales Plus: Ending finished goods inventory Less: Beginning finished goods inventory Budgeted production (units) Budgeted production (units) Direct materials…
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 beginning inventory of raw materials in pounds for January should be? 2. The desired ending inventory of raw materials in pounds for February is?
Required information Paradise Company plans the following beginning and ending inventory levels (in units) for June: June 1 June 31 Raw material Work in process Finished goods 60.000 10.000 82.000 52.500 10.000 52,500 Two units of raw material are needed to produce each unit of finished product. If Paradise Company plans to sell 480,000 units during June, what would be the number of units it would have to manufacture during June? Mutiple Choice 440,000 units. 450,000 units. 450,500 units S10.000 units
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Question 6. Juicy Ltd produces and sells Fruit Juices. The company provides the following estimated sales for the next six months: Month January February March April May June Unit Sales: 100,000 110,000 120,000 110,000 130,000 120,000 The company's policy is to keep ending inventory of finished goods that is equal to 20% of the unit sales for the next month. Three kilograms of direct materials are required for each bottle of finished goods produced. Each kilogram of direct materials costs $6. Ending inventory levels for materials are equal to 20% of the production needs for the next month. Sales price per bottle is $60. Required (show your workings and round it to the nearest two decimal places): (a) Prepare sales budgets in units and dollars for February and March Prepare production budgets in units for February and March (b) (d) Prepare direct materials purchases budgets in kilograms and dollars for February ANSWER 6: PLACE YOUR ANSWER HERE (PRESS ENTER TO CREATE MORE SPACE) (5…
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Bidbid Company's production budget for month of February is 37,000 units , and the Company's ending finished goods inventory policy is 10 % of the following month's sales . The company plans to sell 10,000 units in March . How many units will be sold in February ? a. None of the given answers . b. 30,000 c. 12,750 d. 25,250 e. 40,000
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1) Gertrude Products expects the following sales of its single product: Units July 6,000 August 6,500 September 7,200 October 7,800 November 8,800 Gertrude desires an ending finished goods inventory to be equal to 20% of the next month's sales needs. July 1 inventory is projected to be 1,000 units. Each unit requires 5 pounds of Chemical A and 14 pounds of Chemical B. July 1 materials inventory includes 10,600 pounds of Chemical A and 76,000 pounds of Chemical B. Gertrude desires to maintain a Chemical A inventory equal to 30% of next month's production needs and a Chemical B inventory equal to 100% of next month's production needs. a Prepare a production budget for Gertrude for July, August and September. a. Production July August September Qtr. Total Sales +Ending Inv. -Beginning Inv. Production b. Prepare a direct materials…