FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2022, the Waterway Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 6,100; second quarter 7,320; third quarter 8,540. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 8,890 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.
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Transcribed Image Text:On January 1, 2022, the Waterway Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 6,100; second quarter 7,320; third quarter 8,540. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 8,890 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.
Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020. Direct Materials Per Unit Add: Desired Ending Direct Materials (Pounds) Less 1:0 Direct Materials (Pounds) $ $ $ 1 $ WATERWAY COMPANY Direct Materials Budget Direct Materials Budget Quarter $ $ 1 2 Quarter $ $ $ 2 Six Months
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Transcribed Image Text:Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020. Direct Materials Per Unit Add: Desired Ending Direct Materials (Pounds) Less 1:0 Direct Materials (Pounds) $ $ $ 1 $ WATERWAY COMPANY Direct Materials Budget Direct Materials Budget Quarter $ $ 1 2 Quarter $ $ $ 2 Six Months
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