Lens Junction sells lenses for $45 each and is estimating sales of 14,000 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 15 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 4,400 4,800 5,100 Direct materials: silicon 8,400 8,900 9,300 Direct materials: solution 11,200 11,800 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 46d176fd5fa4fd6_1 fill in the blank 46d176fd5fa4fd6_2 Sales Price per Unit $fill in the blank 46d176fd5fa4fd6_3 $fill in the blank 46d176fd5fa4fd6_4 Total Sales Revenue $fill in the blank 46d176fd5fa4fd6_5 $fill in the blank 46d176fd5fa4fd6_6 Total $fill in the blank 46d176fd5fa4fd6_7 Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 60ef1b05dfac057_1 fill in the blank 60ef1b05dfac057_2 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Required Units fill in the blank 60ef1b05dfac057_6 fill in the blank 60ef1b05dfac057_7 Less: Beginning Inventory Less: Beginning Inventory Required Production fill in the blank 60ef1b05dfac057_11 fill in the blank 60ef1b05dfac057_12 Total fill in the blank 60ef1b05dfac057_13 Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 926180fbffe1fa1_1 fill in the blank 926180fbffe1fa1_2 Direct Material per Unit fill in the blank 926180fbffe1fa1_3 fill in the blank 926180fbffe1fa1_4 Total Ounces Needed for Production fill in the blank 926180fbffe1fa1_5 fill in the blank 926180fbffe1fa1_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 926180fbffe1fa1_10 fill in the blank 926180fbffe1fa1_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 926180fbffe1fa1_15 fill in the blank 926180fbffe1fa1_16 Cost per Ounce $fill in the blank 926180fbffe1fa1_17 $fill in the blank 926180fbffe1fa1_18 Total Cost of Direct Material Purchase $fill in the blank 926180fbffe1fa1_19 $fill in the blank 926180fbffe1fa1_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank $fill in the blank 926180fbffe1fa1_21 Prepare direct materials budget for solution. Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank f98a1dfaefab069_1 fill in the blank f98a1dfaefab069_2 Direct Material per Unit fill in the blank f98a1dfaefab069_3 fill in the blank f98a1dfaefab069_4 Total Ounces Needed for Production fill in the blank f98a1dfaefab069_5 fill in the blank f98a1dfaefab069_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank f98a1dfaefab069_10 fill in the blank f98a1dfaefab069_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank f98a1dfaefab069_15 fill in the blank f98a1dfaefab069_16 Cost per Ounce $fill in the blank f98a1dfaefab069_17 $fill in the blank f98a1dfaefab069_18 Total Cost of Direct Material Purchase $fill in the blank f98a1dfaefab069_19 $fill in the blank f98a1dfaefab069_20 Total Direct Materials Solution for Two Months Ending February 28, 20XX $fill in the blank f98a1dfaefab069_21 Prepare a direct labor budget. Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 4b69cf00c033077_1 fill in the blank 4b69cf00c033077_2 Direct Labor Hours per Unit fill in the blank 4b69cf00c033077_3 fill in the blank 4b69cf00c033077_4 Total Required Direct Labor Hours fill in the blank 4b69cf00c033077_5 fill in the blank 4b69cf00c033077_6 Labor Cost per Hour $fill in the blank 4b69cf00c033077_7 $fill in the blank 4b69cf00c033077_8 Total Direct Labor Cost $fill in the blank 4b69cf00c033077_9 $fill in the blank 4b69cf00c033077_10 Total Direct Labor Budget For Two Months Ending February 28, 20XX
Lens Junction sells lenses for $45 each and is estimating sales of 14,000 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 15 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 4,400 4,800 5,100 Direct materials: silicon 8,400 8,900 9,300 Direct materials: solution 11,200 11,800 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 46d176fd5fa4fd6_1 fill in the blank 46d176fd5fa4fd6_2 Sales Price per Unit $fill in the blank 46d176fd5fa4fd6_3 $fill in the blank 46d176fd5fa4fd6_4 Total Sales Revenue $fill in the blank 46d176fd5fa4fd6_5 $fill in the blank 46d176fd5fa4fd6_6 Total $fill in the blank 46d176fd5fa4fd6_7 Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 60ef1b05dfac057_1 fill in the blank 60ef1b05dfac057_2 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Required Units fill in the blank 60ef1b05dfac057_6 fill in the blank 60ef1b05dfac057_7 Less: Beginning Inventory Less: Beginning Inventory Required Production fill in the blank 60ef1b05dfac057_11 fill in the blank 60ef1b05dfac057_12 Total fill in the blank 60ef1b05dfac057_13 Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 926180fbffe1fa1_1 fill in the blank 926180fbffe1fa1_2 Direct Material per Unit fill in the blank 926180fbffe1fa1_3 fill in the blank 926180fbffe1fa1_4 Total Ounces Needed for Production fill in the blank 926180fbffe1fa1_5 fill in the blank 926180fbffe1fa1_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 926180fbffe1fa1_10 fill in the blank 926180fbffe1fa1_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 926180fbffe1fa1_15 fill in the blank 926180fbffe1fa1_16 Cost per Ounce $fill in the blank 926180fbffe1fa1_17 $fill in the blank 926180fbffe1fa1_18 Total Cost of Direct Material Purchase $fill in the blank 926180fbffe1fa1_19 $fill in the blank 926180fbffe1fa1_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank $fill in the blank 926180fbffe1fa1_21 Prepare direct materials budget for solution. Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank f98a1dfaefab069_1 fill in the blank f98a1dfaefab069_2 Direct Material per Unit fill in the blank f98a1dfaefab069_3 fill in the blank f98a1dfaefab069_4 Total Ounces Needed for Production fill in the blank f98a1dfaefab069_5 fill in the blank f98a1dfaefab069_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank f98a1dfaefab069_10 fill in the blank f98a1dfaefab069_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank f98a1dfaefab069_15 fill in the blank f98a1dfaefab069_16 Cost per Ounce $fill in the blank f98a1dfaefab069_17 $fill in the blank f98a1dfaefab069_18 Total Cost of Direct Material Purchase $fill in the blank f98a1dfaefab069_19 $fill in the blank f98a1dfaefab069_20 Total Direct Materials Solution for Two Months Ending February 28, 20XX $fill in the blank f98a1dfaefab069_21 Prepare a direct labor budget. Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 4b69cf00c033077_1 fill in the blank 4b69cf00c033077_2 Direct Labor Hours per Unit fill in the blank 4b69cf00c033077_3 fill in the blank 4b69cf00c033077_4 Total Required Direct Labor Hours fill in the blank 4b69cf00c033077_5 fill in the blank 4b69cf00c033077_6 Labor Cost per Hour $fill in the blank 4b69cf00c033077_7 $fill in the blank 4b69cf00c033077_8 Total Direct Labor Cost $fill in the blank 4b69cf00c033077_9 $fill in the blank 4b69cf00c033077_10 Total Direct Labor Budget For Two Months Ending February 28, 20XX
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Lens Junction sells lenses for $45 each and is estimating sales of 14,000 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 15 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 | 4,400 | 4,800 | 5,100 |
| Direct materials: silicon | 8,400 | 8,900 | 9,300 |
| Direct materials: solution | 11,200 | 11,800 | 13,100 |
Question Content Area
Prepare a sales budget.
| January | February | |
| Expected Sales (Units) | fill in the blank 46d176fd5fa4fd6_1 | fill in the blank 46d176fd5fa4fd6_2 |
| Sales Price per Unit | $fill in the blank 46d176fd5fa4fd6_3 | $fill in the blank 46d176fd5fa4fd6_4 |
| Total Sales Revenue | $fill in the blank 46d176fd5fa4fd6_5 | $fill in the blank 46d176fd5fa4fd6_6 |
| Total | $fill in the blank 46d176fd5fa4fd6_7 |
Prepare a production budget.
| January | February | |
| Expected Sales | fill in the blank 60ef1b05dfac057_1 | fill in the blank 60ef1b05dfac057_2 |
|
|
Add: Desired Ending Inventory | Add: Desired Ending Inventory |
| Total Required Units | fill in the blank 60ef1b05dfac057_6 | fill in the blank 60ef1b05dfac057_7 |
|
|
Less: Beginning Inventory | Less: Beginning Inventory |
| Required Production | fill in the blank 60ef1b05dfac057_11 | fill in the blank 60ef1b05dfac057_12 |
| Total | fill in the blank 60ef1b05dfac057_13 |
Prepare direct materials budget for silicon.
| January | February | |
| Units to be Produced | fill in the blank 926180fbffe1fa1_1 | fill in the blank 926180fbffe1fa1_2 |
| Direct Material per Unit | fill in the blank 926180fbffe1fa1_3 | fill in the blank 926180fbffe1fa1_4 |
| Total Ounces Needed for Production | fill in the blank 926180fbffe1fa1_5 | fill in the blank 926180fbffe1fa1_6 |
|
|
Add: Desired Ending Inventory | Add: Desired Ending Inventory |
| Total Material Required | fill in the blank 926180fbffe1fa1_10 | fill in the blank 926180fbffe1fa1_11 |
|
|
Less: Beginning Inventory | Less: Beginning Inventory |
| Ounces of Direct Material Purchase Requirements | fill in the blank 926180fbffe1fa1_15 | fill in the blank 926180fbffe1fa1_16 |
| Cost per Ounce | $fill in the blank 926180fbffe1fa1_17 | $fill in the blank 926180fbffe1fa1_18 |
| Total Cost of Direct Material Purchase | $fill in the blank 926180fbffe1fa1_19 | $fill in the blank 926180fbffe1fa1_20 |
| Total Direct Materials Silicon for Two Months Ending February 28, 20XX | blank | $fill in the blank 926180fbffe1fa1_21 |
Prepare direct materials budget for solution.
| January | February | |
| Units to be Produced | fill in the blank f98a1dfaefab069_1 | fill in the blank f98a1dfaefab069_2 |
| Direct Material per Unit | fill in the blank f98a1dfaefab069_3 | fill in the blank f98a1dfaefab069_4 |
| Total Ounces Needed for Production | fill in the blank f98a1dfaefab069_5 | fill in the blank f98a1dfaefab069_6 |
|
|
Add: Desired Ending Inventory | Add: Desired Ending Inventory |
| Total Material Required | fill in the blank f98a1dfaefab069_10 | fill in the blank f98a1dfaefab069_11 |
|
|
Less: Beginning Inventory | Less: Beginning Inventory |
| Ounces of Direct Material Purchase Requirements | fill in the blank f98a1dfaefab069_15 | fill in the blank f98a1dfaefab069_16 |
| Cost per Ounce | $fill in the blank f98a1dfaefab069_17 | $fill in the blank f98a1dfaefab069_18 |
| Total Cost of Direct Material Purchase | $fill in the blank f98a1dfaefab069_19 | $fill in the blank f98a1dfaefab069_20 |
| Total Direct Materials Solution for Two Months Ending February 28, 20XX | $fill in the blank f98a1dfaefab069_21 |
Prepare a direct labor budget.
| January | February | |
| Units to be Produced | fill in the blank 4b69cf00c033077_1 | fill in the blank 4b69cf00c033077_2 |
| Direct Labor Hours per Unit | fill in the blank 4b69cf00c033077_3 | fill in the blank 4b69cf00c033077_4 |
| Total Required Direct Labor Hours | fill in the blank 4b69cf00c033077_5 | fill in the blank 4b69cf00c033077_6 |
| Labor Cost per Hour | $fill in the blank 4b69cf00c033077_7 | $fill in the blank 4b69cf00c033077_8 |
| Total Direct Labor Cost | $fill in the blank 4b69cf00c033077_9 | $fill in the blank 4b69cf00c033077_10 |
| Total Direct Labor Budget For Two Months Ending February 28, 20XX |
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