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

Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr. @ $1.70) 0.34   Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 408,000 pounds at $1.32 per pound Direct materials used: 406,800 pounds Direct labor: 10,500 hours at $17.95 per hour Fixed overhead: $36,570 Variable overhead: $18,000 MPV=28,560 UNFAV   MUV=21,500 FAV   LRV=525 FAV   LEV=45,900 UNFAV   FIXED SPENDING VARIANCE= 7,170 UNFAV   FIXED VOLUME VARIANCE= 2,400 FAV   VARIABLE SPENDING= 150 UNFAV   VARIABLE EFFICIENCY= 4,335 UNFAV    Prepare journal entries for the following: The purchase of direct materials The issuance…

McGarvey Manufacturing Company had the following 12 months of data on purchasing cost and number of purchase orders. Month   Purchasing Cost   Number of PurchaseOrders January   $19,250   370 February   18,060   330 March   18,200   340 April   18,050   410 May   19,345   400 June   19,500   450 July   19,670   460 August   21,300   600 September   19,430   440 October   20,020   570 November   18,800   470 December   19,340   480 Required: 1. Determine the high point and the low point. Month with high number of purchase orders _______ Month with low number of purchase orders _______ 2. Calculate the variable rate for purchasing cost based on the number of purchase orders. (Round to the nearest cent.)$_____ per purchase order 3. Calculate the fixed monthly cost of purchasing.$_____ 4. Write the cost formula for the purchasing activity showing the fixed cost and the variable rate. Round variable rate to the nearest cent. Total purchasing cost…

Please calculate LIFO perpetual system and Average cost, perpetual systemFerris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: "Includea purchase price and cost of freight. 8,000 units were on hand at the end of the month. Please show work. Directions are at the top to find LIFO, perpetual system and Average cost, perpetual system. Units Unit Cost Purchased Sold Balance