Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 5,700 units in August.   Each unit requires 2 pounds of direct materials, which cost $7 per pound. The company’s policy is to maintain direct materials inventory equal to 40% of the next month’s direct materials requirement. As of June 30, the company has 3,600 pounds of direct materials in inventory. Prepare the direct materials budget for July.    MIAMI SOLAR Direct Materials Budget   July Units to produce 4,500     Materials needed for production (pounds)       Total materials required (pounds)       Materials to purchase (pounds)       Cost of direct materials purchases

Magnolia, Inc., manufactures bedding sets. The budgeted production is for 22,100 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 4,970 yards with the desired ending balance of 4,500 yards of material. If the material costs $6.50 per yard, determine the materials budget for the year.$fill in the blank 1

Electro Company budgets production of 670,000 electric panels in the second quarter and 740,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $2.00 per pound. The company desires to end each quarter with an ending inventory of this material equal to 20% of next quarter's budgeted materials requirements. Beginning inventory of this material is 107,200 pounds. Prepare a direct materials budget for the second quarter. ELECTRO COMPANY Direct Materials Budget Units to produce Materials required per unit Materials needed for production (pounds) Add: Desired ending materials inventory Total materials required Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases * Second Quarter 670,000 units 0.80 pounds 536,000 pounds

Magnolia Interior décor Industries manufactures wooden dining chairs. The selling price of the wooden dining chairs is $15 per unit. The company is preparing detailed budgets for the third quarter (Third quarter includes July, August and September) and fourth quarter (Fourth quarter includes October, November and December) and has assembled the following information to assist in the budget preparation (see below tables). Sales for June totaled $2,000. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June. Calculate the estimated quantity of wooden dining chairs that need to be produced in July. Estimated unit sales for the next several month Month Units July 100 August 200 September 300 October 200 November 200 300 December All sales are on account (i.e., on credit). These sales on account are usually collected in the following pattern: 65% in the month following sale 5% X 130 Correct Answer: 115…

Magnolia, Inc., manufactures bedding sets. The budgeted production is for 25,500 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 5,380 yards with the desired ending balance of 5,000 yards of material. If the material costs $7.40 per yard, determine the materials budget for the year.

Zortek Corporation budgets production of 490 units in January and 290 units in February, Each finished unit requires five pounds of material Z, which costs $4 per pound. Each month's ending inventory of material Z should be 40% of the following month's budgeted production. The January 1 inventory has 980 pounds of material Z. Prepare a direct materials budget for January. Units to produce ZORTEK CORPORATION Direct Materials Budget Materials needed for production (Pounds) Total materials required (Pounds) Materials to purchase (Pounds) Cost of direct materials purchases . January units pounds pounds pounds pounds pounds i 0 pounds per pound

jeremy inc. produces leather handbags. The production budget for the next four months is:July 5000 units, August 7300, September 7500, October 8800. Eachhandbag requires 0.5 square meters of leather. Jeremy inc's leather inventory policy is 30 percent of next month's production needs. If the leather policy is met, what will the july 1 inventory be?750.0 square meters1095.0 square meters1825.0 square meters300.0 square meters