Prepare a Production Budget for each month and Production Cost budget for the six monthsperiod ending 31st Dec. 2003 from the following data of product "X":(1) The units to be sold for different months are as follows:July, 20031,100AugustSeptemberOctober1,1001,7001,900November2,500December 20032,3002,000January 2004(2) There will be no work in progress at the end of any month.(3) Finished units equal to half the sales for the next month will be in stock at the end of eachmonth (including June 2003).(4) Budgeted production and production cost for the year ending 31" December 2003 are asfollows:Production (Units)22,000Direct Material Per unitOMR.IO.0ODirect wages Per unitTotal factory overhead apportioned to productOMR. 4.0O88,000

Production budget: production budget is a budget created by the company to know how many units to be…

Answered: Prepare a Production Budget for each…

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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You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 108 units; February, 103 units; March, 110 units; April, 115 units; May, 122 units; June, 130 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 98 units; March, 110 units; April, 110 units; May, 112 units; June, 125 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 105 units; April, 110 units; May, 107 units; June, 125 units. In March of the current year, sales for the months April through June were reforecasted as follows: April, 110 units; May, 102 units; June, 115 units. In April of the current year, sales for the months May and June were reforecasted as follows: May, 92 units; June, 110 units. In May of the current year, sales for June…
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Consider Derek's budget information: materials to be used, $63,300; direct labor, $199,200; factory overhead, $397,400; work in process inventory on January 1, $189,300; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$655,100 b.$849,200 c.$659,900 d.$194,100
Prepare a production budget for the months of April, May, and June.

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Prepare a Production Budget for each month and Production Cost budget for the six months period ending 31st Dec. 2003 from the following data of product "X":