Please do not give solution in image format thanku Required informationUse the following information for the Quick Study below. (Algo)Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,300 units (solar panels) inJuly and 6,200 units in August.QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1Each unit requires 3 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materialsinventory equal to 30% of the next month's direct materials requirement. As of June 30, the company has 3,870 pounds of directmaterials in inventory. Prepare the direct materials budget for July,Units to produceMIAMI SOLARDirect Materials BudgetMaterials needed for production (pounds)Total materials required (pounds)Materials to purchase (pounds)Cost of direct materials purchasesJuly4,300

Direct material purchase budget :— This budget is prepared to estimate the number of units and cost…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 5EA: Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700...

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Cloud Shoes manufactures recovery sandals and is planning on producing 12.000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The companys policy is to have enough material on hand to equal 15% of next months production needs and to maintain a finished goods inventory equal to 20% of the next months production needs. What is the budgeted cost of purchases for March?
Nozama.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost of the sales order processing activity is 250,000 and 50,000 sales orders are estimated to be processed. a. Determine the activity rate of the sales order processing activity. b. Determine the amount of sales order processing cost associated with 30,000 sales orders.
Salisbury Bottle Company manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: At the beginning of March, Salisburys management planned to produce 500,000 bottles. The actual number of bottles produced for March was 525,000 bottles. The actual costs for March of the current year were as follows: a. Prepare the March manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for Salisbury, assuming planned production. b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for March. c. Interpret the budget performance report.
Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700 in April. Each pole requires a half pound of material, which costs $1.20 per pound. The companys policy is to have enough material on hand to equal 10% of the next months production needs and to maintain a finished goods inventory equal to 25% of the next months production needs. What is the budgeted cost of purchases for March?
Required information Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) in July and 5,800 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 2 pounds of direct materials, which cost $6 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 4,480 pounds of direct materials in inventory. Prepare the direct materials budget for July. MIAMI SOLAR Direct Materials Budget Units to produce Materials required per unit (pounds) Materials needed for production (pounds) Add: Desired ending materials inventory Total materials required (pounds) Less: Beginning materials inventory (pounds) Materials to purchase (pounds); Materials cost per pound Cost of direct materials purchases $ July 5,600 2 11,200 4,640 15,840…
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,100 units (solar panels).in July and 5,100 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 3 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 3,060 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 5,100
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-11 (Algo) Manufacturing: Factory overhead budget LO P1 Each unit requires 4 hours of direct labor at a rate f $19 per hour. The company applies variable overhead at the rate of $18 per direct labor hour. Budgeted fixed factory overhead is $185,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead August
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-10 (Algo) Manufacturing: Direct labor budget LO P1 Each unit requires 4 hours of direct labor at a rate of $19 per hour. Prepare a direct labor budget for July. Units to produce MIAMI SOLAR Direct Labor Budget Direct labor hours needed Cost of direct labor July 4,500
Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,400 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 4 pounds of direct materials, which cost $6 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 7,200 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 4,500
Required Information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,500 units in August. QS 20-13 Manufacturing: Direct materials budget LO P1 Each unit requires 4 pounds of direct materials, which cost $6 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 3,360 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases 4,200
Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.70 Total $10.85 At the start of 2021, Scotch Brand planned to produce 20,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $18,000 and the variable overhead costs are budgeted at $1.80 per case. The following information summarizes the results for 2021: Actual production, 21,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…
Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.40 Total $10.55 At the start of 2021, Scotch Brand planned to produce 80,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $64,000 and the variable overhead costs are budgeted at $1.60 per case. The following information summarizes the results for 2021: Actual production, 81,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…

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