FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Tucker Inc. makes dog treats. The material to be purchased from the production budget is as follows: April May JuneMaterial to be purchased 161,800 270,900 195,600 Tucker Inc. pays $0.40 per kilo for its material. 60% of a months purchases are paid for in th month of purchase, 40% is paid for in the following month. The March 31 accounts payable balance is $10,000 and will be paid in full in the first month. The total cash disbursement for April is ____________ The total cash disbursement for May is ____________ The total cash disbursement for June is ____________ The total cash disbursement for the quarter is____________arrow_forwardHow do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?arrow_forwardA company budgets production of 4,720 units in May and 6,025 units in June. Each unit requires 4 pounds of direct materials. Direct materials cost $5 per pound. The company maintains direct materials inventory equal to 40% of next month's direct materials requirement. The company has 7,552 pounds of direct materials inventory on April 30. Prepare the direct materials budget for May. Units to produce Direct Materials Budget Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases Mayarrow_forward
- Bonita Industries is preparing its direct labor budget for May. Projections for the month are that 31400 units are to be produced and that direct labor time required is three hours per unit. If the labor cost per hour is $15, what is the total budgeted direct labor cost for May? O $1345500. O $2025000. O $1413000. O$1379250.arrow_forwardLily’s Manufacturing Company has budgeted the following unit sales: 2021 Units January 10,000 February 8,000 March 9,000 April 11,000 May 15,000 The finished goods units on hand on December 31, 2020, was 1,000 units. Each unit requires 2 pounds of raw materials that are estimated to cost an average of $3 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 10% of next month's anticipated sales. They also have a policy of maintaining a raw materials inventory at the end of each month equal to 20% of the pounds needed for the following month's production.…arrow_forwardanswer in text form please (without image)arrow_forward
- Ramos Company...arrow_forwardFor Crane Company, units to be produced are 5,300 in quarter 1 and 7,420 in quarter 2. It takes 1.6 hours to make a finished unit, and the expected hourly wage rate is $15 per hour. Prepare a direct labor budget by quarters for the 6 months ending June 30, 2022. $ $ CRANE COMPANY Direct Labor Budget 1 Quarter $ $ 2 $ Six Monthsarrow_forwardPlease help mearrow_forward
- 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 poundarrow_forwardFact Pattern: A company produces a product that requires 2 pounds of a raw material. It is forecast that there will be 6,000 pounds of raw material on hand at the end of June. At the end of any given month, the company wishes to have 30% of next month's raw material requirements on hand. The company has budgeted production of the product for July, August, September, and October to be 10,000, 12,000, 13,000, and 11,000 units, respectively. As of June 1, the raw material sells for $1.00 per pound. In the month of September, raw material purchases and ending inventory, respectively, will be (in pounds): OA. OB. O C. 24,800 and 6,600. 32,600 and 6,600. 24,800 and 3,900. OD. 13,000 and 3,900.arrow_forward
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