Excel McGraw Hill Excel Question - Saved VDuA1FileTag:Home1112✓Insert10 Required:Calibri✓ADrawData Review ViewB田くふく AEv abGeneral2、fx Accessibility tab summary: Two data tables for Miami Solar are presented in cells G2 to H4 and G6 to J8. A statement of requirement is presented in rows 10 to 13 anBCDEFGHK McGraw Hill12 Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000units (solar panels) in July and 5,300 units in August.Formulas✓11Prepare the direct materials budget for July.Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is tomaintain direct materials inventory equal to 30% of the next month's direct materials requirement. Asof June 30, the company has 4,500 pounds of direct materials in inventory.2122 Total materials required (pounds)MIAMI SOLARDirect Materials Budget2324 Materials to be purchased (pounds)2526 Cost of direct materials purchases27O Search (Option + Q)V***▼HelpJulyEditing ✓Units ProducedJuly5,000Pounds perunit(Use cells A2 to J8 from the given information to complete this question. Negative amounts or amounts to be deducted should be input and13 displayed as negative values.)1415161718 Units to produce1920 Materials needed for production (pounds)3August5,300I$640.00Cost per Materials June 30requirement inventory4,500pound30%J.00Your timed assigstill counting dowmuch time you hclick on your origassignment tab.Check AnswersCheck My Work3LegendGraded cell: Leave-needed.Scratchpad: Use asworkspaceSave and Return

In order to satisfy the needs of the production budget, the direct materials budget computes the…

2 Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. 3 4 5 6 Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is to 7 maintain direct materials inventory equal to 30% of the next month's direct materials requirement. As of June 30, the company has 4,500 pounds of direct materials in inventory. 8 9 10 Required: 11 Prepare the direct materials budget for July. 12 Units Produced July 5,000 Pounds per unit 3 August 5,300 Cost per pound $6 Materials requirement 30% June 30 inventory 4,500

2 Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. 3 4 5 6 Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is to 7 maintain direct materials inventory equal to 30% of the next month's direct materials requirement. As of June 30, the company has 4,500 pounds of direct materials in inventory. 8 9 10 Required: 11 Prepare the direct materials budget for July. 12 Units Produced July 5,000 Pounds per unit 3 August 5,300 Cost per pound $6 Materials requirement 30% June 30 inventory 4,500

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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Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,600 units in August. 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 6,720 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) 4,200 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases
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