Dollar purchases3. Calculate the ending inventory of drums for December of the prior year, and for January and February. Round your answers to the nearest whole unit.Ending inventory for DecemberunitsEnding inventory for JanuaryunitsEnding inventory for Februaryunits4. Prepare a direct materials purchases budget for drums for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the othervalues to the nearest whole unit. Do not include a multiplication symbol as part of your answer.Patrick Inc.Direct Materials Purchases Budget - DrumsFor the Months of January and FebruaryJanuary FebruaryProduction in unitsDrums per unitDrums for productionDesired ending inventoryNeededLess: Beginning inventoryPurchasesPrice per drumDollar purchases Preparing a Direct Materials Purchases BudgetPatrick Inc. makes industrial solvents sold in 5-gallon drum containers. Planned production in units for the first 3 months of the coming year is:January40,000February55,000March65,000Each drum requires 6 gallons of chemicals and one plastic drum container. Company policy requires that ending inventories of raw materials for each month be 20% ofthe next month's production needs. That policy was met for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost ofone drum is $1.60.Required:1. Calculate the ending inventory of chemicals in gallons for December of the prior year, and for January and February. What is the beginning inventory of chemicals forJanuary? Round your answers to the nearest whole gallon.Ending inventory for DecembergallonsEnding inventory for JanuarygallonsEnding inventory for FebruarygallonsBeginning inventory for Januarygallons2. Prepare a direct materials purchases budget for chemicals for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the othervalues to the nearest whole unit. Do not include a multiplication symbol as part of your answer.Patrick Inc.Direct Materials Purchases Budget - Chemicals in GallonsFor the Months of January and FebruaryJanuaryFebruary

1. For computing Ending inventory for the months of December, January, February the formula is…

ate the ending inventory of drums for December of the prior year, and for January and February. Round your answers to the nearest whole unit. ventory for December units ventory for January units ventory for February units e a direct materials purchases budget for drums for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the the nearest whole unit. Do not include a multiplication symbol as part of your answer. Patrick Inc. Materials Purchases Budget - Drums he Months of January and February January February on in units per unit or production ending inventory ginning inventory

ate the ending inventory of drums for December of the prior year, and for January and February. Round your answers to the nearest whole unit. ventory for December units ventory for January units ventory for February units e a direct materials purchases budget for drums for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the the nearest whole unit. Do not include a multiplication symbol as part of your answer. Patrick Inc. Materials Purchases Budget - Drums he Months of January and February January February on in units per unit or production ending inventory ginning inventory

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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Compute for the Fixed Cost Rhea Company manufacture laptops, preparing the next year budget the accountant complied these data. Month Machine Hours Electricity Cost Jan 8,000.00 92,040.00 7,000.00 80,760.00 6,500.00 75,120.00 6,000.00 69,480.00 6,000.00 69,480.00 3,500.00 41,280.00 7,000.00 80,760.00 8,600.00 98,808.00 3,700.00 43,536.00 5,000.00 58,200.00 9,600.00 110,088.00 10,000.00 114,600.00 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,700 73,320 2 500
Required: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculotions. Round your onswers to the nearest whole dollor.
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3. Prepare a direct materials purchases budget for March. Gold Medal Athletic Co.Direct Materials Purchases BudgetFor the Month Ending March 31 Plastic Foam Lining Total Pounds required for production: Batting helmet fill in the blank 18 fill in the blank 19 Football helmet fill in the blank 20 fill in the blank 21 Plus desired inventory, March 31 fill in the blank 22 fill in the blank 23 Total pounds required fill in the blank 24 fill in the blank 25 Less estimated inventory, March 1 fill in the blank 26 fill in the blank 27 Total pounds to be purchased fill in the blank 28 fill in the blank 29 Unit price (per pound) $fill in the blank 30 $fill in the blank 31 Total direct materials to be purchased $fill in the blank 32 $fill in the blank 33 $fill in the blank 34 4. Prepare a direct labor cost budget for March. Gold Medal Athletic Co.Direct Labor Cost BudgetFor the Month Ending March 31 MoldingDepartment…
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