Please correct Solution with Explanation and do not give image format Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720,April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month'ssales.Each bear needs 0.8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 perpound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overhead totals $21 per direct laborhour. Fixed overhead amounts to $25,000 per month.Eighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month's stuffing andfabric needs respectively are planned for raw materials ending inventory each month.What is the purchases budget for February?

Purchase budget is based on sales and is used to estimating the amount of inventory or material…

Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month's sales. Each bear needs 0.8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per Dound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overhead totals $21 per direct labam mour. Fixed overhead amounts to $25,000 per month. ighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month's stuffing and mbric needs respectively are planned for raw materials ending inventory each month. "hat is the purchases budget for February?

Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, April 800 and May 770. BB has 80 bears on hand on Dec. 31. Normal ending inventory policy is to hold 20% of next month's sales. Each bear needs 0.8 yards of fabric and two pounds of stuffing. Fabric is budgeted to cost $15 per yard and stuffing $4 per Dound. Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overhead totals $21 per direct labam mour. Fixed overhead amounts to $25,000 per month. ighty yards of fabric and 100 pounds of stuffing were in stock at year-end. Ten percent and 25% of next month's stuffing and mbric needs respectively are planned for raw materials ending inventory each month. "hat is the purchases budget for February?

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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