Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (inunits) are plannned for the year 20x1. Five units of raw material are required to produce each unit offinished product.Raw materialWork in processFinished goodsRequired:January 141,000December 3148,00020,00020,00092,00059,0001. If Bodin Company plans to sell 452,000 units during the year, compute the number of units the firmwould have to manufacture during the year.2. If 520,000 finished units were to be manufactured by Bodin Company during the year, determine theamount of raw material to be purchased.1. Required production in units2. Raw material purchases in units

Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are plannned for the year 20x1. Five units of raw material are required to produce each unit of finished product. Raw material Work in process Finished goods Required: January 1 December 31 41,000 48,000 20,000 92,000 20,000 59,000 1. If Bodin Company plans to sell 452,000 units during the year, compute the number of units the firm would have to manufacture during the year. 2. If 520,000 finished units were to be manufactured by Bodin Company during the year, determine the amount of raw material to be purchased. 1. Required production in units 2. Raw material purchases in units

Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are plannned for the year 20x1. Five units of raw material are required to produce each unit of finished product. Raw material Work in process Finished goods Required: January 1 December 31 41,000 48,000 20,000 92,000 20,000 59,000 1. If Bodin Company plans to sell 452,000 units during the year, compute the number of units the firm would have to manufacture during the year. 2. If 520,000 finished units were to be manufactured by Bodin Company during the year, determine the amount of raw material to be purchased. 1. Required production in units 2. Raw material purchases in units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

(Production schedule) The projected sales, in units,for Einstein Inc. By month for the first four months were January 8,000 February 12,000 March 16,000 April 19,200 Inventory of finished goods on December 31 was 6,400 units. The company desired to have an ending inventory each month equal to one-half of next month's estimated sales. Determine the company's production requirements for each month of the first quarter
Yummy Foods expects to have 43,000 pounds of raw materials inventory on hand on March 31, the end of the current year. The company budgets the following production (in units) for April through July, inclusive: April 127,000 May 137,000 June 153,000 July 127,000 At the end of each month the firm desires its ending raw material inventory to be 10% of the next month's production needs. Each finished unit requires three pounds of raw materials.Yummy Foods’ budgeted purchases for raw materials (in pounds) during April should be:
Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be 640,000 units, estimated beginning inventory is 108,000 units, and desired ending inventory is 90,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below. Material A 0.50 lb. per unit @ $0.70 per pound Material B 1.00 lb. per unit @ $1.70 per pound Material C 1.20 lbs. per unit @ $1.00 per pound The dollar amount of Material A used in production during the year is a.$311,000 b.$528,700 c.$224,600 d.$217,700
On January 1, 2022, the Bramble Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,800; second quarter 6,960; third quarter 8,120. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 8,470 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Prepare a production budget by quarters for the 6-month period ended June 30, 2022. BRAMBLE COMPANY Production Budget 1 Quarter 2
Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are plannned for the year 20x1. Five units of raw material are required to produce each unit of finished product. Raw material Work in process Finished goods January 1 December 31 36,000 17,000 98,000 51,000 17,000 62,000 Required: 1. If Bodin Company plans to sell 472,000 units during the year, compute the number of units the firm would have to manufacture during the year. 2. If 509,000 finished units were to be manufactured by Bodin Company during the year, determine the amount of raw material to be purchased. 1. Required production in units 2. Raw material purchases in units cBook Pro 6) U G K C V. N
Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Ending Inventory Inventory Raw material* 58,000 68,000 Finished goods 98,000 68,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 570,000 units during next year, the number of units it would have to manufacture during the year would be: Multiple Choice O 600,000 units 540,000 units 512,000 units 570,000 units
Trago Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month's sales. It estimates that May's ending inventory will consist of 28,200 units. June and July sales are estimated to be 282.000 and 292.000 units, respectively. Trago assigns variable overhead at a rate of $2.00 per unit of production. Fixed overhead equals $402.000 per month. Compute the total budgeted overhead for June Multiple Choice $978,000. $968.000 $566.000. $966.000. $986,000
Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work- in-process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $120,000 B. $156,000 OC. $102,000 OD. $138,000 Calculator Next
Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials Inventory. Management desires an ending inventory of 25% of next month's materials requirements Prepare a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references. Enter all values as positive--without a minus sign--in row 31.) 2018 Jan Feb Q1 Total April Budget #3: Direct Materials Budget Budgeted units to be produced Mar 30,800 25,200 19,200 2.00 Direct materials (pounds) per unit 2.00 Direct materials needed for production 50,400 38,400 12,600 2.00 61,600 8,600 Plus: Desired direct materials in ending inventory (pounds) 15,400 Total direct materials needed 51,000 65,800 70,200 Less: Direct materials in beginning inventory (pounds) 9,500 12,600 15,400 Budgeted purchase of direct materials 41,500 53,200 54,800 Direct material…
Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct man $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2020: Beginning Inventory Ending Inventory Direct materials 24,000 units 24,000 units Work-in-Process Inventory 0 units O units Finished Goods Inventory 2,000 units 2,500 units What are the 2020 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead. O $48,000; S96,000; $19.200 O $44,000; $88,000, $17.600 O $41.000, $82.000; $16,400 O $40,000, S80,000: $16,000 - Previous
Stuart Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Stuart's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of sold. April's budgeted cost of goods sold is $80,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quar Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February March $ 57,000 $…
The Simmons Company finished their sales projections for the coming year. The company produces one product. Part of next year's sales projections are as follows. Projected Sales in Units July 125,000 August 145,000 September 139,000 October 155,000 November 180,000 The budget committee has also completed the following information on inventories. Raw Materials Ending Balance, June, 50,000 lbs Desired ending levels (monthly 10% of next month's production needs) Work-In-Progress None Finished Goods Inventory Ending Balance, June, 22,000 units Desired ending levels: 20% of next month's sales The Engineering Department has developed the following standards upon which the production budgets will be developed. Item Standard Material usage 3 pounds per unit Material price per pound $2.00 per pound Labor usage 0.5 hours per unit Labor rate $40 per hour Machine hours 2 machine hours per unit The Simmons Company uses a modified allocation method for…