Champ Incorporated budgets the following sales in units for the coming two months. Each month's ending Inventory of finished unitsshould be 60% of the next month's sales. The April 30 finished goods inventory is 150 units.Budgeted sales unitsMay250Prepare the production budget for May.Desired ending inventory unitsTotal required unitsUnits to produceCHAMP, INCORPORATEDProduction BudgetJune270May

Champ Incorporated budgets the following sales in units for the coming two months. Each month's ending Inventory of finished units should be 60% of the next month's sales. The April 30 finished goods Inventory is 150 units. May 250 Budgeted sales units Prepare the production budget for May. CHAMP, INCORPORATED Production Budget Desired ending inventory units Total required units June 270 May

Champ Incorporated budgets the following sales in units for the coming two months. Each month's ending Inventory of finished units should be 60% of the next month's sales. The April 30 finished goods Inventory is 150 units. May 250 Budgeted sales units Prepare the production budget for May. CHAMP, INCORPORATED Production Budget Desired ending inventory units Total required units June 270 May

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

The budget components for Bramble Company for the quarter ended June 30 appear below. Bramble sells recycling bins for $14 each. Budgeted production for the next three months is: April May June 29,000 units 25,000 units 45,500 units Bramble desires to have recycling bins on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, Bramble had 3,700 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Bramble desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Bramble had 12,500 pounds of plastic on hand. The direct materials used in production cost $0.50 per pound. Each recycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May. Cost of ending inventory $
Ruiz Company provides the following budgeted sales for the next four months. The company wants to end each month with ending finished goods inventory equal to 30% of next month's budgeted unit sales. Finished goods inventory on April 1 is 153 units. Prepare a production budget for the months of April, May, and June. Budgeted sales units. April 510 Budgeted sales units Add: Desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Budgeted beginning inventory units Total required units Units to produce May 590 RUIZ COMPANY Production Budget April June 540 590 30% July 630 May 540 30% June 630 30%
Champ Incorporated budgets the following sales in units for the coming two months. Each month's ending inventory of finished units should be 60% of the next month's sales. The April 30 finished goods inventory is 114 units. May 190 Budgeted sales units Prepare the production budget for May. CHAMP, INCORPORATED Production Budget Desired ending inventory units Total required units Units to produce June 270 May
ABC Company’s budgeted sales for June, July, and August are 12,800, 16,800, and 14,800 units, respectively. ABC requires 30% of the next month’s budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 3,840 units. Required: Calculate the number of units to be produced in June and July.
Current Attempt in Progress The budget components for Novak Company for the quarter ended June 30 appear below. Novak sells recycling bins for $14 each. Budgeted production for the next three months is: April 24,500 units May 49,000 units June 31,000 units Novak desires to have recycling bins on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, Novak had 3,500 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Novak desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Novak had 12.250 pounds of plastic on hand. The direct materials used in production cost $0.60 per pound. Eachrecycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May. Cost of ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 6 used Submit…
Ramos Company provides the following budgeted production for the next four months. Units to produce April 620 May June July 750 720 720 Each finished unit requires 5 pounds of direct materials. The company wants to end each month with direct materials inventory equal to 30% of next month's production needs. Beginning direct materials inventory for April was 930 pounds. Direct materials cost $2 per pound. Prepare a direct materials budget for April, May, and June. Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases RAMOS COMPANY Direct Materials Budget April May June 620 750 720 units 0
Whispering Winds Company estimates that unit sales will be 10,500 in quarter 1; 12,600 in quarter 2; 13,800 in quarter 3; and 17,800 in quarter 4. Management wants to have an ending finished goods inventory equal to 21% of the next quarter's expected unit sales. Prepare a production budget by quarters for the first six months of 2022. WHISPERING WINDS COMPANY Production Budget For the Six Months Ending June 30, 2022 Quarter 1 2 Total
Harris Inc., has budgeted sales in units for the next five months as follows: June July August September October 9,400 units 7,800 units 7,300 units 5,400 units 4,100 units Past experience has shown that the ending inventory for each month should be equal to 20% of the next month's sales in units. The inventory on May 31 contained 1,880 units. The company needs to prepare a production budget for the next five months.
Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $480,000 for May. Cost of goods sold is expected to be 65% of sales. The company’s desired ending inventory is 20% of the following month’s cost of goods sold.Compute the required purchases for April. Moore WholesalersPurchases Budget $ : : $
Budget for a merchandising company Nano,inc.is preparing its budget for the second quarter . The following sales data have been forecasted: April. May. June. June July U/sales. 640. 720. 780. 620. 660 Additional information follows: inventory on March 31: 192 units Desired ending inventory each month: 30% of next month's sales. How many units should be produced in April, May and June? How many units should be produced in the second quarter in total? You can Write your answers on this sheet as an excel table or a pasted word documentable.
Zira Company reports the following production budget for the next four months. Each finished unit requires five pounds of direct materials, and the company wants to end each month with direct materials inventory equal to 20% of next month's production needs, Beginning direct materials inventory for April was 634 pounds. Direct materials cost $6 per pound. Prepare a direct materials budget for April, May, and June. (Round your answers to the nearest whole number.) April May 675 June July Units to produce 634 667 647 ZIRA COMPANY Direct Materials Budget April May June Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases
Lexi Company budgets unit sales of 1,510,000 in April, 1,210,000 in May, 320,000 in June, and 1,940,000 in July. Beginning inventory on April 1 is 604,000 units, and the company wants to have 40% of next month's unit sales in inventory at the end of each month. The merchandise cost per unit is $0.50. Prepare a merchandise purchases budget for the months of April, May, and June. LEXI COMPANY Merchandise Purchases Budget April May June Next period budgeted sales units Ratio of inventory to future sales Total required units Units to purchase Cost per unit Cost of merchandise purchases $ $ $