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Concord Company has 2,240 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,480 and 5,600 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month's materials requirements. Prepare the direct materials budget for January. CONCORD COMPANY Direct Materials Budget >

Concord Company has 2,240 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,480 and 5,600 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month's materials requirements. Prepare the direct materials budget for January. CONCORD COMPANY Direct Materials Budget >

FINANCIAL ACCOUNTING
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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Concord Company has 2,240 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4.480 and 5,600 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month's materials requirements, Prepare the direct materials budget for January. 9: wthook and Media CONCORD COMPANY Direct Materials Budget
Transcribed Image Text:Concord Company has 2,240 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4.480 and 5,600 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $6. Management desires an ending inventory equal to 25% of next month's materials requirements, Prepare the direct materials budget for January. 9: wthook and Media CONCORD COMPANY Direct Materials Budget
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