DeWitt Industries has adopted the following production budget for the first 4 months of 2020.Month Units Month UnitsJanuary 10,430 March 5,130February 8,210 April 4,470Each unit requires 3 pounds of raw materials costing $3 per pound. On December 31, 2019, the ending raw materials inventory was 6,258 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month’s production requirements.Prepare a direct materials purchases budget by month for the first quarter.DEWITT INDUSTRIESDirect Materials Purchases Budgetchoose the accounting period For the Quarter Ending March 31, 2020March 31, 2020For the Month Ending March 31, 2020 January February March select an opening materials purchases budget item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter a number of units enter a number of units enter a number of units select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter the amount of pounds enter the amount of pounds enter the amount of pounds select a summarizing line for the first part Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter a total amount of pounds for the first part enter a total amount of pounds for the first part enter a total amount of pounds for the first part select between addition and deduction AddLess: select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter the amount of pounds enter the amount of pounds enter the amount of pounds select a summarizing line for the second part Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter a total amount of pounds for the second part enter a total amount of pounds for the second part enter a total amount of pounds for the second part select between addition and deduction AddLess: select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced enter the amount of pounds enter the amount of pounds enter the amount of pounds select a summarizing line for the third part enter a total amount of pounds for the third part enter a total amount of pounds for the third part enter a total amount of pounds for the third part select an item $enter a dollar amount $enter a dollar amount $enter a dollar amount select a closing materials purchases budget item $enter a total dollar amount $enter a total dollar amount $enter a total dollar amount

The direct material purchase budget shows the total cost of material purchased on the basis of the…

Answered: DeWitt Industries has adopted the…

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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DeWitt Industries has adopted the following production budget for the first 4 months of 2020.

Month	Units	Month	Units
January	10,430	March	5,130
February	8,210	April	4,470

Each unit requires 3 pounds of raw materials costing $3 per pound. On December 31, 2019, the ending raw materials inventory was 6,258 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month’s production requirements.

Prepare a direct materials purchases budget by month for the first quarter.

DEWITT INDUSTRIES Direct Materials Purchases Budget choose the accounting period For the Quarter Ending March 31, 2020March 31, 2020For the Month Ending March 31, 2020
	January	February	March
select an opening materials purchases budget item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter a number of units	enter a number of units	enter a number of units
select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter the amount of pounds	enter the amount of pounds	enter the amount of pounds
select a summarizing line for the first part Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter a total amount of pounds for the first part	enter a total amount of pounds for the first part	enter a total amount of pounds for the first part
select between addition and deduction AddLess: select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter the amount of pounds	enter the amount of pounds	enter the amount of pounds
select a summarizing line for the second part Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter a total amount of pounds for the second part	enter a total amount of pounds for the second part	enter a total amount of pounds for the second part
select between addition and deduction AddLess: select an item Beginning Direct Materials (Pounds)Cost Per PoundDesired Ending Direct Materials (Pounds)Direct Labor Cost Per HourDirect Labor Time Per UnitDirect Materials PurchasesDirect Materials Per UnitTotal Cost of Direct Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursUnits to be Produced	enter the amount of pounds	enter the amount of pounds	enter the amount of pounds
select a summarizing line for the third part	enter a total amount of pounds for the third part	enter a total amount of pounds for the third part	enter a total amount of pounds for the third part
select an item	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
select a closing materials purchases budget item	$enter a total dollar amount	$enter a total dollar amount	$enter a total dollar amount

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