Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKick’s best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following: Practice Balls Match Balls Units Selling Price Units Selling Price January 48,000 $8.75 6,100 $16.50 February 62,000 $8.75 7,800 $16.50 March 87,000 $8.75 13,000 $16.50 April 100,000 $8.75 16,000 $16.50 FlashKick requires ending inventory of product to equal 20 percent of the next month’s unit sales. Beginning inventory in January was 9,600 practice soccer balls and 1,220 match soccer balls. Every practice ball requires 0.6 square yard of polyvinyl chloride panels, one bladder with valve (to fill with air), and 3 ounces of glue. FlashKick’s policy is that 20 percent of the following month’s production needs for raw materials be in ending inventory. Beginning inventory in January for all raw materials met this requirement. Required: Question Content Area Construct a direct materials purchases budget for each type of raw materials for the practice ball line for January and February of the coming year. If required, round your answers to the nearest cent. Direct materials purchases budget for polyvinyl chloride panels: FlashKick CompanyDirect Materials Purchases Budget - Polyvinyl Chloride PanelsFor January and February Polyvinyl chloride panels: January February Units produced fill in the blank b13640f50031035_1 fill in the blank b13640f50031035_2 - Select - - Select - Direct materials for production fill in the blank b13640f50031035_6 fill in the blank b13640f50031035_7 - Select - - Select - Total needed fill in the blank b13640f50031035_11 fill in the blank b13640f50031035_12 - Select - - Select - Direct materials purchases fill in the blank b13640f50031035_16 fill in the blank b13640f50031035_17 Question Content Area Direct materials purchases budget for bladder and valve: FlashKick CompanyDirect Materials Purchases Budget - Bladder and ValveFor January and February Bladder and valve: January February Units produced fill in the blank 27a5e0fdffb5063_1 fill in the blank 27a5e0fdffb5063_2 - Select - - Select - Direct materials for production fill in the blank 27a5e0fdffb5063_6 fill in the blank 27a5e0fdffb5063_7 - Select - - Select - Total needed fill in the blank 27a5e0fdffb5063_11 fill in the blank 27a5e0fdffb5063_12 - Select - - Select - Direct materials purchases fill in the blank 27a5e0fdffb5063_16 fill in the blank 27a5e0fdffb5063_17 Question Content Area Direct materials purchases budget for glue: FlashKick CompanyDirect Materials Purchases Budget - GlueFor January and February Glue: January February Units produced fill in the blank fcaf15f78fda067_1 fill in the blank fcaf15f78fda067_2 - Select - - Select - Direct materials for production fill in the blank fcaf15f78fda067_6 fill in the blank fcaf15f78fda067_7 - Select - - Select - Total needed fill in the blank fcaf15f78fda067_11 fill in the blank fcaf15f78fda067_12 - Select - - Select - Direct materials purchases fill in the blank fcaf15f78fda067_16 fill in the blank fcaf15f78fda067_17
Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKick’s best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following: Practice Balls Match Balls Units Selling Price Units Selling Price January 48,000 $8.75 6,100 $16.50 February 62,000 $8.75 7,800 $16.50 March 87,000 $8.75 13,000 $16.50 April 100,000 $8.75 16,000 $16.50 FlashKick requires ending inventory of product to equal 20 percent of the next month’s unit sales. Beginning inventory in January was 9,600 practice soccer balls and 1,220 match soccer balls. Every practice ball requires 0.6 square yard of polyvinyl chloride panels, one bladder with valve (to fill with air), and 3 ounces of glue. FlashKick’s policy is that 20 percent of the following month’s production needs for raw materials be in ending inventory. Beginning inventory in January for all raw materials met this requirement. Required: Question Content Area Construct a direct materials purchases budget for each type of raw materials for the practice ball line for January and February of the coming year. If required, round your answers to the nearest cent. Direct materials purchases budget for polyvinyl chloride panels: FlashKick CompanyDirect Materials Purchases Budget - Polyvinyl Chloride PanelsFor January and February Polyvinyl chloride panels: January February Units produced fill in the blank b13640f50031035_1 fill in the blank b13640f50031035_2 - Select - - Select - Direct materials for production fill in the blank b13640f50031035_6 fill in the blank b13640f50031035_7 - Select - - Select - Total needed fill in the blank b13640f50031035_11 fill in the blank b13640f50031035_12 - Select - - Select - Direct materials purchases fill in the blank b13640f50031035_16 fill in the blank b13640f50031035_17 Question Content Area Direct materials purchases budget for bladder and valve: FlashKick CompanyDirect Materials Purchases Budget - Bladder and ValveFor January and February Bladder and valve: January February Units produced fill in the blank 27a5e0fdffb5063_1 fill in the blank 27a5e0fdffb5063_2 - Select - - Select - Direct materials for production fill in the blank 27a5e0fdffb5063_6 fill in the blank 27a5e0fdffb5063_7 - Select - - Select - Total needed fill in the blank 27a5e0fdffb5063_11 fill in the blank 27a5e0fdffb5063_12 - Select - - Select - Direct materials purchases fill in the blank 27a5e0fdffb5063_16 fill in the blank 27a5e0fdffb5063_17 Question Content Area Direct materials purchases budget for glue: FlashKick CompanyDirect Materials Purchases Budget - GlueFor January and February Glue: January February Units produced fill in the blank fcaf15f78fda067_1 fill in the blank fcaf15f78fda067_2 - Select - - Select - Direct materials for production fill in the blank fcaf15f78fda067_6 fill in the blank fcaf15f78fda067_7 - Select - - Select - Total needed fill in the blank fcaf15f78fda067_11 fill in the blank fcaf15f78fda067_12 - Select - - Select - Direct materials purchases fill in the blank fcaf15f78fda067_16 fill in the blank fcaf15f78fda067_17
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
-
Direct Materials Purchases Budget
FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKick’s best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following:
Practice Balls Match Balls Units Selling Price Units Selling Price January 48,000 $8.75 6,100 $16.50 February 62,000 $8.75 7,800 $16.50 March 87,000 $8.75 13,000 $16.50 April 100,000 $8.75 16,000 $16.50 FlashKick requires ending inventory of product to equal 20 percent of the next month’s unit sales. Beginning inventory in January was 9,600 practice soccer balls and 1,220 match soccer balls.
Every practice ball requires 0.6 square yard of polyvinyl chloride panels, one bladder with valve (to fill with air), and 3 ounces of glue. FlashKick’s policy is that 20 percent of the following month’s production needs for raw materials be in ending inventory. Beginning inventory in January for all raw materials met this requirement.
Required:
Question Content Area
FlashKick CompanyDirect Materials Purchases Budget - Polyvinyl Chloride PanelsFor January and FebruaryConstruct a direct materials purchases budget for each type of raw materials for the practice ball line for January and February of the coming year. If required, round your answers to the nearest cent.
Direct materials purchases budget for polyvinyl chloride panels:
Polyvinyl chloride panels: January February Units produced fill in the blank b13640f50031035_1 fill in the blank b13640f50031035_2 - Select - - Select - Direct materials for production fill in the blank b13640f50031035_6 fill in the blank b13640f50031035_7 - Select - - Select - Total needed fill in the blank b13640f50031035_11 fill in the blank b13640f50031035_12 - Select - - Select - Direct materials purchases fill in the blank b13640f50031035_16 fill in the blank b13640f50031035_17 Question Content Area
FlashKick CompanyDirect Materials Purchases Budget - Bladder and ValveFor January and FebruaryDirect materials purchases budget for bladder and valve:
Bladder and valve: January February Units produced fill in the blank 27a5e0fdffb5063_1 fill in the blank 27a5e0fdffb5063_2 - Select - - Select - Direct materials for production fill in the blank 27a5e0fdffb5063_6 fill in the blank 27a5e0fdffb5063_7 - Select - - Select - Total needed fill in the blank 27a5e0fdffb5063_11 fill in the blank 27a5e0fdffb5063_12 - Select - - Select - Direct materials purchases fill in the blank 27a5e0fdffb5063_16 fill in the blank 27a5e0fdffb5063_17 Question Content Area
FlashKick CompanyDirect Materials Purchases Budget - GlueFor January and FebruaryDirect materials purchases budget for glue:
Glue: January February Units produced fill in the blank fcaf15f78fda067_1 fill in the blank fcaf15f78fda067_2 - Select - - Select - Direct materials for production fill in the blank fcaf15f78fda067_6 fill in the blank fcaf15f78fda067_7 - Select - - Select - Total needed fill in the blank fcaf15f78fda067_11 fill in the blank fcaf15f78fda067_12 - Select - - Select - Direct materials purchases fill in the blank fcaf15f78fda067_16 fill in the blank fcaf15f78fda067_17
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education