Direct Materials Purchases Budget Romano’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September: Units 12" Pizza 16" Pizza Budgeted production volume 12,800 25,700 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.90 lb. per unit 1.50 lbs. per unit Tomato 0.60 1.00 Cheese 0.80 1.30 In addition, Romano's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 520 lbs. 190 lbs. 370 lbs. Desired inventory, September 30 550 lbs. 180 lbs. 400 lbs. Price per pound $1.40 $2.20 $3.00 Prepare September's direct materials purchases budget for Romano’s Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Romano’s Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending September 30 Dough Tomato Cheese Total Units required for production: 12" pizza fill in the blank 1 fill in the blank 2 fill in the blank 3 16" pizza fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 10 Total units available fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 15 fill in the blank 16 fill in the blank 17 Total units to be purchased fill in the blank 18 fill in the blank 19 fill in the blank 20 Unit Price x $fill in the blank 21 x $fill in the blank 22 x $fill in the blank 23 Total direct materials to be purchased $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27
Direct Materials Purchases Budget Romano’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September: Units 12" Pizza 16" Pizza Budgeted production volume 12,800 25,700 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.90 lb. per unit 1.50 lbs. per unit Tomato 0.60 1.00 Cheese 0.80 1.30 In addition, Romano's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 520 lbs. 190 lbs. 370 lbs. Desired inventory, September 30 550 lbs. 180 lbs. 400 lbs. Price per pound $1.40 $2.20 $3.00 Prepare September's direct materials purchases budget for Romano’s Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Romano’s Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending September 30 Dough Tomato Cheese Total Units required for production: 12" pizza fill in the blank 1 fill in the blank 2 fill in the blank 3 16" pizza fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 10 Total units available fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 15 fill in the blank 16 fill in the blank 17 Total units to be purchased fill in the blank 18 fill in the blank 19 fill in the blank 20 Unit Price x $fill in the blank 21 x $fill in the blank 22 x $fill in the blank 23 Total direct materials to be purchased $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Romano’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September:
| Units | ||||
| 12" Pizza | 16" Pizza | |||
| Budgeted production volume | 12,800 | 25,700 |
There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:
| 12" Pizza | 16" Pizza | ||||
| Direct materials: | |||||
| Dough | 0.90 | lb. per unit | 1.50 | lbs. per unit | |
| Tomato | 0.60 | 1.00 | |||
| Cheese | 0.80 | 1.30 |
In addition, Romano's has determined the following information about each material:
| Dough | Tomato | Cheese | ||||
| Estimated inventory, September 1 | 520 | lbs. | 190 | lbs. | 370 | lbs. |
| Desired inventory, September 30 | 550 | lbs. | 180 | lbs. | 400 | lbs. |
| Price per pound | $1.40 | $2.20 | $3.00 |
Prepare September's direct materials purchases budget for Romano’s Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
| Romano’s Frozen Pizza Inc. | ||||
| Direct Materials Purchases Budget | ||||
| For the Month Ending September 30 | ||||
| Dough | Tomato | Cheese | Total | |
| Units required for production: | ||||
| 12" pizza | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | |
| 16" pizza | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 | |
| fill in the blank 8 | fill in the blank 9 | fill in the blank 10 | ||
| Total units available | fill in the blank 11 | fill in the blank 12 | fill in the blank 13 | |
| fill in the blank 15 | fill in the blank 16 | fill in the blank 17 | ||
| Total units to be purchased | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |
| Unit Price | x $fill in the blank 21 | x $fill in the blank 22 | x $fill in the blank 23 | |
| Total direct materials to be purchased | $fill in the blank 24 | $fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 |
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