How many pounds of raw materials should be purchased in January of this accounting question? Dynamic Solutions Inc. had 30,000 pounds of raw materials onhand on January 1. The desired inventory at January 31 is 75,000pounds, and 180,000 pounds are required for January production.How many pounds of raw materials should be purchased inJanuary?

Step 1: Define Raw Material PurchasesRaw material purchases refer to the quantity of materials a…

Answered: Dynamic Solutions Inc. had 30,000…

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

If there were
Li Company manufactures a product requiring 2 pounds of raw material for each finished unit. Raw materials inventory had a balance of on March 1 was 7,000 pounds. The company wants to maintain an ending inventory equal to 40% of the next month’s production needs. Production for March and April is projected to be 4,000 and 5,000 units, respectively. How many pounds of raw material must be purchased in March?
Yorkley Corporation plans to sell 41,000 units of its single product in March. The company has 2,800 units in its March 1 finished-goods inventory and anticipates having 2,400 completed units in inventory on March 31. On the basis of this information, how many units does Yorkley plan to produce during March?
Yam Corporation plans to sell 53,000 units of its single product in March. The company has 3,600 units in its March 1 finished-goods inventory and anticipates having 2,100 completed units in inventory on March 31. On the basis of this information, how many units does Yam plan to produce during March?
Yam Corporation plans to sell 53,000 units of its single product in March. The company has 3,600 units in its March 1 finished-goods inventory and anticipates having 2,100 completed units in inventory on March 31. On the basis of this information, how many units does Yam plan to produce during March? WANT ANSWER
Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks. The wiring harness assemblies are sold to various truck manufacturers around the world. Projected sales in units for the coming five months are given below. January $10,000 February $10,500 March $13,000 April $16,000 May $18,500 The following data pertain to production policies and manufacturing specifications followed by Ponderosa: a.Finished goods inventory on January 1 is 900 units. The desired ending inventory for each month is 20 percent of the next month's sales. b.The data on materials used are as follows: Direct Material Per-unit Usage Unit Cost Part #K298 2 $4 Part #C30 3 7 Inventory policy dictates that sufficient materials be on hand at the beginning of the month to satisfy 30 percent of the next month's production needs. This is exactly the amount of material on hand on January 1. c. The direct labor used per unit of output is one and one-half…
How many pounds of raw materials should be purchased in February on these general accounting question?
ss
Right Answer
Gillman Co. is forecasting sales of 62,000 units of products for August. To make one unit of finished product, 5 pounds of raw materials are required. Actual beginning and desired ending inventories of raw materials and finished goods are: August 1 (Actual) August 30 (Desired) Raw materials (pounds) 74,700 68,200 Finished goods (units) 5,900 8,300 a. Calculate the number of units of product to be produced during August. b. Calculate the number of pounds of raw materials to be purchased during August.
Yummy Foods expects to have 43,000 pounds of raw materials inventory on hand on March 31, the end of the current year. The company's following production (in units) for April through July, inclusive: April - 127,000 May - 137,000 June 153,000 July 127,000 At the end of each month, the firm desires its ending raw material inventory to be 10% of the next month's production needs. Each finished unit requires three pounds of raw materials. Yummy Foods budgeted purchases (in pounds) of raw materials for June would be: A) 451,200 B) 459,000 C) 466,800 D) 497,100 E) 543,000
Want to give you a correct answer

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS

Dynamic Solutions Inc. had 30,000 pounds of raw materials on hand on January 1. The desired inventory at January 31 is 75,000 pounds, and 180,000 pounds are required for January production. How many pounds of raw materials should be purchased in January?