eBook Print Item Question Content Area Lens Junction sells lenses for $43 each and is estimating sales of 16,000 units in January and 17,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 5,200 Direct materials: silicon 8,300 8,900 9,300 Direct materials: solution 11,400 12,100 12,800 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank 86cdb2ff2fd9f88_1 fill in the blank 86cdb2ff2fd9f88_2 Sales Price per Unit $fill in the blank 86cdb2ff2fd9f88_3 $fill in the blank 86cdb2ff2fd9f88_4 Total Sales Revenue $fill in the blank 86cdb2ff2fd9f88_5 $fill in the blank 86cdb2ff2fd9f88_6 Total $fill in the blank 86cdb2ff2fd9f88_7 Question Content Area Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 11ad1c0a8fbe043_1 fill in the blank 11ad1c0a8fbe043_2 - Select - - Select - Total Required Units fill in the blank 11ad1c0a8fbe043_6 fill in the blank 11ad1c0a8fbe043_7 - Select - - Select - Required Production fill in the blank 11ad1c0a8fbe043_11 fill in the blank 11ad1c0a8fbe043_12 Total fill in the blank 11ad1c0a8fbe043_13 Question Content Area Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 341aa801ff7f026_1 fill in the blank 341aa801ff7f026_2 Direct Material per Unit fill in the blank 341aa801ff7f026_3 fill in the blank 341aa801ff7f026_4 Total Ounces Needed for Production fill in the blank 341aa801ff7f026_5 fill in the blank 341aa801ff7f026_6 - Select - - Select - Total Material Required fill in the blank 341aa801ff7f026_10 fill in the blank 341aa801ff7f026_11 - Select - - Select - Ounces of Direct Material Purchase Requirements fill in the blank 341aa801ff7f026_15 fill in the blank 341aa801ff7f026_16 Cost per Ounce $fill in the blank 341aa801ff7f026_17 $fill in the blank 341aa801ff7f026_18 Total Cost of Direct Material Purchase $fill in the blank 341aa801ff7f026_19 $fill in the blank 341aa801ff7f026_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX $fill in the blank 341aa801ff7f026_21

eBook Print Item Question Content Area Lens Junction sells lenses for $43 each and is estimating sales of 16,000 units in January and 17,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 5,200 Direct materials: silicon 8,300 8,900 9,300 Direct materials: solution 11,400 12,100 12,800 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank 86cdb2ff2fd9f88_1 fill in the blank 86cdb2ff2fd9f88_2 Sales Price per Unit $fill in the blank 86cdb2ff2fd9f88_3 $fill in the blank 86cdb2ff2fd9f88_4 Total Sales Revenue $fill in the blank 86cdb2ff2fd9f88_5 $fill in the blank 86cdb2ff2fd9f88_6 Total $fill in the blank 86cdb2ff2fd9f88_7 Question Content Area Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 11ad1c0a8fbe043_1 fill in the blank 11ad1c0a8fbe043_2 - Select - - Select - Total Required Units fill in the blank 11ad1c0a8fbe043_6 fill in the blank 11ad1c0a8fbe043_7 - Select - - Select - Required Production fill in the blank 11ad1c0a8fbe043_11 fill in the blank 11ad1c0a8fbe043_12 Total fill in the blank 11ad1c0a8fbe043_13 Question Content Area Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 341aa801ff7f026_1 fill in the blank 341aa801ff7f026_2 Direct Material per Unit fill in the blank 341aa801ff7f026_3 fill in the blank 341aa801ff7f026_4 Total Ounces Needed for Production fill in the blank 341aa801ff7f026_5 fill in the blank 341aa801ff7f026_6 - Select - - Select - Total Material Required fill in the blank 341aa801ff7f026_10 fill in the blank 341aa801ff7f026_11 - Select - - Select - Ounces of Direct Material Purchase Requirements fill in the blank 341aa801ff7f026_15 fill in the blank 341aa801ff7f026_16 Cost per Ounce $fill in the blank 341aa801ff7f026_17 $fill in the blank 341aa801ff7f026_18 Total Cost of Direct Material Purchase $fill in the blank 341aa801ff7f026_19 $fill in the blank 341aa801ff7f026_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX $fill in the blank 341aa801ff7f026_21

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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Question Content Area

Lens Junction sells lenses for $43 each and is estimating sales of 16,000 units in January and 17,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are:

	Jan. 31	Feb. 28	Mar. 31
Beginning inventory
Finished goods	4,300	4,900	5,200
Direct materials: silicon	8,300	8,900	9,300
Direct materials: solution	11,400	12,100	12,800

Question Content Area

Prepare a sales budget.

Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales (Units)	fill in the blank 86cdb2ff2fd9f88_1	fill in the blank 86cdb2ff2fd9f88_2
Sales Price per Unit	$fill in the blank 86cdb2ff2fd9f88_3	$fill in the blank 86cdb2ff2fd9f88_4
Total Sales Revenue	$fill in the blank 86cdb2ff2fd9f88_5	$fill in the blank 86cdb2ff2fd9f88_6
Total	$fill in the blank 86cdb2ff2fd9f88_7

Question Content Area

Prepare a production budget.

Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales	fill in the blank 11ad1c0a8fbe043_1	fill in the blank 11ad1c0a8fbe043_2
	- Select -	- Select -
Total Required Units	fill in the blank 11ad1c0a8fbe043_6	fill in the blank 11ad1c0a8fbe043_7
	- Select -	- Select -
Required Production	fill in the blank 11ad1c0a8fbe043_11	fill in the blank 11ad1c0a8fbe043_12
Total	fill in the blank 11ad1c0a8fbe043_13

Question Content Area

Prepare direct materials budget for silicon.

Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 341aa801ff7f026_1	fill in the blank 341aa801ff7f026_2
Direct Material per Unit	fill in the blank 341aa801ff7f026_3	fill in the blank 341aa801ff7f026_4
Total Ounces Needed for Production	fill in the blank 341aa801ff7f026_5	fill in the blank 341aa801ff7f026_6
	- Select -	- Select -
Total Material Required	fill in the blank 341aa801ff7f026_10	fill in the blank 341aa801ff7f026_11
	- Select -	- Select -
Ounces of Direct Material Purchase Requirements	fill in the blank 341aa801ff7f026_15	fill in the blank 341aa801ff7f026_16
Cost per Ounce	$fill in the blank 341aa801ff7f026_17	$fill in the blank 341aa801ff7f026_18
Total Cost of Direct Material Purchase	$fill in the blank 341aa801ff7f026_19	$fill in the blank 341aa801ff7f026_20
Total Direct Materials Silicon for Two Months Ending February 28, 20XX		$fill in the blank 341aa801ff7f026_21

Question Content Area

Prepare direct materials budget for solution.

Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank fb6246fd6036029_1	fill in the blank fb6246fd6036029_2
Direct Material per Unit	fill in the blank fb6246fd6036029_3	fill in the blank fb6246fd6036029_4
Total Ounces Needed for Production	fill in the blank fb6246fd6036029_5	fill in the blank fb6246fd6036029_6
	- Select -	- Select -
Total Material Required	fill in the blank fb6246fd6036029_10	fill in the blank fb6246fd6036029_11
	- Select -	- Select -
Ounces of Direct Material Purchase Requirements	fill in the blank fb6246fd6036029_15	fill in the blank fb6246fd6036029_16
Cost per Ounce	$fill in the blank fb6246fd6036029_17	$fill in the blank fb6246fd6036029_18
Total Cost of Direct Material Purchase	$fill in the blank fb6246fd6036029_19	$fill in the blank fb6246fd6036029_20
Total Direct Materials Solution for Two Months Ending February 28, 20XX		$fill in the blank fb6246fd6036029_21

Question Content Area

Prepare a direct labor budget.

Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 819ce70c2025f9b_1	fill in the blank 819ce70c2025f9b_2
Direct Labor Hours per Unit	fill in the blank 819ce70c2025f9b_3	fill in the blank 819ce70c2025f9b_4
Total Required Direct Labor Hours	fill in the blank 819ce70c2025f9b_5	fill in the blank 819ce70c2025f9b_6
Labor Cost per Hour	$fill in the blank 819ce70c2025f9b_7	$fill in the blank 819ce70c2025f9b_8
Total Direct Labor Cost	$fill in the blank 819ce70c2025f9b_9	$fill in the blank 819ce70c2025f9b_10
Total Direct Labor Budget For Two Months Ending February 28, 20XX		$fill in the blank 819ce70c2025f9b_11

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