feaman expects to produce 1,750 units in January and 2,150 units in February. The company budgets five pounds per unit of direct materials at a cost of $1 pound. Indirect materials are insignificant and not considered for budgeting purposes. The balance in the Raw Materials Inventory account (all direct material January 1 is 5,500 pounds. Yeaman desires the ending balance in Raw Materials Inventory to be 40% of the next month's direct materials neoded for produc Desired ending balance for February is 4,400 pounds. Prepare Yeaman's direct materials budget for January and February. Begin by preparing the direct materials budget for January and February through total direct materials needed line and then complete the budget by calculating budgeted cost of direct materials purchases. Yeaman Company Direct Materials Budget Two Months Ended January 31 and February 28 January February Direct materials (pounds) per unit Direct materials needed for production Plus Total direct malerials needed

feaman expects to produce 1,750 units in January and 2,150 units in February. The company budgets five pounds per unit of direct materials at a cost of $1 pound. Indirect materials are insignificant and not considered for budgeting purposes. The balance in the Raw Materials Inventory account (all direct material January 1 is 5,500 pounds. Yeaman desires the ending balance in Raw Materials Inventory to be 40% of the next month's direct materials neoded for produc Desired ending balance for February is 4,400 pounds. Prepare Yeaman's direct materials budget for January and February. Begin by preparing the direct materials budget for January and February through total direct materials needed line and then complete the budget by calculating budgeted cost of direct materials purchases. Yeaman Company Direct Materials Budget Two Months Ended January 31 and February 28 January February Direct materials (pounds) per unit Direct materials needed for production Plus Total direct malerials needed

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

Davol Corporation is preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable manufacturing overhead rate is $6.80 per direct labor-hour; the budgeted fixed manufacturing overhead is $72,000 per month, of which $20,000 is factory depreciation. If the budgeted direct labor time for October is 5,000 hours, then the total budgeted manufacturing overhead for October is:
Pooler Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.20 direct labor-hours. The direct labor rate is $7.00 per direct labor-hour. The production budget calls for producing 6,900 units in April and 6,700 units in May. If the direct labor work force is fully adjusted to the total direct labor-hours needed each month, what would be the total combined direct labor cost for the two months? Multiple Choice O $19,530 $19,705 $19,040 $19,215
rever Ready Company expects to operate at 85% of productive capacity during May. The total manufacturing costs for May for the production of 3,900 batteries are budgeted as follows: Direct materials Direct labor Variable factory overhead Fixed factory overhead Total manufacturing costs The company has an opportunity to submit a bid for 2,000 batteries to be delivered by May 31 to a government agency. If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during May or increase the selling or administrative expenses. $324,300 119,200 33,350 67,000 $543,850 What is the unit cost below which Forever Ready Company should not go in bidding on the government contract? Round your answer to two decimal places. per unit
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 budgets the 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 for raw materials (in pounds) during April should be:
Sherman has budgeted sales for the upcoming quarter as follows: April: 1, 600 units May: 1,900 units June: 1,750 units The desired ending finished goods inventory for each month is one - half of next month's budgeted sales. Three pounds of direct material are required for each unit produced. If direct material costs $5 per pound, and must be paid for in the month of purchase, the budgeted direct materials purchases (in dollars) for May are: Group of answer choices $1,975 $9, 875 $27, 750 $13, 875
Sill Corporation makes one product. Budgeted unit sales for January, February, March, and April are 9,900, 11,400, 11,900, and 13,400 units, respectively. The ending finished goods inventory equals 20% of the following month's sales. The ending raw materials inventory equals 40% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. If 61,000 pounds of raw materials are required for production in March, then the budgeted raw material purchases for February is closest to: Multiple Choice 57,500 pounds 104,900 pounds 58,900 pounds 81,900 pounds S
Trago Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month's sales. It estimates that May's ending inventory will consist of 29,600 units. June and July sales are estimated to be 296,000 and 306,000 units, respectively. Trago assigns variable overhead at a rate of $3.40 per unit of production. Fixed overhead equals $416,000 per month. Compute the budgeted total factory overhead for June.
Ellington, SRL is developing their manufacturing overhead budget for February, which is based on budgeted direct labor hours. The variable overhead rate is $16.40 per direct labor hour and 7,900 direct labor hours are budgeted for February. Fixed manufacturing overhead is budgeted at $67,000. All overhead costs are current cash flows except for $10,720 of depreciation. What should the manufacturing overhead budget indicate for cash disbursements for manufacturing overhead for the month of February?
Trago Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month's sales. It estimates that May's ending inventory will consist of 28,200 units. June and July sales are estimated to be 282.000 and 292.000 units, respectively. Trago assigns variable overhead at a rate of $2.00 per unit of production. Fixed overhead equals $402.000 per month. Compute the total budgeted overhead for June Multiple Choice $978,000. $968.000 $566.000. $966.000. $986,000
Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials Inventory. Management desires an ending inventory of 25% of next month's materials requirements Prepare a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references. Enter all values as positive--without a minus sign--in row 31.) 2018 Jan Feb Q1 Total April Budget #3: Direct Materials Budget Budgeted units to be produced Mar 30,800 25,200 19,200 2.00 Direct materials (pounds) per unit 2.00 Direct materials needed for production 50,400 38,400 12,600 2.00 61,600 8,600 Plus: Desired direct materials in ending inventory (pounds) 15,400 Total direct materials needed 51,000 65,800 70,200 Less: Direct materials in beginning inventory (pounds) 9,500 12,600 15,400 Budgeted purchase of direct materials 41,500 53,200 54,800 Direct material…
Coronado Industries determines that 63000 pounds of direct materials are needed for production in July. There are 4200 pounds of direct materials on hand at July 1 and the desired ending inventory is 3600 pounds. If the cost per unit of direct materials is $3, what is the budgeted total cost of direct materials purchases? O 183600. O 190800. O 187200. O 194400.