Fruit Tea's data show the following information: Aug. Sept. Oct. Nov. Dec. 25,000 25,000 27,000 27,500 28,000 Estimated sales (units) Sales price per unit $ 31 $ 31 $ 31 $ 31 $ 31 Direct labor per unit $1.75 $1.75 $ 1.50 $ 1.50 $ 1.50 Labor rate per hour $ 21 $ 21 $ 24 $ 24 $ 24 New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2.5 pounds per unit at a cost of $5 per pound. The ending inventory required for direct materials is 20% of the next month's needs. In August, the beginning inventory is 3,750 units of finished goods and 13,125 pounds of materials. Prepare a production budget, direct materials budget, and direct labor budget for the first quarter of the year.

Fruit Tea's data show the following information: Aug. Sept. Oct. Nov. Dec. 25,000 25,000 27,000 27,500 28,000 Estimated sales (units) Sales price per unit $ 31 $ 31 $ 31 $ 31 $ 31 Direct labor per unit $1.75 $1.75 $ 1.50 $ 1.50 $ 1.50 Labor rate per hour $ 21 $ 21 $ 24 $ 24 $ 24 New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2.5 pounds per unit at a cost of $5 per pound. The ending inventory required for direct materials is 20% of the next month's needs. In August, the beginning inventory is 3,750 units of finished goods and 13,125 pounds of materials. Prepare a production budget, direct materials budget, and direct labor budget for the first quarter of the year.

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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1. Fruit Tea's data show the following information: Aug. 25,000 31 1.75 Estimated sales (units) Sales price per unit Direct labor per unit unit $ $ Labor rate per hour $ C. Direct materials budget d. Direct labor budget Sept. 25,000 31 $ $ $ 21 $ Nov. Dec. 27,500 28,000 $ $ 31 $ 31 1.75 $ 1.75 $ 1.50 $ 1.50 $ 1.50 1.50 $ 21 $ 24 $ 24 $ 24 Oct. 27,000 31 New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2.5 pounds per unit at a cost of $5 per pound. The ending inventory required for direct materials is 20% of the next month's needs. In August, the beginning inventory is 3,750 units of finished goods and 13,125 pounds of materials. For the first quarter ending in October prepare a: a. Sales budget b. Production budget 4
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