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Information concerning sales and production for ABC Co. for November 2019 are summarized as follows: A. Estimated Sales: Product X: 80,000 units at $60, per unit Product Y: 40,000 units at $130 per unit B. Estimated inventories, November 1, 2019 Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000 Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000 Total $582,000 C. Desired inventories at November 30,2019 Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000 Material B: 5,000 Ibs Product Y: 4,000 units at $70 per unit 280,000 Total $450,000 D. Direct materials used in production Product X Product Y Material A 1.4 lbs per unit 7.0 lbs per unit Material B 2.4 lbs per unit 3.6 lbs per unit

Information concerning sales and production for ABC Co. for November 2019 are summarized as follows: A. Estimated Sales: Product X: 80,000 units at $60, per unit Product Y: 40,000 units at $130 per unit B. Estimated inventories, November 1, 2019 Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000 Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000 Total $582,000 C. Desired inventories at November 30,2019 Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000 Material B: 5,000 Ibs Product Y: 4,000 units at $70 per unit 280,000 Total $450,000 D. Direct materials used in production Product X Product Y Material A 1.4 lbs per unit 7.0 lbs per unit Material B 2.4 lbs per unit 3.6 lbs per unit

FINANCIAL ACCOUNTING
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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Information concerning sales and production for ABC Co. for November 2019 are summarized as follows: A. Estimated Sales: Product X: 80,000 units at $60, per unit Product Y: 40,000 units at $130 per unit B. Estimated inventories, November 1, 2019 Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000 Material B: 7,000 Ibs Product Y: 5,400 units at $70 per unit 378,000 Total $582,000 C. Desired inventories at November 30,2019 Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000 Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000 Total $450,000 D. Direct materials used in production Product X Product Y Material A 1.4 lbs per unit 7.0 Ibs per unit Material B 2.4 lbs per unit 3.6 Ibs per unit
Transcribed Image Text:Information concerning sales and production for ABC Co. for November 2019 are summarized as follows: A. Estimated Sales: Product X: 80,000 units at $60, per unit Product Y: 40,000 units at $130 per unit B. Estimated inventories, November 1, 2019 Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000 Material B: 7,000 Ibs Product Y: 5,400 units at $70 per unit 378,000 Total $582,000 C. Desired inventories at November 30,2019 Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000 Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000 Total $450,000 D. Direct materials used in production Product X Product Y Material A 1.4 lbs per unit 7.0 Ibs per unit Material B 2.4 lbs per unit 3.6 Ibs per unit
E. Unit costs for direct materials Material A: $ 8.0 per Ib Material B: $ 4.0 per Ib F. Direct labor requirements Department 1 Department 2 Product X 0.8 hr per unit 0.30 hr per unit Product Y 1.2 hr per unit 0.50 hr per unit G. Direct Labor Rate Department 1 Department 2 $24.00/hr $32.00/hr What to do: 1. Prepare a sales budget for November 2. Prepare a production budget for November 3. Prepare a direct materials purchases budget for November 4. Prepare a direct labor cost budget for November
Transcribed Image Text:E. Unit costs for direct materials Material A: $ 8.0 per Ib Material B: $ 4.0 per Ib F. Direct labor requirements Department 1 Department 2 Product X 0.8 hr per unit 0.30 hr per unit Product Y 1.2 hr per unit 0.50 hr per unit G. Direct Labor Rate Department 1 Department 2 $24.00/hr $32.00/hr What to do: 1. Prepare a sales budget for November 2. Prepare a production budget for November 3. Prepare a direct materials purchases budget for November 4. Prepare a direct labor cost budget for November
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