Jones Corporation has the following budgeted sales for the selected four-month period: Unit Sales Month July August September October A. B. C. 20,000 Required: 35,000 25,000 30,000 Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. There were 4,000 units in beginning inventory on July 1st. Three pounds of materials are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30 percent of the needs for the next month. Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20,700 pounds of material. Prepare a sales budget for July, August, and September and in total for the quarter. Prepare production budgets for July, August, and September and in total for the quarter. Prepare a direct materials purchases budget in pounds and dollars for July, August, and September and in total for the quarter.

Jones Corporation has the following budgeted sales for the selected four-month period: Unit Sales Month July August September October A. B. C. 20,000 Required: 35,000 25,000 30,000 Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. There were 4,000 units in beginning inventory on July 1st. Three pounds of materials are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30 percent of the needs for the next month. Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20,700 pounds of material. Prepare a sales budget for July, August, and September and in total for the quarter. Prepare production budgets for July, August, and September and in total for the quarter. Prepare a direct materials purchases budget in pounds and dollars for July, August, and September and in total for the quarter.

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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