Lens Junction sells lenses for $43 each and is estimating sales of 15,000 units in January and 19,000 in February. Each lens consists of 2 pounds of silicon costing $2.50per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $14 per hour. Desired inventory levels are:Jan. 31 Feb. 28 Mar. 31Beginning inventoryFinished goods4,3004,9004,900Direct materials: silicon8,4009,1009,300Direct materials: solution 11,000 11,800 12,900 Prepare direct materials budget for silicon.Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XXJanuary FebruaryUnits to be ProducedDirect Material per UnitTotal Ounces Needed for ProductionAdd: Desired Ending Inventory vTotal Material RequiredLess: Beginning Inventory vOunces of Direct Material Purchase RequirementsCost per OunceTotal Cost of Direct Material PurchaseTotal Direct Materials Silicon for Two Months Ending February 28, 20XX

Direct material purchase budget reports the estimated amount of material that is required to be…

Lens Junction sells lenses for $43 each and is estimating sales of 15,000 units in January and 19,000 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 $14 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 4,900 Direct materials: silicon 8,400 9,100 9,300 Direct materials: solution 11,000 11,800 12,900

Lens Junction sells lenses for $43 each and is estimating sales of 15,000 units in January and 19,000 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 $14 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 4,900 Direct materials: silicon 8,400 9,100 9,300 Direct materials: solution 11,000 11,800 12,900

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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