matendis purchases budget Anticipated sales for Safety Grip Company were 71,000 passenger car tires and 21,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car 29 lbs. per unit 7 lbs. per unit Truck 68 lbs. per unit Rubber Steel belts 18 lbs. per unit The purchase prices of rubber and steel are $3.40 and $4.50 per pound, respectively. The desired ending inventories of rubber and steel belts are 67,000 and 14,000 pounds, respectively. The estimated beginning inventories for rubber and steel belts are 78,000 and 11,000 pounds, respectively. Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 20Y9. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber Line Item Description Pounds required for production: Passenger tires Truck tires Total pounds available Total units purchased Unit price Total direct materials to be purchased X S lbs. lbs. 2 lbs. Steel Belts x S lbs. lbs. | lbs. Total

matendis purchases budget Anticipated sales for Safety Grip Company were 71,000 passenger car tires and 21,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car 29 lbs. per unit 7 lbs. per unit Truck 68 lbs. per unit Rubber Steel belts 18 lbs. per unit The purchase prices of rubber and steel are $3.40 and $4.50 per pound, respectively. The desired ending inventories of rubber and steel belts are 67,000 and 14,000 pounds, respectively. The estimated beginning inventories for rubber and steel belts are 78,000 and 11,000 pounds, respectively. Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 20Y9. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber Line Item Description Pounds required for production: Passenger tires Truck tires Total pounds available Total units purchased Unit price Total direct materials to be purchased X S lbs. lbs. 2 lbs. Steel Belts x S lbs. lbs. | lbs. Total

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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Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,600 units in August. Each unit requires 4 pounds of direct materials, which cost $6 per pound. The company’s policy is to maintain direct materials inventory equal to 40% of the next month’s direct materials requirement. As of June 30, the company has 6,720 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 4,200 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases
Preparing an Ending Finished Goods Inventory Budget Andrews Company manufactures a line of office chairs. Each chair takes $14 of direct materials and uses 1.9 direct labor hours at $18 per direct labor hour. The variable overhead rate is $1.00 per direct labor hour, and the fixed overhead rate is $1.70 per direct labor hour. Andrews expects to have 670 chairs in ending inventory. There is no beginning inventory of office chairs. Required: 1. Calculate the unit product cost. Round your answer to the nearest cent.$fill in the blank 1 2. Calculate the cost of budgeted ending inventory. Round your answer to the nearest dollar.$fill in the blank 2
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Preparing an Ending Finished Goods Inventory Budget Andrews Company manufactures a line of office chairs. Each chair takes $18 of direct materials and uses 1.9 direct labor hours at $16 per direct labor hour. The variable overhead rate is $1.10 per direct labor hour, and the fixed overhead rate is $1.50 per direct labor hour. Andrews expects to have 770 chairs in ending inventory. There is no beginning inventory of office chairs. Required: 1. Calculate the unit product cost. Round your answer to the nearest cent.$fill in the blank 1 2. Calculate the cost of budgeted ending inventory. Round your answer to the nearest dollar.$fill in the blank 2
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Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor $1.14 Direct materials 6.38 Factory overhead 0.38 Total $7.9 At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $6,033 Direct materials 33,625 Factory overhead 2,073 Total $41,731 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…
possible Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10- gallon plastic container. Budgeted quantity. 0.1 pounds Budgeted price $100 per pound $20 per hour Direct materials Direct labor 0.1 hours During June, Heavy Products produced and sold 20,000 containers using 2,500 pounds of direct materials at an average cost per pound of $106 and 2,000 direct manufacturing labor - hours at an average wage of $101.00 per hour. The direct manufacturing labor efficiency variance during June is A. $162,000 favorable O B. $1,620,000 unfavorable OC. $0 M OD. $20,200 unfavorable http He In20 gallo Missim https:// Heav In 2017, 10minus 1 answer Missing: 0
Shadee Corporation expects to sell 510 sun shades in May and 320 in June. Each shade sells for $148. Shadee's beginning and ending finished goods inventories for May are 90 and 55 shades, respectively. Ending finished goods inventory for June will be 70 shades. E8-8 (Algo) Preparing Cost of Goods Sold Budget [LO 8-3f] Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $14 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $13 per unit produced. Use the information and solutions presented to complete the requirements. Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed overhead per…