On January 1, 2023, the Shamrock Company budget committee reached agreement on the following data for the six months ending June 30, 2023: 1. Sales units: First quarter 4,900; second quarter 5,900; third quarter 6,800 2. Ending raw materials inventory: 40% of the next quarter's production requirements Ending finished goods inventory: 25% of the next quarter's expected sales units 3. 4. Third-quarter production: 7,200 units The ending raw materials and finished goods inventories at December 31, 2022, had the same percentages for production and sales that are budgeted for 2022. 3 kilograms of raw materials are needed to make each unit of finished goods. Raw materials purchased are expected to cost $4 per kilogram. Your answer is partially correct. Prepare a production budget by quarters for the six-month period ended June 30, 2023. SHAMROCK COMPANY Production Budget For the Six Months Ending June 30, 2023 Quarter ding finished goods finished goods inventory units 1 4900 1475 6375 1225 i 5150 2 5900 1700 7600 1475 i 6125 Total 10800 3175 13975 2700 11275

On January 1, 2023, the Shamrock Company budget committee reached agreement on the following data for the six months ending June 30, 2023: 1. Sales units: First quarter 4,900; second quarter 5,900; third quarter 6,800 2. Ending raw materials inventory: 40% of the next quarter's production requirements Ending finished goods inventory: 25% of the next quarter's expected sales units 3. 4. Third-quarter production: 7,200 units The ending raw materials and finished goods inventories at December 31, 2022, had the same percentages for production and sales that are budgeted for 2022. 3 kilograms of raw materials are needed to make each unit of finished goods. Raw materials purchased are expected to cost $4 per kilogram. Your answer is partially correct. Prepare a production budget by quarters for the six-month period ended June 30, 2023. SHAMROCK COMPANY Production Budget For the Six Months Ending June 30, 2023 Quarter ding finished goods finished goods inventory units 1 4900 1475 6375 1225 i 5150 2 5900 1700 7600 1475 i 6125 Total 10800 3175 13975 2700 11275

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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