Pinnacle Corporation plans the following beginning and ending inventory levels (in units) for June: June 1 June 30 Raw materials 85,000 115,000 Work in process 42,000 38,000 Finished goods 165,000 140,000 Three units of raw material are needed to produce each unit of the finished product. If the company plans to sell 825,000 units during June, the number of units it would need to manufacture during June would be
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- Production information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?Gillman Co. is forecasting sales of 62,000 units of products for August. To make one unit of finished product, 5 pounds of raw materials are required. Actual beginning and desired ending inventories of raw materials and finished goods are: August 1 (Actual) August 30 (Desired) Raw materials (pounds) 74,700 68,200 Finished goods (units) 5,900 8,300 a. Calculate the number of units of product to be produced during August. b. Calculate the number of pounds of raw materials to be purchased during August.
- Lovely Manufacturing has scheduledproduction as follows for the next several months:Months ProductionJanuary 1,000February 1,200March 1,400Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. 34. The desired ending inventory of raw materials in pounds for February is:a. 350b. 200c. 1,400d. 50035. The pounds of raw materials purchased during January is:a. 1.000b. 2,000c. 2,100d. 2.60036. The pounds of raw materials used for February production isa. 2.400b. 2,500c. 3,000d. 3,100The production department of Zan Corporation has submitted Le following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced In addition, 7,700 grams of raw materials inventory is on hand at the start of the 1st quarter and the beginning accounts payable for the 1st quarter is $4,580. Required production in units of finished goods Each unit requires 9.70 grams of raw material that costs $160 per gram Management desires to end each quarter with an inventory of raw materials equal to 20% of the following quarter's production needs. The desired ending inventory for the 4th quarter is 9,700 grams. Management plans to pay for 80% of raw material purchases in the quarter acquired and 20% in the following quarter. Each unit requires 0.40 direct labour-hours and direct labourers are paid $8.10 per hour. Required: 1. Prepare the company's direct materials purchases budget and schedule of expected cash disbursements for materials for the upcoming fiscal…please solve all requirements
- The controller of Moonshine has requested a quick estimate of the manufacturing supplies needed for July when production is expected to be 470,000 units. Below are actual data from the prior three months of operations: Production in units Manufacturing supplies March 450,000 April 540,000 May 480,000 Using these data and the high-low method, what is the best estimate of the cost of manufacturing supplies that would be needed for July? (Assume that this activity is within the relevant range.) a. $755,196 b. $752,060. C. $781,060. d. $723,060 853,560 $805,284 766,560Rasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of the year are as follows. January February March April Estimated production in units 6,000 7,000 3,000 4,000 Required Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Allocate overhead costs to each month using the overhead rate computed in Requirement a. Calculate the total cost per unit for each month using the overhead allocated in Requirement b.Expected unit sales (frames) for the upcoming months follow: March April May June July August 295 290 340 440 415 465 Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 ($750 per month) for expected production of 5,000 units for the year. Selling and administrative expenses are estimated at $800 per month plus $0.50 per unit sold. Iguana, Incorporated, had $11,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $2,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $190 in depreciation. During April, Iguana…
- The production manager of Rordan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fi scal year:1st Quarter 2nd Quarter 3rd Quarter 4th QuarterUnits to be produced .............................. 8,000 6,500 7,000 7,500Each unit requires 0.35 direct labor-hours, and direct laborers are paid $12.00 per hour.Required:1. Construct the company’s direct labor budget for the upcoming fiscal year, assuming that the directlabor workforce is adjusted each quarter to match the number of hours required to produce theforecasted number of units produced.2. Construct the company’s direct labor budget for the upcoming fiscal year, assuming that the directlabor workforce is not adjusted each quarter. Instead, assume that the company’s direct labor workforceconsists of permanent employees who are guaranteed to be paid for at least 2,600 hours of work eachquarter. If the number of required direct labor-hours is less than this number, the workers are paid…Benson Corporation expects to incur indirect overhead costs of $98,000 per month and direct manufacturing costs of $13 per unit. The expected production activity for the first four months of the year are as follows. Estimated production in units January 5,300 Required a. Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Required A Required B b. Allocate overhead costs to each month using the overhead rate computed in Requirement a. c. Calculate the total cost per unit for each month using the overhead allocated in Requirement b. Complete this question by entering your answers in the tabs below. Required C February March 8,500 4,600 April 6,100 per unit Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Predetermined overhead rateLasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs: Lasso Company Direct materials cost per unit $52.00 Direct labor cost per unit $57.00 Manufacturing overhead cost per unit $25.00 Total projected manufacturing cost per unit 134 The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.
