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FINANCIAL ACCOUNTING
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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Question 4 A company produces industrial rotors and provides the following additional information about steel, which is a direct material for the rotors: Pounds of steel needed per rotor Steel cost 15 pounds $2.35/pound At the end of each month, the company wants to have 40% of the raw materials that will be needed for the next month on hand. Budgeted rotor production for the next two months is: November December 12,000 rotors 9,000 rotors What will be the budgeted cost of steel purchases for November? (Round the final answer to the nearest dollars and cents and remember that your final answer should be a cost, not a number of pounds.)
Transcribed Image Text:Question 4 A company produces industrial rotors and provides the following additional information about steel, which is a direct material for the rotors: Pounds of steel needed per rotor Steel cost 15 pounds $2.35/pound At the end of each month, the company wants to have 40% of the raw materials that will be needed for the next month on hand. Budgeted rotor production for the next two months is: November December 12,000 rotors 9,000 rotors What will be the budgeted cost of steel purchases for November? (Round the final answer to the nearest dollars and cents and remember that your final answer should be a cost, not a number of pounds.)
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