PROBLEM 7-D RAW MATERIALS PURCHASES BUDGETBAGUO CITYFaye Co. manufactures a productusingbudgets for June 2016 are as follows:kalor raw materials. Production and inventoryOpening Inventories ClosingInventories12,400 kg11,400 unitsRaw materials11,000 kgFinished goods 15,150 unitsBudgeted sales for June amounted to 18,000 units. During the production process, it is usuallyfound that 5% of productlon units are scrapped as defective and this loss occurs after the rawmaterials have been placed in process.Required:1. How many kilograms of raw materials will be purchased in June?2. Assume that the cost of a kilogram of raw material is P16 and that 60% of purchases is paidin the month of purchase while the remaining in the month after the purchase, how much isthe cash payment for the June?

Budgeted production (in units) =Budgeted unit sales + Ending finished goods inventory- Opening…

PROBLEM 7-D RAW MATERIALS PURCHASES BUDGET BAGHIOCITY Faye Co. manufactures a product. using budgets for June 2016 are as follows: raw materials. Production and inventory Opening Inventories Closing Inventories 12,400 kg 11,400 units Raw materials 11,000 kg Finished goods 15,150 units Budgeted sales for June amounted to 18,000 units. During the production process, it is usually found that 5% of production units are scrapped as defective and this loss occurs after the raw materials have been placed in process. Required: 1. How many kilograms of raw materials wil be purchased in June? 2. Assume that the cost of a kilogram of raw material is P16 and that 60% of purchases is paid in the month of purchase while the remaining in the month after the purchase, how much is the cash payment for the June?

PROBLEM 7-D RAW MATERIALS PURCHASES BUDGET BAGHIOCITY Faye Co. manufactures a product. using budgets for June 2016 are as follows: raw materials. Production and inventory Opening Inventories Closing Inventories 12,400 kg 11,400 units Raw materials 11,000 kg Finished goods 15,150 units Budgeted sales for June amounted to 18,000 units. During the production process, it is usually found that 5% of production units are scrapped as defective and this loss occurs after the raw materials have been placed in process. Required: 1. How many kilograms of raw materials wil be purchased in June? 2. Assume that the cost of a kilogram of raw material is P16 and that 60% of purchases is paid in the month of purchase while the remaining in the month after the purchase, how much is the cash payment for the June?

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 SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below] Shadee Corporation expects to sell 540 sun shades in May and 350 in June. Each shade sells for $161. Shadee's beginning and ending finished goods inventories for May are 70 and 45 shades, respectively. Ending finished goods inventory for June will be 60 shades. E8-8 (Algo) Preparing Cost of Goods Sold Budget [LO 8-31] Each shade requires a total of $60.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 100 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 $9,000 per month, and variable manufacturing overhead is $11 per unit produced. Use the information and solutions presented to complete the…
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