Required information [The following information applies to the questions displayed below.] Each gallon of Old Guard, a popular aftershave lotion, requires 2.75 ounces of ocean scent. Budgeted production of Old Guard for the first three quarters of 2019 is as follows: Quarter I Quarter II Quarter III 10,000 gallons 18,000 gallons 12,000 gallons Management's policy is to have on hand at the end of every quarter enough ocean scent inventory to meet 33% of the next quarter's production needs. At the beginning of Quarter I, 9,075 ounces of ocean scent were on hand. Required: a. Calculate the number of ounces of ocean scent to be purchased in each of the first two quarters of 2019. Quarter I Quarter I| Number of ounces

Required information [The following information applies to the questions displayed below.] Each gallon of Old Guard, a popular aftershave lotion, requires 2.75 ounces of ocean scent. Budgeted production of Old Guard for the first three quarters of 2019 is as follows: Quarter I Quarter II Quarter III 10,000 gallons 18,000 gallons 12,000 gallons Management's policy is to have on hand at the end of every quarter enough ocean scent inventory to meet 33% of the next quarter's production needs. At the beginning of Quarter I, 9,075 ounces of ocean scent were on hand. Required: a. Calculate the number of ounces of ocean scent to be purchased in each of the first two quarters of 2019. Quarter I Quarter I| Number of ounces

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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Kawaii Kayaks (KK) Richard Fiesel is preparing the 2021 budget for one of KK’s kayaks. Extensive meetings with members of the sales department and executive management team have resulted in the following unit sales projections for 2021. Quarter 11,200 kayaksQuarter 21,500 kayaksQuarter 3750 kayaksQuarter 4700 kayaks KK’s policy is to have finished goods ending inventory in a quarter equal to 20% of the next quarter's anticipated sales. Preliminary sales projections for 2022 are 1,100 units for the first quarter and 1,500 units for the second quarter. Ending inventory of finished goods at December 31, 2020, will be 200 kayaks. Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2020, is 19,400 pounds. The finishing…
You have been presented with the following information by the Budget Committee of the organization in which you work: Sales forecast January – April 2020 Details Study lamps Accent lights Expected selling price per unit $300 $500 Sales Volume forecast: January 2 000 units 1 000 units February 2 500 units 1 500units March 3 000 units 1 000 units April 2 000 units 1 200 units Additional information: (i) Beginning inventories: study lamps 300 units; accent lights 200 units. (ii) The ending inventory for each product at the end of each month is to be maintained at 20% of the budgeted sales for the next month. (iii) To make one study lamp, four (4) units of raw material lumber are used, while five (5) units of raw material aluminum are used to make one accent lights. Required: The Sales Budget for both products for January to March 2020. The Direct Material usage budget.
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