Question 5Please fill in the blanks and explain. Sheffield Chemicals has developed a new window cleaner that requires two ingredients, AM972 and CA38. Based on forecastedsales, Sheffield has developed the following budgeted production for the coming year.1st Quarter1st Quarter2nd Quarter3rd Quarter4th QuarterNext YearForecasted production (gallons)5,5007,0009,00015,0006,000Each gallon of window cleaner requires 100 ounces of AM972 and 28 ounces of CA38. An ounce of AM972 costs Sheffield $0.20. Anounce of CA38 costs the company $0.25. Sheffield's inventory policy requires ending inventory equal to 20% of the next quarter'sproduction needs. At the beginning of the year, Sheffield expects to have 80,000 ounces of AM972 and 30,000 ounces of CA38 onhand.Prepare Sheffield's AM972 purchases budget for the coming year. (Enter price per ounce to 2 decimal places, e.g. 0.35.)2nd Quarter3rd Quarter4th QuarterAnnual700090001500036500100100100100700,0009000001,500,00036500009000001,500,0003650000180000300,000120,000740,000-140000 i-180000 i-300,000 i-730,000740000102000013200003660000$.20$20$20$20148000$204000264000$732000eTextbook and MediaAttempts. 1 of 5 usedC..bmit Apguor%24%24%24%24%24%24%24 Sheffield Chemicals has developed a newwindow cleaner that requires two ingredients, AM972 and CA38. Based on forecastedsales, Sheffield has developed the following budgeted production for the coming year.1st Quarter2nd Quarter3rd Quarter9,0001st Quarter4th QuarterNext YearForecasted production (gallons)5,5007,00015,0006,000Each gallon of window cleaner requires 100 ounces of AM972 and 28 ounces of CA38. An ounce of AM972 costs Sheffield $0.20. Anounce of CA38 costs the company $0.25. Sheffield's inventory policy requires ending inventory equal to 20% of the next quarter'sproduction needs. At the beginning of the year, Sheffield expects to have 80,000 ounces of AM972 and 30,000 ounces of CA38 onhand.Prepare Sheffield's AM972 purchases budget for the coming year. (Enter price per ounce to 2 decimal places, e.g. 0.35.)1st Quarter2nd Quarter3rd QuarterBudgeted production55007000Standard price per ounce100100Total DM required (ounces)550000700,000900Production needs550000900Budgeted ending inventory140000180000300,Beginning inventory-110,000-140000 i-180000Budgeted purchases (ounces)5800007400001020Budgeted purchases cost2020$Budgeted production$116000148000$204%24%24%24>>

Budgeted Production - It is a fiscal design that lists the quantity of units to be produced during a…

Sheffield Chemicals has developed a new window cleaner that requires two ingredients, AM972 and CA38. Based on forecasted sales, Sheffield has developed the following budgeted production for the coming year. 1st Quarter Next Year 3rd Quarter 9,000 1st Quarter 2nd Quarter 7,000 4th Quarter Forecasted production (gallons) 5,500 15,000 6,000 Each gallon of window cleaner requires 100 ounces of AM972 and 28 ounces of CA38. An ounce of AM972 costs Sheffield $0.20. An ounce of CA38 costs the company $0.25. Sheffield's inventory policy requires ending inventory equal to 20% of the next quarter's production needs. At the beginning of the year, Sheffield expects to have 80,000 ounces of AM972 and 30,000 ounces of CA38 on hand. Prepare Sheffield's AM972 purchases budget for the coming year. (Enter price per ounce to 2 decimal places, eg. 0.35.) 2nd Quarter 3rd Quarter 4th Quarter Annual 7000 9000 15000 36500 100 100 100 100 700,000 900000 1,500,000 3650000 900000 1,500,000 3650000 180000 300,000 120,000 740,000 -140000 -180000 i -300,000 i -730,000 740000 1020000 1320000 3660000 20 20 20 20 148000 204000 264000 732000 %24 %24 %24 %24 %24 %24 %24 %24

Sheffield Chemicals has developed a new window cleaner that requires two ingredients, AM972 and CA38. Based on forecasted sales, Sheffield has developed the following budgeted production for the coming year. 1st Quarter Next Year 3rd Quarter 9,000 1st Quarter 2nd Quarter 7,000 4th Quarter Forecasted production (gallons) 5,500 15,000 6,000 Each gallon of window cleaner requires 100 ounces of AM972 and 28 ounces of CA38. An ounce of AM972 costs Sheffield $0.20. An ounce of CA38 costs the company $0.25. Sheffield's inventory policy requires ending inventory equal to 20% of the next quarter's production needs. At the beginning of the year, Sheffield expects to have 80,000 ounces of AM972 and 30,000 ounces of CA38 on hand. Prepare Sheffield's AM972 purchases budget for the coming year. (Enter price per ounce to 2 decimal places, eg. 0.35.) 2nd Quarter 3rd Quarter 4th Quarter Annual 7000 9000 15000 36500 100 100 100 100 700,000 900000 1,500,000 3650000 900000 1,500,000 3650000 180000 300,000 120,000 740,000 -140000 -180000 i -300,000 i -730,000 740000 1020000 1320000 3660000 20 20 20 20 148000 204000 264000 732000 %24 %24 %24 %24 %24 %24 %24 %24

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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