Sheffield Company has 2,080 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 5,200 and 6,500 units, respectively. Two pounds of raw materials are needed for each unit, and to estimated cost per pound is $5. Management desires an ending inventory equal to 20% of next month's materials requirements. Prepare the direct materials budget for January. SHEFFIELD COMPANY Direct Materials Budget For the Month Ending January 31, 2022 v v $ $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Sheffield Company has 2,080 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 5,200 and 6,500 units, respectively. Two pounds of raw materials are needed for each unit, and th
estimated cost per pound is $5. Management desires an ending inventory equal to 20% of next month's materials requirements.
Prepare the direct materials budget for January.
SHEFFIELD COMPANY
Direct Materials Budget
For the Month Ending January 31, 2022
$
$
Transcribed Image Text:Sheffield Company has 2,080 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 5,200 and 6,500 units, respectively. Two pounds of raw materials are needed for each unit, and th estimated cost per pound is $5. Management desires an ending inventory equal to 20% of next month's materials requirements. Prepare the direct materials budget for January. SHEFFIELD COMPANY Direct Materials Budget For the Month Ending January 31, 2022 $ $
Beginning Materials Inventory
Direct Materials Pounds Per Unit
Desired Ending Inventory Pounds
Units to be Produced
Total Materials Required
Cost Per Pound
Total Direct Labor Cost
Direct Labor Cost Per Hour
Direct Materials Units to be Purchased
Total Required Direct Labor Hours
Total Cost of Direct Materials Purchases
Total Pounds Required for Production
Direct Labor Time Per Unit
Transcribed Image Text:Beginning Materials Inventory Direct Materials Pounds Per Unit Desired Ending Inventory Pounds Units to be Produced Total Materials Required Cost Per Pound Total Direct Labor Cost Direct Labor Cost Per Hour Direct Materials Units to be Purchased Total Required Direct Labor Hours Total Cost of Direct Materials Purchases Total Pounds Required for Production Direct Labor Time Per Unit
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