Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: Units 12" Pizza 16" Pizza Budgeted production volume 85,000 65,000 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.55 Ib. per unit 0.80 Ibs. per unit Tomato 0.25 0.40 Cheese 0.70 1.20 In addition, Tobin's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, November 1 2,200 Ibs. 1,100 Ibs. 2,900 Ibs. Desired inventory, November 30 2,100 Ibs. 1,200 Ibs. 3,000 Ibs. Price per pound $0.70 $0.80 $1.05 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare November's direct materials purchases budget for Tobin's Frazen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. Tobin's Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending November 30 Dough Tomato Cheese Total Units required for production: 12" pizza 16" pizza Total units available Total units to be purchased Unit price Tutal direct materials to be purchased
Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November: Units 12" Pizza 16" Pizza Budgeted production volume 85,000 65,000 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.55 Ib. per unit 0.80 Ibs. per unit Tomato 0.25 0.40 Cheese 0.70 1.20 In addition, Tobin's has determined the following information about each material: Dough Tomato Cheese Estimated inventory, November 1 2,200 Ibs. 1,100 Ibs. 2,900 Ibs. Desired inventory, November 30 2,100 Ibs. 1,200 Ibs. 3,000 Ibs. Price per pound $0.70 $0.80 $1.05 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare November's direct materials purchases budget for Tobin's Frazen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. Tobin's Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending November 30 Dough Tomato Cheese Total Units required for production: 12" pizza 16" pizza Total units available Total units to be purchased Unit price Tutal direct materials to be purchased
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Transcribed Image Text:Direct materials purchases budget
Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November:
Units
12" Pizza
16" Pizza
Budgeted production volume
85,000
65,000
There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:
12" Pizza
16" Pizza
Direct materials:
Dough
0.55 Ib. per unit
0.80 Ibs. per unit
Tomato
0.25
0.40
Cheese
0.70
1.20
In addition, Tobin's has determined the following information about each material:
Dough
Tomato
Cheese
Estimated inventory, November 1
2,200 Ibs.
1,100 Ibs. 2,900 Ibs.
Desired inventory, November 30
2,100 Ibs.
1.200 Ibs.
3,000 Ibs.
Price per pound
$0.70
$0.80
$1.05
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.
Open spreadsheet
Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar.
Tobin's Frozen Pizza Inc.
Direct Materials Purchases Budget
For the Month Ending November 30
Dough
Tomato
Cheese
Total
Units required for production:
12" pizza
16" pizza
Total units available
Total units to be purchased
Unit price
Total direct materials to be purchased
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