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" Units 16" Pizza Pizza Budgeted 53,000 33,000 production volume 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 lb. per unit Estimated inventory, November 1 Tomato 0.25 Cheese 0.70 In addition, Tobin's has determined the following information about each material: 0.80 lb. per unit 0.40 1.20 Dough Tomato Cheese 2,800 2,700 lbs. lbs. 2,000 lbs. 800 lbs. Desired inventory, November 30 Price per pound $0.50 $0.60 $0.85 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. 1,400 lbs. 2,600 lbs.
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" Units 16" Pizza Pizza Budgeted 53,000 33,000 production volume 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 lb. per unit Estimated inventory, November 1 Tomato 0.25 Cheese 0.70 In addition, Tobin's has determined the following information about each material: 0.80 lb. per unit 0.40 1.20 Dough Tomato Cheese 2,800 2,700 lbs. lbs. 2,000 lbs. 800 lbs. Desired inventory, November 30 Price per pound $0.50 $0.60 $0.85 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. 1,400 lbs. 2,600 lbs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
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" Units 16"
Pizza
Pizza
Budgeted
production volume
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
Estimated inventory,
November 1
53,000 33,000
0.55 lb. per
unit
Tomato
0.25
Cheese
0.70
In addition, Tobin's has determined the following information about each material:
X
Open spreadsheet
0.80 lb. per
unit
0.40
1.20
Dough Tomato Cheese
2,800
2,700
lbs.
lbs.
800 lbs.
Desired inventory,
November 30
Price per pound
$0.50 $0.60 $0.85
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.
2,000 1,400
lbs.
lbs.
2,600
lbs.
Transcribed Image Text: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
Units required for production:
12" pizza
16" pizza
Total units available
Total units to be purchased
Unit price
Total direct materials to be purchased
x $
Tomato
x $
Cheese
x $
Total
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education