Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March 22,000 April 24,000 21,500 20,000 May June Wright maintains an ending inventory for each month in the amount of one times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $4 per unit and are paid for in the month after production. Labor cost is $8 per unit and is paid for in the month incurred. Fixed overhead is $20,000 per month. Dividends of $21,600 are to be paid in May. The firm produced 21,000 units in February. Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory. Projected unit sales Desired ending inventory Total units required Beginning inventory Units to be produced Units produced Material cost Labor cost Fixed overhead Dividends Total cash payments Wright Lighting Fixtures Production Schedule March April 0 February 0 Cash Payments $ March 0 0 OS May April 0 0 0 S June May

Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: March 22,000 April 24,000 21,500 20,000 May June Wright maintains an ending inventory for each month in the amount of one times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $4 per unit and are paid for in the month after production. Labor cost is $8 per unit and is paid for in the month incurred. Fixed overhead is $20,000 per month. Dividends of $21,600 are to be paid in May. The firm produced 21,000 units in February. Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory. Projected unit sales Desired ending inventory Total units required Beginning inventory Units to be produced Units produced Material cost Labor cost Fixed overhead Dividends Total cash payments Wright Lighting Fixtures Production Schedule March April 0 February 0 Cash Payments $ March 0 0 OS May April 0 0 0 S June May

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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