You are provided with the following information for Keon Company, You are asked to assist ln the budget-setting process. Production budget for January, February and March 2,000 units per month Production budget for April, May and June (and July) 1,800 units per month Production standard-direct material 4.5 kilograms per unit Direct material inventory standard-percentage of closing inventory to next month's production DM required for current month per kilogram 70% Direct material standard cost $25.00 Direct material purchase paid in month of purchase 40% of total purchase amount

You are provided with the following information for Keon Company, You are asked to assist ln the budget-setting process. Production budget for January, February and March 2,000 units per month Production budget for April, May and June (and July) 1,800 units per month Production standard-direct material 4.5 kilograms per unit Direct material inventory standard-percentage of closing inventory to next month's production DM required for current month per kilogram 70% Direct material standard cost $25.00 Direct material purchase paid in month of purchase 40% of total purchase amount

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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Echo Amplifiers prepared the following sales budget for the first quarter of 2018: Jan. Feb. Mar. Units 900 1,300 1,400 Sales price $100 $100 $100 Budgeted sales $90,000 $130,000 $140,000 It also has this additional information related to its expenses: Direct material per unit $1.50 Direct labor per unit 2 Variable manufacturing overhead per hour 0.40 Fixed manufacturing overhead per month 3,000 Sales commissions per unit 16 Sales salaries per month 5,100 Delivery expense per unit 0.50 Factory utilities per month 4,000 Administrative salaries per month 20,000 Marketing expenses per month 7,000 Insurance expense per month 12,000 Depreciation expense per month 10,000 Prepare a sales and administrative expense budget for each month in the quarter ending March 31, 2018. Enter all amounts as positive numbers.
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Given the information, prepare a sales budget in dollars, a raw materials inventory purchase budget in units and cost, and a production budget in units and cost. Sales forecast 10,000 units of ASD-34 at $159 each Beginning raw materials inventory 1,000 units of UIO-89 at a cost of $12.00 each Ending raw materials inventory 2,000 units of UIO-89 Beginning finished goods inventory 3,000 units of ASD-34 Ending finished goods inventory 4,000 units of ASD-34 Each unit of ASD-34 produced requires: 2 units of UIO-89 2 direct labor hours at $25.00 per hour Manufacturing overhead at 150 percent of direct labor cost
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Input Data (USD) Budgeted sales April (units) May (units) June (units) July (units) August (units) Selling Price/unit Cash collection pattern Month of sale Following month Uncollectible Cash payments for materials Month of purchase Following month Production requirements Raw material per unit (lb) Raw mat. cost per lb Direct labor hours per unit Direct labor rate per hour Variable MOHD per DL hour Fixed MOHD per month Depreciation in Fixed MOHD Selling & administrative costs Variable S&A cost per unit sold Fixed S&A cost per month Depreciation in Fixed S&A cost Other cash outflows Cash dividends paid each month Equipment purchases May Equipment purchases June Desired ending inventory Finished Goods Raw Materials Cash (S) Beginning account balances - March 31 Cash (S) Accounts Receivable ($) Finished Goods inventory FG cost per unit FG inventory (units) Raw Materials inventory Raw Materials (lb) Accounts Payable ($) Land Buildings and equipment Accumulated Depreciation Common stock…
The number of kilograms of raw materials that should be purchased next month is:
subject:accounting
The production department of Headstrong Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th G Quarter Units to be produced 7,000 8,000 6,000 5.000 In addition, the beginning raw materials inventory for the first quarter is budgeted to be 1,400 kilograms and the beginning accounts payable for the first quarter are budgeted to be $2,940. Each unit requires two kilograms of raw material that costs $1.40 per kilogram. Management desires to end each quarter with an inventory of raw materials equal to 10% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 1, 500 kilograms. Management plans to pay for 80% of raw material purchases in the quarter acquired and 20% in the following quarter. Each unit requires 0.60 direct labour - hours, and direct labour - hour workers are paid $14 per hour. Required: 1. Prepare the company's direct materials budget…
7.1
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