Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory REQUIREMENT (a) To calculate: The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

Question

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Answer 1

Question

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Expert Solution & Answer

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Answer 2

Question

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Answer 6

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

Answer 7

Chapter 14, Problem 14.9E

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (a)

To calculate:

The purchase quantity in ounces of Ocean scent in Quarter I and II in 2016

Answer 8

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Answer 9

To determine

Concept Introduction:

Budget: It is forward looking exercise which the company takes by preparing estimated revenues, costs and resources needed by company for a period. It can be prepared for single period or for multiple periods

Production Budget: The estimated production of finished goods for each period is calculated by preparing the production budget. The starting point is sales budget and requirement of opening and closing inventory is determined. The formula to calculate the production quantity is given below

Productuon Quantity = Quantity sold + closing Finished goods Inventory - Opening Finished goods Inventory

Purchase Budget : The estimated purchase of raw material required to produce finished goods is calculated while preparing the purchase budget. The formula to calculate budgeted purchase of raw material is given below

Purchase Quantity = Quantity required in production +closing raw material Inventory - Opening raw material Inventory

REQUIREMENT (b)

The reason for having closing raw material inventory for each quarter

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 14 - Prob. 14.1ME Ch. 14 - Mini-Exercise 14.2 LO 4, LO 5 Purchases budget In...Ch. 14 - Mini-Exercise 14.3 LO 6 Operating expense budget...Ch. 14 - Mini-Exercise 14.4 LO 8 Cash receipts analysis In...Ch. 14 - Mini-Exercise 14.5 LO 8 Cash budget In addition to...Ch. 14 - Mini-Exercise 14.6 LO 10 Standard product cost In...Ch. 14 - Exercise 14.7 LO 4, 5 Production and purchases...Ch. 14 - Prob. 14.8E Ch. 14 - Prob. 14.9E Ch. 14 - Exercise 14.10 LO 4. 5 Production and purchases...

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