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Category > Accounting Posted 14 Aug 2017 My Price 11.00

Priston Company

EXERCISE 8–11 Direct Materials and Direct Labor Budgets [LO4, LO5]

The production department of Priston 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 Quarter

Units to be produced . . . . . . . .

6,000

7,000

8,000

5,000

 

In addition, the beginning raw materials inventory for the 1st Quarter is budgeted to be 3,600 pounds and the beginning accounts payable for the 1st Quarter is budgeted to be $11,775.

Each unit requires three pounds of raw material that costs $2.50 per pound. Management desires to end each quarter with a raw materials inventory equal to 20% of the following quarter’s produc- tion needs. The desired ending inventory for the 4th Quarter is 3,700 pounds. Management plans to pay for 70% of raw material purchases in the quarter acquired and 30% in the following quarter. Each unit requires 0.50 direct labor-hours and direct labor-hour workers are paid $12 per hour.

 

 

 

Required:

1.       Prepare the company’s direct materials budget and schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year.

2.       Prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

Answers

Maurice Tutor
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Status NEW Posted 14 Aug 2017 07:08 PM My Price 11.00

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