Schedules of Direct Materials Purchases and Payment. Ellner Company estimated production of finished units for next year
Question:
Schedules of Direct Materials Purchases and Payment. Ellner Company estimated production of finished units for next year as follows: first quarter, 40,000; second quarter, 55,000, third quarter. 45,000; and fourth quarter, 60,000. Direct materials cost $.60 per gallon, and two gallons are needed for each finished unit. The firm wants direct materials ending inventory to equal 25 percent of the amount needed for production in the next quarter. Beginning direct materials inventory is 20,000 gallons, and desired ending inventory for the fourth quarter is estimated to be 35,000 gallons. Direct materials purchases are paid for in the quarter following the quarter of purchase. Accounts payable as of December 31 total $80,000. Required: Prepare the following schedules for each quarter and for the year.
a. Direct materials budget.
b. Payment for purchases.
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