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A company's production budget indicates the following production requirements: October, 221,000 units; November 186,000 units, and December, 121,000 units. Each unit of finished goods requires
A company's production budget indicates the following production requirements: October, 221,000 units; November 186,000 units, and December, 121,000 units. Each unit of finished goods requires 6 pounds of raw materials that cost $3.75 per pound. The company maintains raw materials inventory equal to 20% of the next month's production requirements. The company pays for 30% of its raw material purchases in the month of purchase. The remainder is pald the next month. The company's accounts payable balance at the end of November is closest to
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