Concord Company has 1,720 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 3,440 and 4,300 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $8. Management desires an ending inventory equal to 25% of next months materials requirements. Prepare the direct materials budget for January.

CONCORD COMPANY Direct Materials Budget choose the accounting period For the Quarter Ending January 31, 2022January 31, 2022For the Month Ending January 31, 2022
select an opening direct materials budget item Units to be ProducedDirect Labor Cost Per HourBeginning Materials InventoryTotal Materials RequiredDesired Ending Inventory PoundsTotal Cost of Direct Materials PurchasesDirect Labor Time Per UnitCost Per PoundTotal Pounds Required for ProductionDirect Materials Pounds Per UnitTotal Direct Labor CostDirect Materials Units to be PurchasedTotal Required Direct Labor Hours		enter a number of units
select an item Beginning Materials InventoryDirect Materials Units to be PurchasedUnits to be ProducedTotal Direct Labor CostDesired Ending Inventory PoundsTotal Required Direct Labor HoursTotal Materials RequiredDirect Labor Time Per UnitTotal Cost of Direct Materials PurchasesCost Per PoundTotal Pounds Required for ProductionDirect Labor Cost Per HourDirect Materials Pounds Per Unit		enter a number of pounds
select a summarizing line for the first part Total Cost of Direct Materials PurchasesTotal Materials RequiredCost Per PoundDirect Materials Pounds Per UnitDirect Labor Cost Per HourDirect Materials Units to be PurchasedDesired Ending Inventory PoundsUnits to be ProducedDirect Labor Time Per UnitTotal Required Direct Labor HoursTotal Direct Labor CostBeginning Materials InventoryTotal Pounds Required for Production		enter a total number of pounds for the first part
select between addition and deduction AddLess: select an item Total Materials RequiredCost Per PoundTotal Cost of Direct Materials PurchasesTotal Required Direct Labor HoursDirect Labor Cost Per HourDirect Labor Time Per UnitTotal Pounds Required for ProductionDirect Materials Units to be PurchasedBeginning Materials InventoryDesired Ending Inventory PoundsUnits to be ProducedTotal Direct Labor CostDirect Materials Pounds Per Unit		enter a number of pounds
select a summarizing line for the second part Direct Labor Cost Per HourTotal Pounds Required for ProductionDirect Materials Pounds Per UnitBeginning Materials InventoryTotal Cost of Direct Materials PurchasesDesired Ending Inventory PoundsUnits to be ProducedCost Per PoundDirect Materials Units to be PurchasedTotal Materials RequiredTotal Required Direct Labor HoursDirect Labor Time Per UnitTotal Direct Labor Cost		enter a total number of pounds for the second part
select between addition and deduction AddLess: select an item Beginning Materials InventoryUnits to be ProducedTotal Direct Labor CostDirect Materials Units to be PurchasedTotal Required Direct Labor HoursDirect Materials Pounds Per UnitDirect Labor Cost Per HourDirect Labor Time Per UnitTotal Cost of Direct Materials PurchasesDesired Ending Inventory PoundsTotal Materials RequiredCost Per PoundTotal Pounds Required for Production		enter a number of pounds
select a summarizing line for the third part Total Required Direct Labor HoursDirect Materials Pounds Per UnitBeginning Materials InventoryTotal Materials RequiredUnits to be ProducedDesired Ending Inventory PoundsDirect Materials Units to be PurchasedTotal Cost of Direct Materials PurchasesCost Per PoundDirect Labor Time Per UnitDirect Labor Cost Per HourTotal Direct Labor CostTotal Pounds Required for Production		enter a total number of pounds for the third part
select an item Total Cost of Direct Materials PurchasesDirect Labor Cost Per HourDirect Labor Time Per UnitBeginning Materials InventoryDirect Materials Pounds Per UnitTotal Pounds Required for ProductionTotal Materials RequiredDirect Materials Units to be PurchasedTotal Required Direct Labor HoursTotal Direct Labor CostDesired Ending Inventory PoundsCost Per PoundUnits to be Produced		$enter a dollar amount
select a closing direct materials budget item Direct Labor Time Per UnitTotal Direct Labor CostCost Per PoundTotal Required Direct Labor HoursDesired Ending Inventory PoundsTotal Cost of Direct Materials PurchasesTotal Pounds Required for ProductionTotal Materials RequiredDirect Labor Cost Per HourUnits to be ProducedDirect Materials Units to be PurchasedBeginning Materials InventoryDirect Materials Pounds Per Unit		$enter a total dollar amount

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