Cost and management accounting

Chapter 19. Managerial Accounting, or chapter 20. Job Order Costing, or chapter 21. Process Costing, or chapter23. Budgetary Planning, or chapter 22. Cost-Volume Profit.

Please solve as soon as possible I need this in 20 minutes

1. On January 1, 2021 the Tata Steel Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2021.

Sales units:	First quarter 25,000; second quarter 35,000; third quarter 30,000
Ending raw materials inventory	50% of the next quarters production requirements
Ending finished goods inventory	20% of the next quarters expected sales units
Direct Labor time per unit	1.6 hours per unit
Direct labor rate per hour	$12 per unit

Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.

Instructions:

1. Prepare a production budget by quarters for the 6-month period ended June 30, 2021.

(2marks)

2. Prepare a direct materials budget quarter 1 ended March 30, 2021. (2marks)

3. Prepare a Direct Labor budget for the 6-month period ended June 30, 2021. (1mark)