Question
Current Attempt in Progress Marx Industrial has estimated that production for the next five quarters will be: Production Information 1st quarter, 2020 49,500 units 2nd
Current Attempt in Progress
Marx Industrial has estimated that production for the next five quarters will be:
| Production Information | ||
|---|---|---|
| 1st quarter, 2020 | 49,500 units | |
| 2nd quarter, 2020 | 44,800 units | |
| 3rd quarter, 2020 | 54,200 units | |
| 4th quarter, 2020 | 42,400 units | |
| 1st quarter, 2021 | 51,100 units | |
Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $311,850 of raw material on hand at the beginning of the first quarter, 2020. Marx desires to have 15 percent of next quarter's material requirements on hand at the end of each quarter. Prepare quarterly direct materials purchases budgets for Marx Industrial for 2020.
| Marx Industrial Direct Materials Purchases Budget For the Year Ending December 31, 2020 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | |||||||
| select an opening direct materials purchases budget item | enter a number of units | enter a number of units | enter a number of units | enter a number of units | enter a number of units | ||||||
| select an item | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||||
| select a summarizing line for the first part | enter a total dollar amount for the first part | enter a total dollar amount for the first part | enter a total dollar amount for the first part | enter a total dollar amount for the first part | enter a total dollar amount for the first part | ||||||
| select between addition and deduction | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
| select a summarizing line for the second part | enter a total dollar amount for the second part | enter a total dollar amount for the second part | enter a total dollar amount for the second part | enter a total dollar amount for the second part | enter a total dollar amount for the second part | ||||||
| select between addition and deduction | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
| select a closing direct materials purchases budget item | $enter a total amount for the direct materials purchases budget | $enter a total amount for the direct materials purchases budget | $enter a total amount for the direct materials purchases budget | $enter a total amount for the direct materials purchases budget | $enter a total amount for the direct materials purchases budget | ||||||
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
