Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help with numbers 9 a and b Thank you I will give a thumbs up and great review Production budget (units) Materials requirements per unit

Help with numbers 9 a and b Thank you I will give a thumbs up and great review

image text in transcribedimage text in transcribedimage text in transcribed
Production budget (units) Materials requirements per unit unchan - . from connect Materials needed for - rcduction Budgeted ending inventory Total materials requirements (units) 13,876 Beginning inventory Materials to be urchased Material price per unit Raw Material purchases before Discount Discount (5% of purchases exceeding 10,000 ._ Budgeted raw material purchases 9 !!!E 14,61 8 51 10 11 48 $20. $20.0 $20.0 $170,320.00 $209,740.00 $229,740.0 8 30 490 $20.00 $609,800.00 10410 mm m I_ O l' '3.- p. 8. $170,320.00 $209,253.00 9) In Zigby's original budget (connect) the average cost for raw material and finished goods was given. Because of the discount to raw material and the increased volume of production, you will need to calculate the weighted average cost per unit to use to value ending inventory, direct material used in production, and cost of goods sold. Start with raw material a) Use information from March 31 balance sheet (connect) and the revised purchase budget in 3) to complete the table below. ZIGBY MANUFACTURING Weighted Average Cost per Raw Material unit Costs: March 31 Raw Material Balance (connect) Raw Material purchases (total from 3 net of discount) Total Costs available for use in production (a) Units: Units in 3/31 Raw Material inventory (connect) Units purchased during quarter (from 3) Total units available for production (b) Weighted-Average Cost per unit (a)/(b) show 2 decimals b) Use the weighted average cost per unit to calculate the June 30 raw material inventory balance and the cost of direct material used in production. Use the notes below the table for assistance ZIGBY MANUFACTURING Raw Material Inventory Allocation of Costs Inventory at Used in Total 6/30 Production Accounted for Units Weighted-average cost per unit Allocated costsZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Cash 42,000 Accounts receivable 365,750 Raw materials inventory 84,000 Finished goods inventory 349,440 Total current assets 841,190 Equipment V $ 736,000 Accumulated depreciation (215,300) Equipment, net 520,700 Total assets $1,361,890 Liabilities and Equity Liabilities Accounts payable $ 188, 100 Accounts receivable X 32,300 Income taxes payable 25,660 Total current liabilities 246,060 Long-term note payable 510,000 Stockholders' Equity Common stock V $ 337,000 Retained earnings 268,830 Total Stockholders' Equity 605,830 Total Liabilities and Equity $ 1,361,890

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comprehensive Assurance & Systems Tool An Integrated Practice Set

Authors: Laura R Ingraham, J Greg Jenkins

3rd Edition

0133251969, 9780133251968

More Books

Students also viewed these Accounting questions

Question

=+c) In what month of the year are gas prices highest?

Answered: 1 week ago