Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lorenzos Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September: Units 12

Lorenzos Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September:

Units
12" Pizza 16" Pizza
Budgeted production volume 14,900 27,000

Three direct materials are used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:

12" Pizza 16" Pizza
Direct materials:
Dough 0.80 lb. per unit 1.50 lb. per unit
Tomato 0.50 0.70
Cheese 0.70 1.30

In addition, Lorenzos has determined the following information about each material:

Dough Tomato Cheese
Estimated inventory, September 1 560 lb. 180 lb. 370 lb.
Desired inventory, September 30 590 lb. 170 lb. 400 lb.
Price per pound $1.10 $2.30 $3.40

Prepare September's direct materials purchases budget for Lorenzos Frozen Pizza Inc. When required, enter unit prices to the nearest cent.

Dough Tomato Cheese Total
Units required for production:
12" pizza fill in the blank 1 fill in the blank 2 fill in the blank 3
16" pizza fill in the blank 4 fill in the blank 5 fill in the blank 6
Less desired inventory, September 1Less desired inventory, September 30Plus desired inventory, September 1Plus desired inventory, September 30Plus estimated inventory, September 1Plus estimated inventory, September 30 - Select - - Select - - Select -
Total pounds required fill in the blank 11 fill in the blank 12 fill in the blank 13
Less desired inventory, September 1Less desired inventory, September 30Less estimated inventory, September 1Less estimated inventory, September 30Plus estimated inventory, September 1Plus estimated inventory, September 30 - Select - - Select - - Select -
Total units to be purchased fill in the blank 18 fill in the blank 19 fill in the blank 20
Unit price x $fill in the blank 21 x $fill in the blank 22 x $fill in the blank 23
Total direct materials to be purchased $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27

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_2

Step: 3

blur-text-image_3

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

An Introduction To Modern Financial Reporting Theory

Authors: Brian A Rutherford

1st Edition

9780761966074

More Books

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago