Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with last question. all the information that i posted below is just one whole direct budgets with the drop down options given On

need help with last question. all the information that i posted below is just one whole direct budgets with the drop down options given

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
On January 1, 2023, the Ivanhoe Company budget committee reached agreement on the following data for the six months ending June 30, 2023: Sales units: First quarter 5,000; second quarter 5.900; third quarter 7,100 Ending rail-nr materials inventory: 40% of the next quarter's production requirements Endingnished goods inventory: 25% of the next quarter's expected sales units Thirdquarter production: 7,400 units :P-P-'N'H The ending raw materials and nished goods inventories at December 31, 2022, had the same percentages for production and sales that are budgeted for 2022. 3 kilograms of raw materials are needed to make each u nit of nished goods. Raw materials purchased are expected to cost $4 per kilogram. (a) V Your answer is correct. Prepare a production budget by quarters for the six-month period ended June 30, 2023. IVANHOE COMPANY Production Budget For the Six Months Ending June 30, 2023 Quarter 1 2 Expected unit sales 5000 5900 Add Desired ending finished goods 1475 1775 Total required units 6475 7675 Less Beginning finished goods inventory 1250 1475 i Required productions in units 5225 6200(a). V Your answer is correct. Prepare a production budget by quarters for the six-month period ended June 30, 2023. IVANHOE COMPANY Production Budget For the Six Months Ending June 30, 2023 Quarter 1 2 Total 5000 5900 10900 finished goods 1475 1775 1775 6475 7675 12675 ed goods inventory 1250 i 1475 i 1250 i 5225 6200 11425Prepare a direct materials budget by quarters for the six-month period ended June 30, 2023. IVANHOE COMPANY Direct Materials Budget For the Six Months Ending June 30, 2023 Quarter 2 Cost per kilogram Total required for production Units to be produced Beginning inventory Total cost of materials purchases Desired ending inventory Direct materials purchases Direct materials per unit Total materials required $ $ $ $Prepare a direct materials budget by quarters for the six-month period ended June 30, 20 IVANHOE COMPANY Direct Materials Budget For the Six Months Ending June 30 Quarter Add Less LA $materials budget by quarters for the six-month period ended June 30, 2023. IVANHOE COMPANY Direct Materials Budget For the Six Months Ending June 30, 2023 Quarter 1 2 Total $

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

Financial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

12th Edition

0538478519, 9780538478519

More Books

Students also viewed these Accounting questions

Question

Be relaxed at the hips

Answered: 1 week ago