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Question - Brian's Company has budgeted units to be produced for the next five months as follows:
Budgeted units to be produced
June 12,000
July 15,000
August 11,000
September 22,000
October 18,000
Brian's Company used the following information in creating its master budget for the year:
1. Ending direct materials inventory for each month should be equal to 140% of the next month's production needs.
2. Each unit produced requires 2.5 pounds of direct materials.
3. Direct materials are purchased for $2.30 per pound.
Brian's Company pays for 65% of a month's purchase of direct materials in the month of purchase, 25% of a month's purchase of direct materials is paid in the month after purchase, and the final 10% is paid in the second month after the month of purchase.
Required - Calculate Brian's Company's budgeted accounts payable at September 30.
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