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Preparing a Direct Materials Purchases Budget Patrick Inc. makes industrial solvents sold in five-gallon drums. Planned production in units for the first three months of the coming year is: January 45,000 February 55,000 March 65,000 Each drum requires 6 gallons of chemicals and one plastic drum. Company policy requires that ending inventories of raw materials for each month be 20% of the next month's production needs. That policy was met for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost of one drum is $1.60. Required: 1. Calculate the ending inventory of chemicals in gallons for December of the prior year, and for January and February. What is the beginning inventory of chemicals for January? Round your answers to the nearest whole gallon. Ending inventory for December gallons Ending inventory for January gallons Ending inventory for February gallons Beginning inventory for January gallons 2. Prepare a direct materials purchases budget for chemicals for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the other values to the nearest whole unit. Do not include a multiplication symbol as part of your answer. Patrick Inc. Direct Materials Purchases Budget - Chemicals in Gallons For the Months of January and February January February Production in units Gallons per unit Gallons for production Desired ending inventory Needed Less: Beginning inventory Purchases Price per gallon $ $ Dollar purchases $ $ 3. Calculate the ending inventory of drums for December of the prior year, and for January and February. Round your answers to the nearest whole unit.
Compute the price and efficiency variances of New Fashions for direct materials and direct manufacturing labor in June 2009 and describe the types of actions the employees at New Fashions may have taken to reduce the accuracy of the standards
Other date is listed below. Make a financial analysis and decide if a replacement is worth it. Lifespan of electric system=10 years and salvage S=0; Lifespan of the absorption system is 20 years and S=0(even after 10years)
There was no beginning inventory. During the year the company manufactured 67,000 units. If net income using variable and full costing was $245,000 and $205,700, respectively, how many units did the company sell in 2007?
What are the amounts and descriptions of the company's current liabilities for the most recent year? Does the company have any contingent liabilities? If yes, please describe. What are the three categories of contingent liabilities and the treatment ..
For financial accounting purposes, thunder, inc estimates its bad debts and uses the allowance method in accounting for accounts receivable. At the end of the current year, Thunder had net accounts receivable of $73,000 and an allowance for doubtful ..
Compute the number of units in the ending inventory and calculate the cost of a unit assuming use of
You have been asked to review the December 31, 2016, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: An investment of $32,000 is included in current assets. Mana..
Avatar Company uses the direct method to prepare its statement of cash flows. Please refer to the following financial statement information for the year 2014: On Avatar's statement of cash flows, using the direct method, what amount will be shown for..
Given the following data, calculate cost of goods sold and the cost of ending inventory.
Big Wave Company manufactures surfboards in a wide variety of sizes and styles.
Define the terms fixed costs and variable costs. Explain how an understanding of the difference between fixed costs and variable costs can be useful to managers and calculate the total variable and total fixed costs of the hotel for 2011. In your ..
Prepare the proper journal entries in an Excel file, including Notes, and properly update the T-accounts affected by each of the following journal entries.
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