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Calculate the estimated cost of raw materials

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Question - Magnatix Manufacturing Company has budgeted production for next year as follows.

 

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Production in units

80,000

96,000

128,000

112,000

Ten pounds of raw materials are required for each unit produced. Raw materials on hand at the beginning of the year total 20,000 lbs. The raw materials inventory at the end of each quarter should equal 10% of the next quarter's production needs.

If each pound of raw materials costs fifty cents, calculate the estimated cost of raw materials to be purchased in the first quarter.

Reference no: EM132493221

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