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The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year.
In addition, the beginning raw materials inventory for the 1st Quarter is budgeted to be 6,600 pounds and the beginning accounts payable for the 1st Quarter is budgeted to be $20,900.
Each unit requires four pounds of raw material that costs $2.00 per pound. Management desires to end each quarter with a raw materials inventory equal to 15% of the following quarter's production needs. The desired ending inventory for the 4th Quarter is 7,500 pounds. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.5 direct labor-hours and direct labor-hour workers are paid $10 per hour.
Prepare the company's direct materials budget for the upcoming fiscal year. (Do not round intermediate calculations. Input all amounts as positive values. Omit the "$" sign in your response.)
Prepare a schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year. (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
Complete the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. (Do not round intermediate calculations. Omit the "$" sign in your response.)
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