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Create quarterly direct materials purchases budgets

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Reference no: EM132962178

Steering Industrial has estimated that production for the next five quarters will be:

Production Information

1st quarter, 202050,400 units

2nd quarter, 202045,600 units

3rd quarter, 202055,200 units

4th quarter, 202043,200 units

1st quarter, 202152,000 units

Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $317,520 of raw material on hand at the beginning of the first quarter, 2020. Steering desires to have 15 percent of next quarter's material requirements on hand at the end of each quarter.

Problem 1: Prepare quarterly direct materials purchases budgets for Steering Industrial for 2020.

Reference no: EM132962178

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