Reference no: EM133071820
Question - Daisy Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia.
Three cubic centimetres (cc) of solvent Q80 are required to manufacture each unit of Fineclay, one of the company's products. The company is now planning raw materials needs for the third quarter, the quarter in which peak sales of Fineclay occur. To keep production and sales moving smoothly, the company has the following inventory requirements:
The finished goods inventory on hand at the end of each month must be equal to 3,150 units of Fineclay plus 20% of the next month's sales. The finished goods inventory on June 30 is budgeted to be 10,500 units.
The raw materials inventory on hand at the end of each month must be equal to one-half of the following month's production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 56,700 cc of solvent Q80.
The company maintains no work-in-process inventories.
A sales budget for Fineclay for the last six months of the year follows:
Budgeted Sales in Units
July 36,750
August 42,000
September 52,500
October 31,500
November 21,000
December 10,500
Required -
1. Prepare a production budget for Fineclay for the months of July to October.
2. Prepare a budget showing the quantity of solvent Q80 to be purchased for July, August, and September, and for the quarter in total.
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