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Question - Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $18 per hour. Desired inventory levels are:
Jan. 31
Feb. 28
Mar. 31
Beginning Inventory
Finished Goods
4,500
4,900
5,000
Direct Materials: silicon
8,500
9,100
9,200
Direct Materials: solution
11,200
12,000
13,000
Required -
1. Prepare a sales budget. From the budget, identify the Total Sales Revenue for the months of January and February.
2. Prepare a production budget. From the budget, identify the Total Required Production for the months of January and February.
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