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Question - Archer Company produces two products: the custom and the basic. The custom sells for $30, and the basic sells for $8. Projected sales of the two models for the coming four quarters are given below.
Custom
Basic
First quarter
12,000
90,000
Second quarter
14,500
88,200
Third quarter
16,500
92,000
Fourth quarter
20,000
91,800
The president of the company believes that the projected sales are realistic and can be achieved by the company. In the factory, the production supervisor has received the projected sales figures and gathered information needed to compile production budgets. He found that 800 customs and 1,140 basics were in inventory on January 1. Company policy dictates that ending inventory should equal 20 percent of the next quarter's sales for customs and 10 percent of next quarter's sales for basics.
Required -
1. Prepare a sales budget for each quarter and for the year in total. Show sales by product and in total for each time period.
2. Prepare a separate production budget for each product for each of the first three quarters of the year.
Compute What were the values of the company's actual ending finished goods inventory under the absorption and variable costing methods?
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