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Problem - The Hale Company finished their sales projections for the coming year. The company produces one product. Part of next year's sales projections are as follows:
July
August
September
October
November
Projected Sales in units
100,000
125,000
156,000
165,000
185,000
The budget committee has also compiled the following information on inventories:
Raw materials
Work-in-Process
Finished Goods
Ending Balance, June
22,000 lbs
None
13,000 units
Desired ending levels (monthly)
5% of next month's production needs
12% of next month's sales
Engineering has developed the following standards upon which the production budgets will be developed:
Item
Standard
Materials usage
5 lbs per unit
Material price per pound
$1.50 per pound
Labor usage
0.4 hours per unit
Labor rate
$30 per hour
Machine hours
3 machine hours per unit
The Hale Company uses a modified allocation method for allocating overhead costs. The rates that will be used in the coming year are as follows:
Overhead item
Allocation rate
Utilities
$0.50 per machine hour
Inspection
$10 per unit produced
Factory supplies
$2 per unit produced
Depreciation
$35,000 per month
Supervision
$12,000 per month
Required: Prepare the following production budgets for July, August, and September for the Hale Company: Materials purchase budget.
Note: It is expected that this problem will be complete using an Excel spreadsheet using formulas. Please see the Excel Tutorial that is available under the course home tab.
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