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QUESTION - Axioma Ltd has the following budgeted sales for the next six-month period:
Month Unit Sales
January 90,000
February 120,000
March 210,000
April 150,000
May 180,000
June 120,000
Axioma Ltd. sells a single product at a price of $50 per unit. There were 24.000 units of finished goods in inventory at the beginning of February. Axioma Ltd.'s policy is to keep an inventory of finished goods that is equal to 20% of the unit sales for the next month.
Five kilograms of materials are required for each unit of finished goods produced. Each kilogram of material costs $8. Inventory levels for materials are equal to 20% of the production needs for the next month. Material inventory at the beginning of February was 31,104,000 (138,000 kilograms).
Required:
(a) Prepare sales budgets in units and dollars for February and March.
(b) Prepare production budgets in units for February and March.
(c) Prepare direct materials usage budget in kilograms and dollars for February.
(d) Prepare direct materials purchases budgets (in kilograms and dollars) for February.
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