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Problem - The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Units to be produced
7,600
8,600
6,600
5,600
In addition, the beginning raw materials inventory for the first quarter is budgeted to be 1,700 kilograms and the beginning accounts payable for the first quarter are budgeted to be $3,240.
Each unit requires 2.6 kilograms of raw material that costs $2.00 per kilogram. Management desires to end each quarter with an inventory of raw materials equal to 10% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 1,950 kilograms. Management plans to pay for 80% of raw material purchases in the quarter acquired and 20% in the following quarter. Each unit requires 0.6 direct labour-hours, and direct labour-hour workers are paid $17.0 per hour.
Required -
1-a. Prepare the company's direct materials budget.
1-b. Prepare the schedule of expected cash disbursements for materials for the upcoming fiscal year.
2. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
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