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Mosman Ltd makes a single product. The projected sales for the first month of the coming year and the starting and ending inventory data are as follows: Sales 80,000 units Unit price $12 Beginning inventory 6,000 units Desired ending inventory 9,000 units Every unit needs three kilograms of material costing $2 per kilogram. The beginning inventory of raw materials is 2,500 kilograms, and the company wants to have 4,500 kilograms of material in inventory at the end of the month. Each unit needs one hour of direct labour time, which is billed at $8 per hour. Required: (A) Prepare a production budget for the first month. (B) Prepare a direct materials purchases budget for the first month in kilograms and dollars. (C) With which estimate does budgeting start? Describe why this is so and give examples to illustrate your understanding.
What is Cost unit While the cost centres assists in ascertaining costs by location, person, equipment, operation or process, cost unit is a unit of product, service or a combin
You recently began a job as an accounting intern at Indoor Racing Ltd. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with
Product life cycle Every product has a life cycle. The life cycle of a product vary from months to various years. For example in the case of cameras photocopying machines etc.
Alternative performance measures There are various measures that can be used to measure performance of a decentralized company. The major ones are: • Return on Investmen
Painter Ltd, which manufactures and sells a single product, is currently producing and selling 102,000 units per month, which represents 85% of its full capacity. Total monthly cos
companyXYZusesthe job oder costing system.
Ordering Costs These are incurred in getting purchased items into the company’s inventory or stores, and usually consist of clerical costs of: • Making the purchase demand.
The Pinewood Furniture Company Pty Ltd plans to design two lines of chairs in the coming year-lounge and patio. The company is considering introducing an activity-based costing sys
Std error of the slope (Sb) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. The standard error of ‘
Explain Sales budget A sales budget is an estimate of expected sale during a budget period. A sales budget is known as a nerve center or backbone of the enterprise. The degree
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