Homework Answers
a) Production Budget in units is shown as follows:-
| June | July | August | September | |
| Budgeted unit sales | 90,000 | 120,000 | 210,000 | 150,000 |
| Add: Desired ending finished goods inventory (20% of next month sales) | 24,000 (120,000*20%) | 42,000 (210,000*20%) | 30,000 (150,000*20%) | 36,000 (180,000*20%) |
| Less: Beginning finished goods inventory | 30,000 | 24,000 | 42,000 | 30,000 |
| Budgeted units produced | 84,000 | 138,000 | 198,000 | 156,000 |
Therefore the units to be produced for July and August are 138,000 and 198,000 units respectively.
b) Direct Material Usage Budget is shown as follows:-
| June | July | August | September | |
| Budgeted unit produced (A) | 84,000 | 138,000 | 198,000 | 156,000 |
| Pounds of material required per unit (B) | 5 | 5 | 5 | 5 |
| Direct Materials needs (in pounds) (C = A*B) | 420,000 | 690,000 | 990,000 | 780,000 |
Therefore the total pounds of material required for July and August is 690,000 and 990,000 pounds respectively.
c) Direct Material Purchases Budget (Amounts in $)
| July | August | |
| Direct Material needs (in pounds) | 690,000 | 990,000 |
| Add: Desired ending material inventory (30% of next month needs) |
297,000 (990,000 pounds*30%) |
234,000 (780,000 pounds*30%) |
| Less: Beginning material inventory (30% of current month needs) |
207,000 (690,000 pounds*30%) |
297,000 |
| Direct material purchases budget (in pounds) (i) | 780,000 | 927,000 |
| Cost per pound (ii) | $9 | $10 |
| Direct material purchases budget (in $) (i*ii) | 7,020,000 | 9,270,000 |
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