General Manufacturing expects to have 57,000 pounds of raw materials inventory on hand on June 30,...
General Manufacturing expects to have 57,000 pounds of raw materials inventory on hand on June 30, the end of the current year. The company has budgeted the following production for the first four months of the coming year:
| July | August | September | October | |
| Production (units) | 117,000 | 137,000 | 167,000 | 127,000 |
General Manufacturing desires each month's ending raw materials
inventory to be 20% of the following month's production needs. A
finished unit requires two pounds of raw materials.
General Manufacturing's budgeted purchases of raw materials during
July (in lbs.) should be:
Multiple Choice
-
54,800 lbs.
-
234,000 lbs.
-
231,800 lbs.
-
288,800 lbs.
-
343,600 lbs.
Homework Answers
Answer
- Raw material required for Jul production = 117000 july units x 2 pounds = 234,000 pounds
- Desired ending inventory for jul = 137000 units for aug x 2 pounds x 20% = 54,800 pounds
- Requirement:
Budgeted purchase of raw material
= Raw material required for Jul production + Desired ending inventory – Beginning Inventory for material in Jul
= 234000 + 54800 – 57000
= 231,800 pounds - Correct Answer = Option #3: 231,800 lbs
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