Alliance Company’s budgets production of 25,000 units in January and 29,000 units in the February. Each...
Alliance Company’s budgets production of 25,000 units in January and 29,000 units in the February. Each finished unit requires 4 pounds of raw material K that costs $3.50 per pound. Each month’s ending raw materials inventory should equal 40% of the following month’s budgeted materials. The January 1 inventory for this material is 40,000 pounds. What is the budgeted materials cost for January?
Homework Answers
Calculation of budgeted materials cost for January.
Raw material required for January budgeted production (A) = 25,000*4 pounds =100,000 pounds
Beginning inventory of raw material in January (B)= 40,000 pounds
Ending inventory of material for January (C) = 40% of the February month’s budgeted materials=29,000*4*40%=46,400
So budgeted materials cost for January =[( A + C ) - B ] *$3.50
=100,000+46,400-40,000 *$3.50
=$372,400
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