Tsao Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are planned for the year 20x1. Three units of raw material are required to produce each unit of finished product.
Required:
January 1 | December 31 | ||||||
Raw material | 84,000 | 111,000 | |||||
Work in process | 19,000 | 19,000 | |||||
Finished goods | 84,000 | 47,000 | |||||
1) Compute number of units if company plan to sell 450000units
Goods manufactured = closing balance (finished goods)+unit's sold - opening balance
=47000+450000-84000
= 413000
2) if 540000 finished unit's determine Raw material to be purchased
3units of raw material are required for one unit of finished goods
RAW MATERIAL needed = 540000×3=1620000
Raw material purchase= closing balance of raw material +Raw material consumed - opening balance of Raw material
=111000+1620000 - 84000
=1647000 units
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