1. Magnolia, Inc. manufactures bedding sets. The budgeted
production is for 16,100 comforters this year. Each comforter
requires 7 yards of material. The estimated January 1 beginning
inventory is 5,970 yards with the desired ending balance of 3,700
yards of material. If the material costs $5.80 per yard, determine
the materials budget for the year.
$
2.
Mandy Corporation sells a single product. Budgeted sales for the
year are anticipated to be 626,000 units, estimated beginning
inventory is 106,000 units, and desired ending inventory is 86,000
units. The quantities of direct materials expected to be used for
each unit of finished product are given below.
Material A 0.50 lb. per unit @ $0.67 per pound
Material B 1.00 lb. per unit @ $2.25 per pound
Material C 1.20 lb. per unit @ $1.08 per pound
The dollar amount of Material C used in production during the year
is
a.$706,838
b.$942,451
c.$785,376
d.$863,914
3.
The following data relate to direct labor costs for the current period:
Standard costs | 6,900 hours at $11.70 |
Actual costs | 6,300 hours at $10.60 |
What is the direct labor rate variance?
a.$13,950 unfavorable
b.$6,930 favorable
c.$13,950 favorable
d.$7,020 favorable
As per Chegg policy, one question can be asked at a time. So i am giving the answer of first question. Kindly ask the further question's separatly. Thanks.
1. Purchase required = Production required + ending inventory required - beginning inventory
= 16100*7+3700-5970
= 110430 unit
Materials budget for the year = Purchase required*Purchase price per unit
= 110430*5.80
= $640494
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