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notka56 [123]
2 years ago
8

Palm Imagination makes and sells silk palm trees. Each tree uses 0.80 yards of silk fabric. Budgeted production of trees in unit

s for the next five months is as follows:
Business
1 answer:
Vinvika [58]2 years ago
6 0

1. The preparation of the direct materials purchases budget for June for Palm Imagination is as follows:

<h3>Direct materials purchases budget </h3>

                                                  June

Budgeted production           26,570

Production materials            21,256

Inventory of Fabric:

Ending Materials                    3,226

Production materials            21,256

Materials available              24,482

Beginning Materials               3,188

Unit Purchases                   21,294 yards

Cost of purchases            $42,588 ($21,294 x $2)

2. The amounts of Raw Materials and Finished Goods Inventory to be reported on Palm Imagination’s June 30 balance sheet are as follows:

Ending inventory of raw materials = $6,452.

Ending inventory of finished goods = $104,576.75.

<h3>Data and Calculations:</h3>

Silk Fabric per tree = 0.80 yards

                                          April        May        June          July     August

Budgeted production    24,160    23,490    26,570    26,880   22,900

Production materials     19,328     18,792    21,256     21,504    18,320

Inventory of Fabric:

Ending Materials             2,819       3,188       3,226        2,748

Production materials    19,328     18,792      21,256      21,504    18,320

Materials available       22,147     21,980     24,482     24,252

Beginning Materials      2,899      2,819         3,188       3,226      2,748

Purchases                   19,248      19,161      21,294     21,026

Cost of purchases   $38,496   $38,322   $42,588  $42,052

                                    April        May        June          July     August

Budgeted sales       24,500   22,800    26,250     27,850   23,000

<h3>Finished Goods:</h3>

Ending inventory       4,560     5,250       5,570       4,600

Budgeted sales       24,500  22,800    26,250     27,850   23,000

Goods available      29,060  28,050     31,820     32,450

Beginning inventory 4,900     4,560      5,250       5,570     4,600

Production units      24,160   23,490    26,570    26,880

<h3>Raw materials costs for June:</h3>

Required production materials = 21,256

Total cost of materials = $42,512 (21,256 x $2)

Direct labor costs =        $327,342.40 ($14 x 21,256 x 1.1)

Factory overhead costs = $29,227 ($1.25 x 23,381.60 hours)

Total production costs = $399,081.40

Unit production cost = $18.775 ($399,081.40/21,256)

Ending inventory of finished goods = $104,576.75 ($18.775 x 5,570)

Ending inventory of raw materials = $6,452 (3,226 x $2.00)

<h3>Question Completion:</h3>

                                          April        May        June          July     August

Budgeted production    24,160    23,490    26,570    26,880   22,900

Budgeted sales            24,500    22,800    26,250    27,850   23,000

The company wants to maintain monthly ending inventories of fabric equal to 15% of the following month's budgeted production needs, and monthly inventories of trees equal to 20% of the number needed for next month’s sales. The cost of silk is $2.00 per yard. Direct labor cost is $14.00 per hour and it takes 66 minutes to complete each tree. Factory overhead is applied at the rate of $1.25 per direct labor dollar.

Prepare a direct materials purchases budget for June.

Calculate the amount of Raw Materials and Finished Goods Inventory to be reported on Palm Imagination’s June 30 balance sheet.

Thus, the direct materials purchases budget for June has been prepared and the amounts of Raw Materials and Finished Goods Inventory reported on Palm Imagination’s June 30 balance sheet are indicated above.

Learn more about preparing budgets at brainly.com/question/15898934

#SPJ1

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