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antoniya [11.8K]
2 years ago
6

Alliance Company budgets production of 35,000 units in January and 39,000 units in the February. Each finished unit requires 4 p

ounds of raw material K that costs $3.50 per pound. Each month’s ending raw materials inventory should equal 30% of the following month’s budgeted materials. The January 1 inventory for this material is 42,000 pounds. What is the budgeted materials cost for January?
Business
2 answers:
harkovskaia [24]2 years ago
6 0

Answer:

$506,800

Explanation:

The calculation of budgeted materials cost is shown below:-

For computing the budgeted materials cost first we need to find out the total materials for production and materials to be purchased which is here below:-

Total materials for production = Budgeted production × Pounds of raw material per unit

= 35,000 × 4

= 140,000

Materials to be purchased = Total materials for production + Ending raw materials inventory - January 1 inventory

= 140,000 + (39,000 × 4 × 30%) - 42,000

= 140,000 + 46,800 - 42,000

= 186,800 - 42,000

= 144,800

Budgeted materials cost for January = Materials to be purchased × Cost per pound

= 144,800 × $3.50

= $506,800

aliina [53]2 years ago
5 0

Answer:

$506,800

Explanation:

Material cost is the cost of raw material used in the production for the period.

First we need to calculate the purchases in the January.  

January

+Production (35,000 units x 4 pounds) 140,000 pounds

-Beginning Inventory                                42,000 pound

+Ending Inventory                                    46,800 pounds

(39,000 x 30% x 4 pounds)                    <u>                           </u>

Material used                                           <u>144,800 pounds</u>

Cost of Material = Material used x Rate of material

Cost of Material = 144,800 x $3.50 per pound

Cost of Material = $506,800

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Explanation:

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The formula is FV = PV × (1+r)^(n)

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The entity that collects economic data at a regional level is the:___________
Scorpion4ik [409]

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<u>the World Bank</u>

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On September 15, 2021, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the es
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FV= $46,031.45

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FV= {A*[(1+i)^n-1]}/i

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3 years ago
At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year,
andre [41]

Answer:

Part 1

$9.60

Part 2

$11,129

Part 3

Journal 1

Debit : Overheads $172,500

Credit : Equipment lease $ 6,800

Credit : Depreciation on building 19,340

Credit : Indirect labor 90,400

Credit : Utilities 14,560

Credit : Other overhead 41,400

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Journal 2

Debit : Work In Process $173,760

Credit : Overheads $173,760

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Explanation:

Overhead rate = Budgeted Overheads ÷ Budgeted Activity

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Actual Overheads = $ 6,800 + $19,340 + $90,400 + $14,560 + $41,400 = $172,500

Applied overheads = 18,100 x $9.60 = $173,760

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Under-applied overheads are added to cost of goods sold. Therefore, adjusted cost of goods sold will be $636,860 ($635,600 + $1,260)

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