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drek231 [11]
2 years ago
5

The purpose of preparing a direct materials budget is to ________. multiple choice 1 allocate the cost of raw materials to produ

ction departments estimate the manufacturing overhead estimate the quantity of raw materials to be purchased estimate the unit cost of direct materials to be purchased Knowledge Check 02 In a direct materials budget, the desired ending raw materials inventory for the year is equal to the ________. multiple choice 2 beginning balance of accounts payable desired ending raw materials inventory for the last period total merchandise purchased during the year value of raw material used during the year
Business
1 answer:
Eduardwww [97]2 years ago
3 0

Answer:

1. estimate the quantity of raw materials to be purchased.

2. ending raw materials inventory for the last period.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.

The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

1. The purpose of preparing a direct materials budget is to estimate the quantity of raw materials to be purchased. This includes the raw materials that would be used for the manufacturing of finished goods.

2. In a direct materials budget, the desired ending raw materials inventory for the year is equal to the ending raw materials inventory for the last period.

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3 years ago
Um Corporation has provided the following information concerning its raw materials purchases. The budgeted cost of raw materials
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Answer:

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Explanation:

Calculation to determine what The budgeted accounts payable balance at the end of November is closest to:

Using this formula

Budgeted accounts payable balance= Budgeted cost of raw materials purchases in November -(Budgeted cost of raw materials purchases in November*Raw materials purchases in the month of purchase percentage)

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Budgeted accounts payable balance= $171,619.20

Therefore The budgeted accounts payable balance at the end of November is closest to:$171,619.20

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