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kicyunya [14]
3 years ago
7

Alliance Company’s budgets production of 24,000 units in January and 28,000 units in the February. Each finished unit requires 4

pounds of raw material K that costs $2.50 per pound. Each month’s ending raw materials inventory should equal 40% of the following month’s budgeted materials. The January 1 inventory for this material is 38,400 pounds. What is the budgeted materials cost for January?
Business
1 answer:
anyanavicka [17]3 years ago
4 0

Answer:

Budgeted material cost for January is $ 256,000

Explanation:

Computations

<u>Raw materials requirement for January</u>

Units to be produced in January                                               24,000 units

Raw material requirement for January at 4 pounds per unit     96,000 pounds

<u>Raw materials requirement for February</u>

Units to be produced in February                                               28,000 units

Raw material requirement for February at 4 pounds per unit    112,000 pounds

40  % of requirement of February to be available end January  <u>44,800 pounds</u>

<u>Purchases for January</u>

Closing Inventory+ Consumption -Opening Inventory

44,800 pounds + 96,000 pounds  - 38,400 pounds =           102,400 pounds

Cost per pound  $ 2,50 per pound  = $ 256,000

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During the current month, Tomlin Company incurs the following manufacturing costs.(a) Purchased raw materials of $16,940 on acco
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raw materials      16,940  debit

   account payable    16,940 credit

---------------------------------

WIP  38,528  debit

 wages payable           32,281 credit

 payroll taxes payable  6,247 credit

--------------------------------

Factory Overhead   13,438 debit

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      accumulated dep-building 8,322 credit

---------------------------------

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