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problem: The Good and Old Company manufactures antique looking, oak rocking chairs. Budgeted sales for the first five (5) months of the year are as follows:

 

Budgeted Sales (Units)

January

200

February

240

March

180

April

160

May

240

Every rocking chair requires 10 square feet of oak, at a cost of dollar 20 per square foot.

The firm wants to maintain an inventory of chairs equal to 25% of the following month's sales. At the starting of the year, 40 chairs are on hand.

The firm wants to maintain an inventory of chairs equal to 25% of the following month's sales. At the starting of the year, 40 chairs are on hand.

Required:

[A] Make a production budget, in units, for each of the first four months of the year.
[B] Make a direct materials budget, in dollars ($), for each of the 1st three (3) months of the year.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922746

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