Business, 12.08.2020 21:01 makaylahollandmay21

On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,200; second quarter 6,700; third quarter 7,000.
Ending raw materials inventory: 40% of the next quarter’s production requirements.
Ending finished goods inventory: 25% of the next quarter’s expected sales units.
Third-quarter production: 7,380 units.
The ending raw materials and finished goods inventories at December 31, 2019, follow the same percentage relationships to production and sales that occur in 2020. 3 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $5 per pound.
a) Prepare a production budget by quarters for the 6-month period ended June 30, 2020.
b) Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020.

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Answer from: robert7248

Hardin Company

Production budget

For the first semester of 2020

First quarter Second quarter Total

Sales units 5,200 6,700 11,900

Planned ending 1,675 1,750 1,750

inventory

Total production 6,875 8,450 13,650

required

- beginning inv. -1,300 -1,675 -1,300

Units to be 5,575 6,775 12,350

produced

Hardin Company

Raw materials budget

For the first semester of 2020

First quarter Second quarter Total

Units to be 5,575 6,775 12,350

produced

Materials required 3 3 3

per unit

Materials needed 16,725 20,325 37,050

for production

Planned ending 8,130 8,856 8,856

inventory

Total materials 24,855 29,181 45,906

needed

- beginning inv. -6,690 -8,130 -6,690

Materials to be 18,165 21,051 39,216

purchased

Cost per unit $5 $5 $5

Total cost of $90,825 $105,255 $196,080

direct materials

Answer from: Quest

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

Answer from: Quest

government control and resources

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