The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication.
| Direct materials inventory, January 1 | $ | 68,000 |
| Direct materials inventory, December 31 | 64,000 | |
| Direct materials budgeted for use during the year | 300,000 | |
| Accounts payable to suppliers of materials, January 1 | 50,000 | |
| Accounts payable to suppliers of materials, December 31 | 79,000 | |
a. Compute the budgeted amount for purchases of direct materials during the year.
b. Compute the budgeted amount for cash payments during the year to suppliers of materials.
Homework Answers
Answer to Part a.
Budgeted Direct Materials used = Beginning Direct Materials
Inventory + Budgeted Direct Materials purchased – Ending Direct
Materials Inventory
$300,000 = $68,000 + Budgeted Direct Materials purchased -
$64,000
Budgeted Direct Materials purchased = $296,000
Answer to Part b.
Budgeted Payment to Suppliers = Accounts Payable, Beginning +
Budgeted Direct Materials purchased – Accounts Payable,
Ending
Budgeted Payment to Suppliers = $50,000 + $296,000 - $79,000
Budgeted Payment to Suppliers = $267,000
Add Answer to:
The following
information is from the manufacturing budget and the budgeted
financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 172,000 380,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the year...
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 $ 68,000. Direct materials inventory, December 31 106,000. Direct materials budgeted for use during the year 390,000. Accounts payable to suppliers of materials, January 1 $50,000. Accounts payable to suppliers of materials, December 31 $79,000. Compute the budgeted amount for purchases of direct materials during the year. Compute the budgeted amount for cash payments during the year to suppliers...
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