Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,700...
Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,700 units (solar panels) in July and 4,900 units in August. Each unit requires 2 pounds of direct materials, which cost $6 per pound. The company’s policy is to maintain direct materials inventory equal to 20% of the next month’s direct materials requirement. As of June 30, the company has 1,880 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July.
Homework Answers
Solution
|
Direct materials budget For July |
||||
| July | ||||
| Budgeted production (units) | 4700 | |||
| Materials requirements per unit | 2 | |||
| Materials needed for production (lbs.) | 9400 | |||
| Budgeted ending inventory (lbs.) | 1960* | |||
| Total materials requirements (lbs.) | 11360 | |||
| Beginning inventory (lbs.) | 1880 | |||
| Materials to be purchased (lbs.) | 9480 | |||
| Cost per lb. | $ 6.00 | |||
| Total budgeted direct materials cost | $ 56,880 | |||
*Ending inventory for july = August production units x 2 pounds x 20%
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