integration of sales, production and direct materials budgets

Project Description:

a. the marketing department has estimated sales as follows for the remainder of the year (in pairs of swim fins): the selling price of the swim fins is $50 per pair. b. all sales are on account. based on past experience, sales are expected to be collected in the following pattern: the beginning accounts receivable balance (excluding uncollectible amounts) on july 1 will be $130,000. c. the company maintains finished goods inventories equal to 10% of the following month’s sales. the inventory of finished goods on july 1 will be 600 pairs. d. each pair of swim fins requires 2 pounds of geico compound. to prevent shortages, the company would like the inventory of geico compound on hand at the end of each month to be equal to 20% of the following month’s production needs. the inventory of geico compound on hand on july 1 will be 2,440 pounds. e. geico compound costs $2.50 per pound. crydon pays for 60% of its purchases in the month of purchase; the remainder is paid for in the following month. the

garrison, ray h.; noreen, eric; brewer, peter c. (2011-01-05). managerial accounting (kindle locations 10146-10158). mcgraw-hill higher education -a. kindle edition.
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