Metlock Industries has adopted the following production budget for the four quarters of 2022: Units Quarter...
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Metlock Industries has adopted the following production budget for the four quarters of 2022: Units Quarter 1 6,100 Quarter 2 Quarter 3 7,800 8,900 Quarter 4 9,900 Each unit requires 3 kg of raw materials costing $6 per kilogram. On December 31, 2021, the ending raw materials inventory was 1,830 kg. Management wants to have a raw materials inventory at the beginning of each quarter equal to 30% of the current quarter's production requirements. The production budget for the first quarter of 2023 will be 12,000 units. Prepare a direct materials purchases budget by quarters for 2022. Metlock Industries has adopted the following production budget for the four quarters of 2022: Units Quarter 1 6,100 Quarter 2 Quarter 3 7,800 8,900 Quarter 4 9,900 Each unit requires 3 kg of raw materials costing $6 per kilogram. On December 31, 2021, the ending raw materials inventory was 1,830 kg. Management wants to have a raw materials inventory at the beginning of each quarter equal to 30% of the current quarter's production requirements. The production budget for the first quarter of 2023 will be 12,000 units. Prepare a direct materials purchases budget by quarters for 2022.
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Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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