Question: Bake Time makes and sells baking pans. Each pan uses 0.70 pounds of aluminum. Budgeted production and sales of pans in units for the next

Bake Time makes and sells baking pans. Each pan uses 0.70 pounds of aluminum. Budgeted production and sales of pans in units for the next five months is as follows:

Budget Production/Budget Sales

June: $22180/22400

July: $21940/21300

Aug: $24940/24500

Sep: $26240/26700

Oct: $23720/24400

The company wants to maintain monthly ending inventories of aluminum equal to 15% of the following month's budgeted production needs, and monthly inventories of pans equal to 20% of the number needed for next months sales. The cost of aluminum is $0.85 per pound. How much is budgeted raw materials to be reported on the companys balance sheet at August 31?

A) $2,342

B) $3,936

C) $2,755

D) $3,346

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