Question: Please help with the ones I've gotten wrong Direct material purchases and budgeted payments Campbell Manufacturing intends to start business on January 1. Production plans

Please help with the ones I've gotten wrong Direct material purchases andPlease help with the ones I've gotten wrong

Direct material purchases and budgeted payments Campbell Manufacturing intends to start business on January 1. Production plans for the first four months of operations are as follows: January 20,000 units February 50,000 units March 70,000 units April 70,000 units Each unit requires two pounds of material. The firm would like to end each month with enough raw material to cover 25 percent of the following month's production needs. Raw material costs $7 per pound. Management pays for 40 percent of purchases in the month of purchase and receives a 10 percent discount for these payments. The remaining purchases are paid in the following month, with no discount available. a. Prepare a purchases budget for the first quarter of the year in units, in total, and in dollars. Note: Do not use a negative sign with your answers. January February March Quarter Units produced 20,000 50,000 70,000 140,000 Pounds per unit x2 Pounds needed 40,000 100,000 140,000 280,000 El in pounds 25,000 35,000 35,000 35,000 Total required 65,000 175,000 315,000 Less BI Pounds to purchase 110,000 140,000 315,000 Cost per pound x $7 x $7 x $7 Total cost of RM $ 455,000 $ 770,000 $ 980,000 2,205,000 b. Determine the budgeted payments for purchases of raw material for each of the first three months of operations and for the quarter in total. Payments January February March Quarter January purchases $ 252,000 x $ February purchases 252,000 x 462,000 March purchases Total 163,800 X2 X2 X2 135,000 0 25,000 35,000 0 65,000 x $7 163,800 $ 420,000 X $ 0 420,000 x 0 0 OX 352,800 $ $ 550,200 $ 814,800 $

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