The production department of Zan Corporation has submitted the following forecast of units to be produced...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 6,600 9,600 8,600 7,600 In addition, 7,600 grams of raw materials inventory is on hand at the start of the 1st quarter and the beginning accounts payable for the 1st quarter is $4,480. Each unit requires 9.60 grams of raw material that costs $1.40 per gram. Management desires to end each quarter with an inventory of raw materials equal to 30% of the following quarter's production needs. The desired ending inventory for the 4th quarter is 9,600 grams. Management plans to pay for 50% of raw material purchases in the quarter acquired and 50% in the following quarter. Each unit requires 0.30 direct labour-hours and direct labourers are paid $8.30 per hour. Required: 1. Prepare the company's direct materials purchases budget and schedule of expected cash disbursements for materials for the upcoming fiscal year. Required production in units of finished goods Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Zan Corporation Direct Materials Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 0 0 0 0 0 0 0 0 0 0 Units of raw materials to be purchased 0 0 0 0 Unit cost of raw materials Cost of raw materials to be purchased $ 0 $ 0 $ 0 $ 0 $ 0 Beginning accounts payable 1st Quarter purchases 2nd Quarter purchases 3rd Quarter purchases 4th Quarter purchases Schedule of Expected Cash Disbursements for Materials Total cash disbursements for materials 0 0 $ 0 0 $ 0 2. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecast number of units produced. Required production in units Direct labour-hours per unit Total direct labour-hours needed Direct labour cost per hour Total direct labour cost Zan Corporation Direct Labour Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 6,600 9,600 8,600 7,600 In addition, 7,600 grams of raw materials inventory is on hand at the start of the 1st quarter and the beginning accounts payable for the 1st quarter is $4,480. Each unit requires 9.60 grams of raw material that costs $1.40 per gram. Management desires to end each quarter with an inventory of raw materials equal to 30% of the following quarter's production needs. The desired ending inventory for the 4th quarter is 9,600 grams. Management plans to pay for 50% of raw material purchases in the quarter acquired and 50% in the following quarter. Each unit requires 0.30 direct labour-hours and direct labourers are paid $8.30 per hour. Required: 1. Prepare the company's direct materials purchases budget and schedule of expected cash disbursements for materials for the upcoming fiscal year. Required production in units of finished goods Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Zan Corporation Direct Materials Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 0 0 0 0 0 0 0 0 0 0 Units of raw materials to be purchased 0 0 0 0 Unit cost of raw materials Cost of raw materials to be purchased $ 0 $ 0 $ 0 $ 0 $ 0 Beginning accounts payable 1st Quarter purchases 2nd Quarter purchases 3rd Quarter purchases 4th Quarter purchases Schedule of Expected Cash Disbursements for Materials Total cash disbursements for materials 0 0 $ 0 0 $ 0 2. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecast number of units produced. Required production in units Direct labour-hours per unit Total direct labour-hours needed Direct labour cost per hour Total direct labour cost Zan Corporation Direct Labour Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What is the output of the following program: #include using namespace std; void Push(int x[], int y[], int n) { int i = 0, j = n - 1; while (i
-
Creative Solutions, Inc., has just invested $4,615,300 in new equipment. The firm uses payback period criteria of not accepting any project that takes more than four years to recover its costs. The...
-
Discuss the proper use of shall/may, and/or, and that/which.
-
Which of the following flowcharts illustrates the flow of information among areas of responsibility in an organization? a. program flowchart c. system flowchart b. computer configuration chart d....
-
Jo Nathan Publishing Company specializes in printing specialty textbooks for a small but profitable college market. Due to the high setup costs for each batch printed, Jo Nathan holds the book...
-
Pearlitic steel is a large particle composite that largely used in industry. DISCUSS THE ENHANCEMENT OF THE PROPERTIES OF THE PEARLITIC STEEL. THE PROPERTIES ARE SUCH AS DUCTILITY, TOUGHNESS, STRESS,...
-
Consider the statement: Accounting concepts and practices are morally wrong in sustaining social inequities. Explain how critical theorists argue that accounting can be morally correct.
-
Solve for y. 2-2+15=39
-
Can you elaborate on the concept of political agency within the context of power dynamics, exploring how individuals and collectives navigate institutional constraints to effect meaningful change?
-
You, CPA, work in the tax department of a small public accounting firm in Edmonton, Alberta. The busy tax season has just finished and on a brisk Monday morning in May the partner introduces you to...
-
Question: d. ?During December, Ingrid Legal Services provided legal services, and the client prepaid $7,000. ?Ingrid Legal Services recorded this amount as Unearned Revenue. The job will take several...
-
Complete the table below to show what Blue Sky would report on its 2 0 2 1 balance sheet. ( Enter amount in millions as provided to you in the problem statement,$X . X . ) During 2021, Blue Sky...
-
(a) Assume that a 50-kg skater, on level ice, has built up her speed to 30 km/h. How far will she coast before the sliding friction dissipates her energy? (Kinetic energy mv2; see Appendix A.) (b)...
-
Assume today is the 21st of February. Using the information below, FT Extract, answer the following questions (parts i and ii). You work for a US company that is due to receive 250 million in June...
-
Long-run equilibrium in a monopolistic competitive industry occurs when the firm experiences _________ economic profits or losses, which eliminates incentive for firms to _________ or _________ the...
-
In monopolistic competition the tendency is toward too _________ firms in the industry. Monopolistically competitive industries will not reach _________ efficiency because firms in the industry do...
-
In monopolistic competition, firms operate where price is _________ than marginal cost, which means that consumers are willing to pay _________ for the product than it costs society to produce it. In...
Study smarter with the SolutionInn App