Garver Industries has budgeted the following unit sale
Question and Solution
Garver Industries has budgeted the following unit sales for 2013: January 10,000, February 8,000, March 9,000, April 1
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Garver Industries has budgeted the following unit sales for 2013: January 10,000, February 8,000, March 9,000, April 11,000, May 15,000. The finished goods units on hand on December 31, 2012, was 2,000 units. Each unit requires 3 pounds of raw materials that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month to equal to 20% of next month's anticipated sales. They also have a policy of maintaining a raw materials inventory at the end of each month equal to 30% of the pounds needed for the following month's production. There were 8,640 pounds of raw materials on hand at December 31, 2012. For the first quarter of 2013, prepare (1) a production budget and (2) a direct materials budget. Be sure to include the budget amounts for each month as well as the totals for the quarter:
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