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ACC 200 Study Guide - Midterm Guide: Budget, Standard Cost Accounting, Balanced Scorecard

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School
NCSU
Department
Accounting
Course
ACC 200
Professor
Christopher Tague Mc Kittrick

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Document Summary

Before a direct materials purchases budget can be prepared, you should first. Decide on the desired ending inventory of materials. Obtain the expected price of each type of material. Connor company produces speaker systems for cars. 40,000; in february 37,000; and in march 34,000. Connor wants to have 35% of the following month"s sales in ending inventory. January 1. each speaker system requires 3 boxes and 15 yards of wire. Boxes cost each and wire is sh. 60 per yard. Connor wants to have 20% of the following month"s production needs in ending raw materials inventory. On january 1, connor had 24,000 boxes and. In setting price standards for materials and labor, During the year, it manufactured 250,000 t-shirts, using 2 hours of direct labor at a rate of . 50 per hour. The materials and labor standards for manufacturing the t-shirts are: Direct materials (6 yards of fabric @ per yard) Direct labor (2. 4 hours @ . 00 per hour)

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Related Questions

Ortiz Company's sales budget projects unit sales of part 198Z of10,000 units in January, 12,000 units in February, and 13,000 unitsin March. Each unit of part 198Z requires 2 pounds of materials,which cost $3 per pound. Ortiz Company desires its ending rawmaterials inventory to equal 40% of the next month's productionrequirements, and its ending finished goods inventory to equal 25%of the next month's expected unit sales. These goals were met atDecember 31, 2010.


1. Prepare a production budget for January and February 2011.(Enter all amounts as positive amounts and subtract wherenecessary.)

2. Prepare a direct materials budget for January 2011. (Enter allamounts as positive amounts and subtract where necessary.)

Niwot Company’s sales budget projects unit sales of part 198Z of12,600 units in January, 15,800 units in February, and 16,800 unitsin March. Each unit of part 198Z requires 2 pounds of materials,which cost $5 per pound. Niwot Company desires its ending rawmaterials inventory to equal 40% of the next month’s productionrequirements, and its ending finished goods inventory to equal 20%of the next month’s expected unit sales. These goals were met atDecember 31, 2013.

1. Prepare a production budget for January and February2014.

2. Prepare a direct materials budget for January 2014

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