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Preparing a Direct Materials Purchases Budget Patrick Inc. makes industrial solvents sold in five-gallon drums. Planned production in units for the first three months of the coming year is: January 45,000 February 55,000 March 65,000 Each drum requires 6 gallons of chemicals and one plastic drum. Company policy requires that ending inventories of raw materials for each month be 20% of the next month's production needs. That policy was met for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost of one drum is $1.60. Required: 1. Calculate the ending inventory of chemicals in gallons for December of the prior year, and for January and February. What is the beginning inventory of chemicals for January? Round your answers to the nearest whole gallon. Ending inventory for December gallons Ending inventory for January gallons Ending inventory for February gallons Beginning inventory for January gallons 2. Prepare a direct materials purchases budget for chemicals for the months of January and February. Round Dollar purchases to the nearest dollar. Round all the other values to the nearest whole unit. Do not include a multiplication symbol as part of your answer. Patrick Inc. Direct Materials Purchases Budget - Chemicals in Gallons For the Months of January and February January February Production in units Gallons per unit Gallons for production Desired ending inventory Needed Less: Beginning inventory Purchases Price per gallon $ $ Dollar purchases $ $ 3. Calculate the ending inventory of drums for December of the prior year, and for January and February. Round your answers to the nearest whole unit.
our past records show that sales are made at approximately 25% over cost. Garnett's insurance covers only goods owned. Instructions Compute the claim against the insurance company.
Journal entries for recording transactions of disposition and purchase of asset - Prepare the journal entries to record the transactions April1 and August 1, 2007.
The equipment had a recorded amount on Paw's books of $21,000. What journal entry should Rental make to record this exchange?
question charles austin of the controllers office of thompson corporation was provided the assignment of evaluating the
lessee company leases heavy equipment on january 1 2007 under a capital lease from lessor company with the following
On March 31, 2011, Hanson Corporation sold $9,000,000 of its 8%, 10-year bonds for $8,653,500 including accrued interest. The bonds were dated January 1, 2011. Interest is paid semiannually on January 1 and July 1. What was the amount of the gain or ..
What guidance does the Generally Accepted Accounting Principles, ethics, reputation and legal liability provide in the preparation of financial statements for external users?
Record the journal entries related to this transaction using the net method of recording purchases and Which method do you prefer? Why?
question 1suppose you are asked to do a cash flow budget for the next 12 months for a newly opened baby health clinic.
Taylor's tractor-trailer rigs sell for $167,000. A customer wishes to buy a rig on a lease purchase plan over eight years,
Identify and describe accountants' exposure to lawsuits and loss judgments. Describe the SEC activities and literature involved in the regulation of accounting. Specify the characteristics of accountants' liability under common law, and cite a specif..
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 30,000 actual direct labor-hours and incurred $348,000 of actual manufacturing ..
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