Cost Accounting and Master Budget Questions

Question Description

I’m working on a accounting test / quiz prep and need an explanation and answer to help me learn.

Topic: Master budget

Given the following Schedule:

Company XXX Schedule 1: Revenue Budget
Period	Units	Selling Price	Total Revenues
Quarterly 1	15,000	5.00	$ 75,000.00
Quarterly 2	20,000	5.00	$ 100,000.00
Quarterly 3	27,000	5.00	$ 135,000.00
Quarterly 4	23,000	5.00	$ 115,000.00

1. Prepare the production budget assuming that the ending inventory of finished goods is equal to 5% of the projected sales for the quarter. The ending finished goods inventory for the fourth quarter of 2×21 was $900.00.

2. Prepare the direct materials usage and purchase budget. For 2×22 each personal biscuit is expected to consume 10 ounces of materials at a negotiated cost with suppliers of .05. Also plan purchases so that the ending materials inventory balance equals 3% of the material to be used for the next quarter. The materials to be used in the first quarter of 2×23 are 117,000.

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