Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. raw material purchases are paid as follows: 50% in

Raw material purchases are paid as follows: 50% in the month of the purchase, 30%...

60.1K

Verified Solution

Question

Accounting

  1. Raw material purchases are paid as follows: 50% in the month of the purchase, 30% the month after the purchase, and 20% in the second month following the purchase. The raw materials budget is as follows:

PROJECTED

Oct

Nov

Dec

TOTAL QTR

RAW MATERIAL PURCHASES

NEEDED FOR SALES

$34,503

$48,304

$55,205

$138,012

DESIRED ENDING

8,626

12,076

13,801

LESS: BEGINNING

(40,800)

(8,626)

(12,076)

PURCHASES

$2,329

$51,755

$56,930

$111,013

Inventory Data:

1-Oct

31-Dec

Raw Materials

$40,800

$66,780

Work-in-Process

84,000

75,600

Finished Goods

144,000

129,600

Question #1: Based on the above information,

  1. Prepare a schedule of payment for raw materials for each month of the 4th quarter. Previous months credit (on account) purchases are: November 2020 purchases on account, $56,560 December 2020 purchases on account, $52,800

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

correctly list the molecules in order of increasing boiling point (from lowest to highest)? a.)CH3CH2CH2-OH b.)CH3CH2CH2CH3 c.)CH3CH2-OH I know the...

Chemistry
Q

What are some of the advantages and disadvantages of investing in a mutual fund? Explain why...

Finance
Q

Which of the following best explains how a monkey is able to exchange gases with...

Biology
Q

Genetic inheritance is being studied in a certain species of plant in which orange flower...

Biology
Q

An uncharged capacitor is fully charged with a battery The ratio of energy stored in...

Physics
Q

A group of adult males has foot lengths with a mean of 27 62 cm...

Basic Math
Q

1 sint cost Choose the sequence of steps below that verifies the identity O A...

Basic Math
Q

Question Content Area Average rate of return method, net present value method, and analysis for...

Accounting
Q

Comprehensive Problem. 1 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2023, it...

Accounting
Q

Question 1 of 4 (a1) Bramble Corp. purchased a delivery truck for $36,000 on January...

Accounting
Q

How does the description of accounting as the language of business relate to accounting as...

Accounting
Q

Utilizando sus conocimientos contables, complete los espacios en blanco en los siguientes estados de resultados...

Accounting