Lens Junction sells lenses for $45 each and is estimating sales of 14,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 15 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,400 4,800 5,100 Direct materials: silicon 8,400 8,900 9,300 Direct materials: solution 11,200 11,800 13,100 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank 46d176fd5fa4fd6_1 fill in the blank 46d176fd5fa4fd6_2 Sales Price per Unit $fill in the blank 46d176fd5fa4fd6_3 $fill in the blank 46d176fd5fa4fd6_4 Total Sales Revenue $fill in the blank 46d176fd5fa4fd6_5 $fill in the blank 46d176fd5fa4fd6_6 Total $fill in the blank 46d176fd5fa4fd6_7 Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 60ef1b05dfac057_1 fill in the blank 60ef1b05dfac057_2 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Required Units fill in the blank 60ef1b05dfac057_6 fill in the blank 60ef1b05dfac057_7 Less: Beginning Inventory Less: Beginning Inventory Required Production fill in the blank 60ef1b05dfac057_11 fill in the blank 60ef1b05dfac057_12 Total fill in the blank 60ef1b05dfac057_13 Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 926180fbffe1fa1_1 fill in the blank 926180fbffe1fa1_2 Direct Material per Unit fill in the blank 926180fbffe1fa1_3 fill in the blank 926180fbffe1fa1_4 Total Ounces Needed for Production fill in the blank 926180fbffe1fa1_5 fill in the blank 926180fbffe1fa1_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 926180fbffe1fa1_10 fill in the blank 926180fbffe1fa1_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 926180fbffe1fa1_15 fill in the blank 926180fbffe1fa1_16 Cost per Ounce $fill in the blank 926180fbffe1fa1_17 $fill in the blank 926180fbffe1fa1_18 Total Cost of Direct Material Purchase $fill in the blank 926180fbffe1fa1_19 $fill in the blank 926180fbffe1fa1_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank $fill in the blank 926180fbffe1fa1_21 Prepare direct materials budget for solution. Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank f98a1dfaefab069_1 fill in the blank f98a1dfaefab069_2 Direct Material per Unit fill in the blank f98a1dfaefab069_3 fill in the blank f98a1dfaefab069_4 Total Ounces Needed for Production fill in the blank f98a1dfaefab069_5 fill in the blank f98a1dfaefab069_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank f98a1dfaefab069_10 fill in the blank f98a1dfaefab069_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank f98a1dfaefab069_15 fill in the blank f98a1dfaefab069_16 Cost per Ounce $fill in the blank f98a1dfaefab069_17 $fill in the blank f98a1dfaefab069_18 Total Cost of Direct Material Purchase $fill in the blank f98a1dfaefab069_19 $fill in the blank f98a1dfaefab069_20 Total Direct Materials Solution for Two Months Ending February 28, 20XX $fill in the blank f98a1dfaefab069_21 Prepare a direct labor budget. Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 4b69cf00c033077_1 fill in the blank 4b69cf00c033077_2 Direct Labor Hours per Unit fill in the blank 4b69cf00c033077_3 fill in the blank 4b69cf00c033077_4 Total Required Direct Labor Hours fill in the blank 4b69cf00c033077_5 fill in the blank 4b69cf00c033077_6 Labor Cost per Hour $fill in the blank 4b69cf00c033077_7 $fill in the blank 4b69cf00c033077_8 Total Direct Labor Cost $fill in the blank 4b69cf00c033077_9 $fill in the blank 4b69cf00c033077_10 Total Direct Labor Budget For Two Months Ending February 28, 20XX

Lens Junction sells lenses for $45 each and is estimating sales of 14,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 15 minutes of direct labor at a labor rate of $16 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,400 4,800 5,100 Direct materials: silicon 8,400 8,900 9,300 Direct materials: solution 11,200 11,800 13,100 Question Content Area Prepare a sales budget. Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales (Units) fill in the blank 46d176fd5fa4fd6_1 fill in the blank 46d176fd5fa4fd6_2 Sales Price per Unit $fill in the blank 46d176fd5fa4fd6_3 $fill in the blank 46d176fd5fa4fd6_4 Total Sales Revenue $fill in the blank 46d176fd5fa4fd6_5 $fill in the blank 46d176fd5fa4fd6_6 Total $fill in the blank 46d176fd5fa4fd6_7 Prepare a production budget. Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX January February Expected Sales fill in the blank 60ef1b05dfac057_1 fill in the blank 60ef1b05dfac057_2 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Required Units fill in the blank 60ef1b05dfac057_6 fill in the blank 60ef1b05dfac057_7 Less: Beginning Inventory Less: Beginning Inventory Required Production fill in the blank 60ef1b05dfac057_11 fill in the blank 60ef1b05dfac057_12 Total fill in the blank 60ef1b05dfac057_13 Prepare direct materials budget for silicon. Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 926180fbffe1fa1_1 fill in the blank 926180fbffe1fa1_2 Direct Material per Unit fill in the blank 926180fbffe1fa1_3 fill in the blank 926180fbffe1fa1_4 Total Ounces Needed for Production fill in the blank 926180fbffe1fa1_5 fill in the blank 926180fbffe1fa1_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank 926180fbffe1fa1_10 fill in the blank 926180fbffe1fa1_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank 926180fbffe1fa1_15 fill in the blank 926180fbffe1fa1_16 Cost per Ounce $fill in the blank 926180fbffe1fa1_17 $fill in the blank 926180fbffe1fa1_18 Total Cost of Direct Material Purchase $fill in the blank 926180fbffe1fa1_19 $fill in the blank 926180fbffe1fa1_20 Total Direct Materials Silicon for Two Months Ending February 28, 20XX blank $fill in the blank 926180fbffe1fa1_21 Prepare direct materials budget for solution. Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank f98a1dfaefab069_1 fill in the blank f98a1dfaefab069_2 Direct Material per Unit fill in the blank f98a1dfaefab069_3 fill in the blank f98a1dfaefab069_4 Total Ounces Needed for Production fill in the blank f98a1dfaefab069_5 fill in the blank f98a1dfaefab069_6 Add: Desired Ending Inventory Add: Desired Ending Inventory Total Material Required fill in the blank f98a1dfaefab069_10 fill in the blank f98a1dfaefab069_11 Less: Beginning Inventory Less: Beginning Inventory Ounces of Direct Material Purchase Requirements fill in the blank f98a1dfaefab069_15 fill in the blank f98a1dfaefab069_16 Cost per Ounce $fill in the blank f98a1dfaefab069_17 $fill in the blank f98a1dfaefab069_18 Total Cost of Direct Material Purchase $fill in the blank f98a1dfaefab069_19 $fill in the blank f98a1dfaefab069_20 Total Direct Materials Solution for Two Months Ending February 28, 20XX $fill in the blank f98a1dfaefab069_21 Prepare a direct labor budget. Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX January February Units to be Produced fill in the blank 4b69cf00c033077_1 fill in the blank 4b69cf00c033077_2 Direct Labor Hours per Unit fill in the blank 4b69cf00c033077_3 fill in the blank 4b69cf00c033077_4 Total Required Direct Labor Hours fill in the blank 4b69cf00c033077_5 fill in the blank 4b69cf00c033077_6 Labor Cost per Hour $fill in the blank 4b69cf00c033077_7 $fill in the blank 4b69cf00c033077_8 Total Direct Labor Cost $fill in the blank 4b69cf00c033077_9 $fill in the blank 4b69cf00c033077_10 Total Direct Labor Budget For Two Months Ending February 28, 20XX

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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Prepare a sales budget.

Lens JunctionSales BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales (Units)	fill in the blank 46d176fd5fa4fd6_1	fill in the blank 46d176fd5fa4fd6_2
Sales Price per Unit	$fill in the blank 46d176fd5fa4fd6_3	$fill in the blank 46d176fd5fa4fd6_4
Total Sales Revenue	$fill in the blank 46d176fd5fa4fd6_5	$fill in the blank 46d176fd5fa4fd6_6
Total	$fill in the blank 46d176fd5fa4fd6_7

Prepare a production budget.

Lens JunctionProduction BudgetFor the Two Months Ending February 28, 20XX

	January	February
Expected Sales	fill in the blank 60ef1b05dfac057_1	fill in the blank 60ef1b05dfac057_2
	Add: Desired Ending Inventory	Add: Desired Ending Inventory
Total Required Units	fill in the blank 60ef1b05dfac057_6	fill in the blank 60ef1b05dfac057_7
	Less: Beginning Inventory	Less: Beginning Inventory
Required Production	fill in the blank 60ef1b05dfac057_11	fill in the blank 60ef1b05dfac057_12
Total	fill in the blank 60ef1b05dfac057_13

Prepare direct materials budget for silicon.

Lens JunctionDirect Materials Budget for SiliconFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 926180fbffe1fa1_1	fill in the blank 926180fbffe1fa1_2
Direct Material per Unit	fill in the blank 926180fbffe1fa1_3	fill in the blank 926180fbffe1fa1_4
Total Ounces Needed for Production	fill in the blank 926180fbffe1fa1_5	fill in the blank 926180fbffe1fa1_6
	Add: Desired Ending Inventory	Add: Desired Ending Inventory
Total Material Required	fill in the blank 926180fbffe1fa1_10	fill in the blank 926180fbffe1fa1_11
	Less: Beginning Inventory	Less: Beginning Inventory
Ounces of Direct Material Purchase Requirements	fill in the blank 926180fbffe1fa1_15	fill in the blank 926180fbffe1fa1_16
Cost per Ounce	$fill in the blank 926180fbffe1fa1_17	$fill in the blank 926180fbffe1fa1_18
Total Cost of Direct Material Purchase	$fill in the blank 926180fbffe1fa1_19	$fill in the blank 926180fbffe1fa1_20
Total Direct Materials Silicon for Two Months Ending February 28, 20XX	blank	$fill in the blank 926180fbffe1fa1_21

Prepare direct materials budget for solution.

Lens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank f98a1dfaefab069_1	fill in the blank f98a1dfaefab069_2
Direct Material per Unit	fill in the blank f98a1dfaefab069_3	fill in the blank f98a1dfaefab069_4
Total Ounces Needed for Production	fill in the blank f98a1dfaefab069_5	fill in the blank f98a1dfaefab069_6
	Add: Desired Ending Inventory	Add: Desired Ending Inventory
Total Material Required	fill in the blank f98a1dfaefab069_10	fill in the blank f98a1dfaefab069_11
	Less: Beginning Inventory	Less: Beginning Inventory
Ounces of Direct Material Purchase Requirements	fill in the blank f98a1dfaefab069_15	fill in the blank f98a1dfaefab069_16
Cost per Ounce	$fill in the blank f98a1dfaefab069_17	$fill in the blank f98a1dfaefab069_18
Total Cost of Direct Material Purchase	$fill in the blank f98a1dfaefab069_19	$fill in the blank f98a1dfaefab069_20
Total Direct Materials Solution for Two Months Ending February 28, 20XX		$fill in the blank f98a1dfaefab069_21

Prepare a direct labor budget.

Lens JunctionDirect Labor BudgetFor the Two Months Ending February 28, 20XX

	January	February
Units to be Produced	fill in the blank 4b69cf00c033077_1	fill in the blank 4b69cf00c033077_2
Direct Labor Hours per Unit	fill in the blank 4b69cf00c033077_3	fill in the blank 4b69cf00c033077_4
Total Required Direct Labor Hours	fill in the blank 4b69cf00c033077_5	fill in the blank 4b69cf00c033077_6
Labor Cost per Hour	$fill in the blank 4b69cf00c033077_7	$fill in the blank 4b69cf00c033077_8
Total Direct Labor Cost	$fill in the blank 4b69cf00c033077_9	$fill in the blank 4b69cf00c033077_10
Total Direct Labor Budget For Two Months Ending February 28, 20XX

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	Jan. 31	Feb. 28	Mar. 31
Beginning inventory
Finished goods	4,400	4,800	5,100
Direct materials: silicon	8,400	8,900	9,300
Direct materials: solution	11,200	11,800	13,100