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  3. 4. on january 1, 2020, the joseph company budget c

4. On January 1, 2020, the JOSEPH Company budget committee has reached agreement on materials...

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Accounting

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4. On January 1, 2020, the JOSEPH Company budget committee has reached agreement on materials budgets by quarters the following data for the 6 months ending June 30, 2020. Sales units First quarter 50,000; second quarter 60,000; third quarter * 70,000 : 50% of the next quarter's production requirements Ending raw materials inventory Ending finished goods inventory Third-quarter production : 30% of the next quarter's expected sales units : 72,500 units The ending raw materials and finished goods inventories at December 31, 2020, follow the same percentage relationships to production and sales that occur in 2019. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Instructions: a. Prepare a production budget by quarters for the 6-month period ended June 30, 2020. b. Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020

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